Chapter 2 Managing the Strategy Process.docx - Chapter 2...

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Chapter 2 Managing the Strategy Process What is vision/mission? -A broad statement of a firm's purpose and values -it provides guidelines for the firm's strategic management it should be inspiring, clear, succinct Key aspects of an effective vision/mission: 1. Captures an organization's aspiration 2. Identifies what it ultimately wants to accomplish 3. Motivates employees to aim for a target 4. Leaves room for contributions Why is a vision/mission important? -Employees tend to feel part of something bigger than themselves. -Helps employees find meaning in their work -Allows employees to experience a greater sense of purpose What are the two major types of missions? -customer-oriented missions -product-oriented missions customer-oriented missions -define the firm in terms of solution for customer needs (enhance strategic flexibility) Product-oriented missions -the firm in terms of products/ services EX: rail roads, Fedex Upgrade to remove ads Only $1/month Do mission statements help gain & sustain competitive advantage?
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