Strategic Management
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In 350 words, please explain What is strategic management? What are the roles of mission and vision statements in strategic management? Can an organization have a successful strategic plan without effective mission and vision statements? Why or why not?
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Solution Summary
The solution defines strategic management and the roles of mission and vision statements in strategic management. Also explained and reasoned out is the answer to the question: 'Can an organization have a strategic plan without effective mission and vision statements?' References included.
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According to David, F. (1989), Strategic management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is one level of managerial activity on setting goals and tactics. It also provides direction to the enterprise.
Strategic management involves specifying the company's mission, vision and objectives, developing plans and policies which are usually in terms of projects and programs designed to achieve their objectives and then allocate resources to be able to implement the plans and policies, projects and programs.
The mission statement takes on the issue of ...
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