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    strategic management

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    1. 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?

    2. What is the difference between mission and vision statements? What factors must be considered to produce an appropriate mission and vision statement for an organization?

    3.Name two potentially valuable indicators of a firm's social responsibility and describe how company performance could be measured.

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    1. 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?

    Strategic management can be defined as major initiatives and decisions taken by the top management of the organization to enhance the overall performance of the organization by utilizing the existing resources and capabilities of the organization and by overcoming weaknesses and threats. Strategic management allows organization to capitalize on opportunities presented by the external environment and allows optimal utilization of existing resources. It allows organization to reach its target vision and achieve desired goals and objectives by pursuing the strategic plan.

    Mission and vision play a very important role in strategic management because they provide a sense of direction and framework for the strategic management to take certain decisions and implement action plans. Mission and vision provide a structure within which strategic decisions need to be formulated. They provide a end point that needs to be achieved.

    It is difficult for an organization to implement ...

    Solution Summary

    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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