GM.

300:
STRATEGIC MANAGEMENT
Series of Lecture Presentations
TOPIC 1 & 2

TOPIC ONE:
STRATEGIC MANAGEMENT IN CONTEXT

Think of these philosophical quotations:

If we know where we are and something about
how we got there, we might see where we are
tending-and if the outcomes which lie
naturally in our course are unacceptable, to
make timely change(Abraham Lincoln)
Without a strategy, an organization is like a
ship without a rudder, going around in circles.
Its like a tramp; it has no place to go
(Joel Ross and Michael Kami)
2

Quotations Ctd
Plans are less important than planning
(Dale McConkey)
Most of us fear change. Even when our minds
say change is normal, our stomachs quiver at
the prospect. But for strategists and
management today, there is no choice but to
change (Robert Waterman, Jr.)
If a man takes no thought about what is
distant, he will find sorrow (surprise) near at
hand. He who will not worry about what is far
off will soon find something worse than
worry (Confucius)
3

Strategic ManagementDefined
Strategic

management refers to the set of

decisions and actions that result in the
formulation and implementation of plans
designed to achieve a companys objectives
(Pearce II, J, Robinson Jr, R. and Mital, A. ,2008)
Strategic management consists of analysis,
decisions and actions an organization
undertakes in order to create and sustain
competitive advantages
(Dess, G. and Lumpkin, G. ,2003)

Strategic ManagementDefined Ctd

Strategic

management can be defined as

the art and science of formulating,
implementing
and
evaluating
crossfunctional decisions that enable an
organization to achieve its objectives.
(David, F., 2009)
Strategic

management refers to a set of

managerial decisions and actions that
determines
the
long-run
corporate
performance
(Wheelen, T. and Hunger, J., 2004)

Establishing

theCritical
company
mission,
Managerial
Tasks
and vision,
philosophy,
policies,Embedded
strategic in
objectives
Responsibilities
and strategies
Strategic Mgt.
Conducting an analysis that reflects the
companys internal conditions and
capabilities
Assessing the companys external
environment ; general and critical
environment

Managerial Critical Tasks and

Responsibilities Embedded in Strategic
Mgt Ctd
Analyzing
the companys options by
matching its resources with the external
environment
Identifying the most desirable options in
line with the company mission
Selecting a set of
long term objectives
and strategies to achieve them
Developing
medium and short term
objectives
and
strategies
that
are
compartible with long term objectives and
strategies

Managerial Critical Tasks and

Responsibilities Embedded in Strategic
Implementing Mgt
Ctd
the strategic
choices by
means of budgeted resource allocations by
matching
tasks,
people,
structures,
technologies and reward systems
Evaluating the success of the strategic
process as an input for future decision
making
Provision
of
human
resources;
by
strategically executing both core and noncore functions of SHRM
Establishing procedures; prescribing how all
important recurrent tasks should be done

Managerial Critical Tasks and

Responsibilities Embedded in Strategic
Ctd
Provision
of Mgt
appropriate
facilities;
equipment and other physical facilities to
support business operations
Provision of adequate capital; working
capital
Setting standards of performance across
strategic functional areas
Developing programmes and action plans
Provision of control information; through
facts and figures
Activating the workforce

Key Attributes
of Strategic
Mgt.
directed
towards overall
organizational
objectives; what is the best for the entire
organization-not just a single functional area
Involves multiple stakeholders in decision
making; incorporates the diverse demands of
various stakeholders
Requires the need to incorporate both long
term and short term perspectives referred to
as creative tension.
Involves
the recognition of trade-offs
between effectiveness and efficiency
Is

There

are three levels that are involved in

decision making pertaining to organization
strategy
1. Corporate Level:
Is composed of a board of directors and the
chief executive
Is responsible for both
financial and nonfinancial performance of the organization
Determines the business (s) in which the
organization should be involved

Dimensions of Strategic Issues Ctd

Require

considering
the
organizations
external environment; all organizations exist
in an open system. They affect and are
affected by external conditions that are
largely beyond their control

Corporate Level Ctd

Sets

strategic objectives and formulate

strategies that govern all functional areas
Exploits
the
organizations
distinctive
competencies by adopting a portfolio
approach to the management of talents
Is responsible for strategic planning and
management; develops the major portions of
the strategic plan
Reviews
and advices accordingly the
subsequent plans

Corporate Level Ctd

The

CEO is responsible for giving the long

term direction to the organization.
Characteristics
of
Corporate
Level
Decisions:
Tend to be more value oriented
Tend to be more conceptual and less
concrete than the decisions at the business
and functional levels
The decisions are characterized by greater
risk, cost but have greater profit potential
The decisions need to be flexible; as they

Business Level
Is

composed of business or corporate

managers depending on whether the
org. is SBUs or MBUs
Managers must translate the
statements of direction and intent
generated at the corporate level into
concrete objectives and strategies for
individual business units in the
organization
Business-level strategic managers
determine how the firm will compete in
the selected product-market arena

Business Level Ctd

Strive

to identify and secure the most

promising market segment; the market
segment that the firm can claim and defend
because of its competitive advantages

Managers at business level are responsible for

undertaking business environment scanning,
establishing business objectives and developing
business plans

Characteristics of Decisions:

They bridge the gap between the corporate level

and functional level decisions

Business Level Ctd and Functional

Level

They are less costly, risky, and potentially

profitable than corporate level decisions
They are more costly, risky, and potentially
profitable than functional level decisions
Common business level decisions include;
business location, market segmentation ,
geographic coverage and distribution channels
Functional Level:
Is composed of product, geographical areas
and functional managers

17

Functional Level Ctd

Managers develop annual objectives and

short term strategies in areas such as

production,
operations,
research
and
development,
finance
and
accounting,
marketing and human resources
However, their major responsibility is to
implement or execute the organizations
strategic plan
While corporate and business level managers
are concerned with Doing the Right Things
managers at the functional level are
concerned with Doing Things Right
18

Functional Level Ctd

They address issues such as efficiency and

effectiveness of production and marketing

systems, the quality of customer service, the
success of particular products and services in
increasing the firms market shares.
Characteristics of Decisions:
Are relatively concrete and quantifiable
Common decisions: generic versus brand
name labeling, basic versus applied R&D,
high versus low inventory levels, generalpurpose versus specific-purpose production
equipment, close versus loose supervision.
19

Organization Levels as Reflected in the

Org. Structures For SBUs
Corporate/Business
Level

Functiona
l

20

Organization Levels as Reflected in the Org. Structures

For MBUs

Corporate Level

Business

Functional

Benefits of Strategic Management

Strategic management practices enhance the

organizations ability to prevent problems
Group based strategic decisions are likely to
be drawn from the best available alternatives.
The involvement of employees in strategy
formulation improves their understanding of
the productivity-reward relationship in every
strategic plan and thus, heightens their
motivation
22

Benefits of Strategic Management

Ctd.

Gaps and overlaps in activities among

individuals and groups are reduced in the
organization
Resistance to change is reduced through the
active participation in strategy formulation
and implementation

23

The Strategic Management Model

SWOT /C
Analysis

Formulatio
n of
Mission
and Vision

Formulation of
Philosophy &
Policies

Det. Of
Strategic
Objectives

Det. Of Org.
Strategy

Implemen
tation of
Org.
Strategy

Control of
Org. Strategy

Feedback/Feed forward & Recycling

Strategic Planning Dimension

Control &Impl.

24

The Strategic Management Model

Ctd

1.

2.
3.
4.
5.

Strategic Planning dimension is comprised

of five sub-processes
SWOT/C
Analysis;
analysis
of
the
organizations
strengths,
Weaknesses,
Opportunities and Threats/Challenges
Formulation of Mission and Vision
Formulation of Philosophy and Policies
Determination of Strategic Objectives
Determination of Organization Strategy

25

The Strategic Management Model

Ctd

Implementation and Control Dimension;

involves the execution and monitoring of
organization strategy

26

Ongoing Strategic Management

Processes
Strategic management entails three
ongoing processes
1. Analysis; is a continuous analysis of
management practices and both the
internal and external business environment
2. Decision Making; managers are constantly
engaged in decision making incremental
decisions on various business operations.

27

Ongoing Strategic Management Processes

Ctd & Characteristics of Strategic
Decisions

3. Action Taking; taking timely actions on

various business operations
Characteristic of Strategic Decisions
Organizational
wise
influence;
the
impacts are felt throughout the organization
and across all functional areas
Long-term
Impacts;
have
long-term
consequences for the company
Future oriented in nature; are pro-active
rather than being reactive
28

Characteristics of Strategic Decisions

Ctd

Adherence to systems theory; are made after

a thorough evaluation of their impacts and
consequences on the whole organization as well
as its component areas.
Adherence to open- Systems perspective;
accommodates the fact that the internal
functioning and operations of any organization
affect and is in turn affected by the external
business environment
Provide
framework
for
lower-levels
decision making; are like an umbrella under
which lower levels decisions are made
29

Characteristics of Strategic Decisions

Ctd

Deployment of massive resources; the

implementation
of
strategic
decisions
involves
the
allocation
of
substantial
resources as they are long-term in nature

Seminar Presentation Tasks

Task 1:
Think of the choice of your life partner as a strategic decision. How
would the strategic management model be helpful to you in
identifying the most promising life partner in your life?
30

Seminar Presentation Tasks Ctd.

Task 2:
After graduation, you are not likely to move directly to a top-level
position. In fact, few members of your class will ever reach topmanagement level. Why, then, is it important to study strategic
mgt?
Thank you for your active participation!!
END OF TOPIC ONE

31

TOPIC TWO
FORMULATING THE DIRECTION FOR THE
COMPANY
Company/Organization Mission Statement
Think of the Following Mission Statements:
University of Dar Es Salaam Mission
Statement:
The unrelenting pursuit of scholarly and strategic
research, education, training and public service
directed at attainment and sustainable socioeconomic development of Tanzania and the rest
of Africa
32

Company/Organization Mission
Statement Ctd
University of Dar Es Salaam Business
School Mission Statement
To provide quality entrepreneurship, business
management
and
governance
training,
research
and
advisory
services
for
development of Tanzania and the rest of the
world

33

What is a Company/Organizations
Mission Statement?

Is the unique purpose that sets a company

apart from others of its type and identifies the
scope of its operations by focusing on product,
market and technology employed.
Describes the company/organizations product,
market and technological areas of emphasis.
Communicates the values and priorities of the
company/organizations strategic makers.
34

What is a Company/Organizations
Mission Statement? Ctd.

Originates from the organization itself. It

defines the business that the organization is
in line with the values and expectations of the
stakeholders
Contains
broadly
outlined
or
implied
objectives and strategies rather than specific
directives
Has no measurable targets but represents the
attitude, outlook and orientation of the
company.
35

What is a Company/Organizations
Mission Statement? Ctd.

The mission statement is a message designed

to represent the expectations of all
stakeholders on the companys performance
over the long run
The executives and the board of directors who
prepare the mission statement attempt to
provide a unifying purpose for the company
Good mission statements incorporate the
concept of stake holder management
36

What is a Company/Organizations
Mission Statement? Ctd.

The stakeholders management concept

emphasizes that organizations must respond
to multiple constituencies if they are to
survive and prosper.
A good mission statement must communicate
why an organization is special and different
Researches in strategic management have
revealed that most successful companies
mentioned values other than profits as their
key mission.
37

What is a Company/Organizations
Mission Statement? Ctd.

Represents
an
organizations
enduring,
overarching
strategic
priorities
and
competitive positioning
Mission statements can and should change
when competitive conditions dramatically
change or the company is faced with new
threats or opportunities
Mission statements can vary in length and
specificity
38

What is a Company/Organizations
Mission Statement? Ctd.
Employees of the company or departments
are the key missions audience.
For them, the mission should help to build a
common understanding of purpose and
commitment to nurture
The Key Questions Addressed by the
Mission
1.
1.
Why
is
the
company/organization in
business?
2. What are the company/organizations
economic goals?

39

What is a Company/Organizations
Mission Statement? Ctd.
3.

What is the company/organizations

operating philosophy in terms of quality,
company image, and self concept?
4. What are the company/organizations core
competencies and competitive advantages?
5. What customers do and can the
company/organization serve?
6. How does the company/organization view
its responsibilities to stakeholders?

40

Refining the
Organization/Company Mission

As the company grows or is forced by

competitive pressures to alter its product,

market,
or
technology-redefining
the
companys mission statement becomes
necessary
However, the refined mission statement is
expected to have the same components
aspects like the original mission statement :
1. Should state the basic type of product or
service to be offered
2. The primary markets or customers to be
served
41

Refining the Organization/Company

Mission
3. The technology to be used in the
production or delivery
4. The companys fundamental concern
for survival through growth and
profitability
5. The companys managerial philosophy
6. The public image the company seeks
to establish and maintain
7. The companys self concept
42

Qualities of Good Mission

Statements

1. Should be broad in scope

2. Should not be excessively specific
3. Should generate a range of feasible strategic
alternatives
4. Should reconcile interests among diverse
stakeholders
5. Should be balanced in terms of specificity
and generality
6. Should arouse positive feelings and emotions
among the various stakeholders
43

Qualities of Good Mission

Statements Ctd

7. Should be motivating to readers in taking

active roles (actions)
8. Should generate an impression that the
company is successful, has a clear direction
and is worthy of resources
9. Should be judgmental e.g. On future growth
10. Should provide criteria for the selection of
strategies
11. Should be the basis for generating and
screening strategic options
12. Should be dynamic in orientation
44

A Typical Example of a Good Mission

Statement
Preamble
We, the management of BCG Company, here set forth our belief as to the purpose for which
the company is established and the principles under which it should operate. We pledge
our effort to the accomplishment of these purposes within these principles.
Basic Purpose
The basic purpose of BCG Company is to perpetuate an investor-owned company engaging in
various phases of energy business, striving for balance among those phases so as to
render needed satisfactory products and services and earn optimum, long range profits
What We Do
The principal business of the company, through its utility subsidiary, is the provision of energy
through a pipe system to meet the needs of ultimate consumers. To accomplish its basic
purpose, and to ensure its strength, the company will engage in other energy-related
activities, directly or through subsidiaries or in participation with other persons,
corporations, firms or entities.

45

A Typical Example of a Good Mission

Statement Ctd.
All activities of the company shall be consistent with its responsibilities to investors,
customers, employees and the public and its concern for the optimum development and
utilization of natural resources and for environmental needs
Where Do We Do It
The companys operations shall be primarily in the Republic of Tanzania, but no selfimposed or regulatory geographical limitations are placed up on the acquisition,
development, processing, transportation or storage of energy resources, or up on other
energy-related ventures in which the company may engage. The company will engage
in such activities in any location where, after careful review, it has determined that such
activity is in the best interest of its stakeholders.
Utility service will be offered in the territory of the companys utility subsidiary to the best of
its ability, in accordance with the requirements of regulatory agencies and pursuant to
the subsidiarys purposes and principles.

46

Organization Vision Statement

Think of the following statements
University of Dar Es Salaam Vision Statement:
To become a reputable world-class university that is
responsive to national, regional and global
development needs through engagement in dynamic
knowledge creation and application
University of Dar Es Salaam Business School
Vision Statement:
To become a world-class business school that is
responsive to development needs through innovation
in knowledge creation and application in the areas of
entrepreneurship,
business
management
and
governance
47

Organization Vision Statement Ctd

What is vision statement?
While mission statement expresses an answer
to the question what business are we in? A
company vision statement is developed to
express the aspirations of the company.
Provides the blue print/framework for the
companys strategic planning
May apply to the entire company or to a
single business unit
Through it the company articulates its dreams
and hopes
48

What is vision statement? Ctd

It keeps on reminding the company on what

it is committed to build
The vision statement does not tell how will
the company realize its dreams rather sets
the direction for the companys strategic
planning
Essentially, the vision statement is for the
companys internal use ie. For management
and all staffs not customers or clients
An appropriate vision statement should be
based on the companys mission and core
competencies
49

What is vision statement? Ctd

A vision statement guides the company in

determining resource allocation
The vision statement should be short, concise
and preferably limited to one sentence
The purpose of the vision statement is not to
serve as a benchmark of success or failure of
the company. Rather it serves as a motivating
statement to get the organization members to
imagine what is possible to be attained
Strategically, there should be organizationalwide involvement in devising the companys
vision
50

What is vision statement? Ctd

A vision statement is often expressed as a

unique
way
to
combine
competitive
influences in a way that directs a company to
pursue a revolutionary strategy
The companys vision is normally founded on
SWOT analysis.
The vision statement presents the inspiration,
framework for all strategic plans
A vision statement may apply to an entire
company or to a single division of the
company. Whatever the case may be, a vision
statement aims at answering the question on
Where do we want to go?
51

What is Expected From the Vision?

1.
2.
3.

4.
5.

6.

7.

What the company wants to become

An ideal companys position in the future
Openness of the company to substantive
change
A goal wealth stretching for the company
The core elements of the organization
strategy
The change that the company seeks to see
in the community/country in which the
company operates
The companys emotions
52

Qualities of Good Vision Statements

Should be concrete and specific

Should be positive and inspiring
Should be surprising or unexpected
Should be credible
Should be simple
Should be bold, challenging and exciting
Should be attainable
Should be the beginning of a convincing story

53

Importance of Vision and Mission

Statements

Portray an agreement of purpose within the

organization
Are basis for allocating resources
They establish organizational climate
They act as focal points for organizational
direction
They act as parameters of assessment and
control of cost, time and performance

54

QUESTIONS
1. To what extent do you agree that a mission
statement provides a substantive guidance
while
a
vision
statement
provides
inspirational guidance? Discuss by using
some
practical
examples
from
any
company/companies of your choice.
2. Provide some evidence that portray the
valuable role played by the companys
mission statement

55

Seminar Presentation Tasks

3. Prepare one page mission statement for
University of Dar Es Salaam Business School

56

Company Philosophy

Also called the company creed/doctrine

Usually accompanies or appears within the
mission statement
It reflects or specifies the basic beliefs,
values, aspirations and philosophical priorities
to which strategic decision makers are
committed in managing the company

57

Company Philosophy Ctd.

It portrays the organization image to the

public which include the current and potential
customers
In most cases philosophies vary little from
one firm to another
The companys philosophy represents a
general, unwritten code of behaviour that
governs business actions
Normally it represents the organization
culture

58

Company Philosophy Ctd.

It portrays the organization image to the

public which include the current and potential
customers
Thus, the company philosophy intends to build a
good image of the organization to the public.
It presents the companys self concept; the
extent to which the company can relate
functionally to its external environment. To
compete in a competitive situation, the
company must realistically evaluate its
competitive strengths and weaknesses

59

Company Philosophy Ctd.

Typical
focuses
of
most
organization
philosophies are such as; respect for mankind
equity and dignity, adherence to professional
ethics, customer orientedness in all the
organization's operations.

60

Typical Example of the Company Philosophy

Ashok Leylands Statement of Philosophy:

We believe that our impressive strides in the market place stem in equal
parts from our proactive approach and our customers unstinting
support, earned the only way we know: by giving our customers the
most appropriate transport solutions for each of their applications, and
by backing them up with consultancy, finance, driver training and a
responsive after-market network. We are conscious of the fact that
vehicles are more than just a means of transporting people and goods;
we understand that they have a deep and far-reaching impact on
society, the national economy, and the environment.
We have therefore, always endeavoured to engineer products and systems
that promote progress on all these fronts. We firmly believe that this
honest approach will make the Ashok Leyland marquee the symbol of
the very best in transportation, today and tomorrow.
The five AL values are: International, Speedy, Value creator, Innovative
and Ethical

61

Organization Policies/Standard
Operating Procedures

Are directives designed to guide the thinking,

decisions and actions of managers and their
subordinates
in
implementing
the
organization strategy
Are broad, precedent-setting decisions that
guide or substitute for repetitive or timesensitive managerial decision making
Policies increase managerial effectiveness by
standardizing decisions and clarifying the
managerial and subordinates discretionary
power in decision making
62

Organization Policies/Standard
Operating Procedures Ctd..

Logically, policies should be derived from

functional strategy
However, in most cases they are derived from
corporate or business strategies
Appropriate organization policies should be
consistent with the organization philosophy
Policies aim at limiting the scope of
alternatives that must be considered in the
implementation of organization strategy.

63

Organization Policies/Standard
Operating Procedures Ctd..
Policies aim at guiding the thinking, decision
making, and actions of managerial and nonmanagerial staff
Organization policies can be categorized into
two broader categories:
1. Strategic planning policies- reflecting the
planning dimension of strategic management
2.
Implementation
and
control
policies;
reflecting the implementation and control
dimension of strategic management.

64

Benefits of Policies

They
establish
indirect
control
over
independent actions by clearly stating how
things are to be done now.
In addition, by defining discretion, policies in
effect control decisions yet empower staff to
conduct activities without direct intervention
by top management
They promote uniform handling of similar
activities

65

Benefits of Policies Ctd

They
ensure
quicker
decisions
by
standardizing answers to previously answered
questions that otherwise would recur and be
pushed up to management hierarchy
Policies institutionalize basic aspects of
organization
behaviour.
This
minimizes
conflict practices and establishes consistent
patterns of action in attempts to make the
strategy to work.

66

Benefits of Policies Ctd.

They reduce uncertainty in repetitive and

day-to-day decision making, by doing so they
provide
a
necessary
foundation
for
coordinated, efficient efforts and freeing
operating staff to act
Policies counteract resistance to or rejection
of
chosen
strategies
by
organization
members
Policies offer predetermined answers to
routinely problems.
Policies afford managers a mechanism for
avoiding hasty and ill-conceived decisions in
case of emergency
67

Forms of Policies

There are two forms

1. Informal Unwritten
2. Formal Written
Informal Unwritten:
Are normally associated with a strategic need
to for competitive secrecy
These policies if not well managed can
negatively contribute to unclear company
direction.

68

Forms of Policies Ctd.

Formal Written Policies:
Are documented for reference purposes
Advantages:
They provide managers with an opportunity
to think through the meaning, content and
intended use of the policy
They reduce misunderstanding
They
make
equitable
and
consistent
treatment of similar problems
They ensure unchangeable transmission of
policies across the management teams
69

Advantages of Formal Written

Policies Ctd.

They communicate the authorization or

sanction provided by the policies more clearly
They supply a convenient and authoritative
reference
They systematically enhance indirect control
and organization-wide coordination of the key
purposes of policies

70

Setting Org. Strategic

Objectives

Represents the end targets of organization

operations in realizing organizations basic
mission
They provide the expected outcomes of the
business operations and thus used as
benchmarks for organizational performance
management.
Are expected to be the end points of all
managerial functions such as Planning,
organizing, controlling, staffing

71

Forms of Strategic Objectives:

1. Long-term objectives
2. Medium term objectives
3. Short-term objectives
Focus Areas for Long-term Objectives:
Profitability; expressed in terms of earnings
per share or return in equity
Productivity; is concerned with improving
the input-output relationship
Commonly used productivity measures; the
number of items produced or the number of
services rendered per unit of input or desired
cost reduction
72

Focus Areas for Long-term

Objectives Ctd

Competitive position in the market; the

relative dominance in the market. It is
measured in terms of total sales or market
share
Employee development; proactive HR
development objectives
Employee relations; proactive thinking and
action taking on employee relations creates
favourable working environment that can
enhance productivity and hence contribute to
profitability
73

Focus Areas for Long-term

Objectives Ctd

Technological leadership; companies may

decide to either lead or follow other
companies regarding technology. In each case
there should be appropriate strategy
Corporate Social Responsibility (CSR)
Economic
Legal
Ethical
Discretionary

74

Characterizing Features of Effective

Strategic Objectives

Acceptability; by managers and operational

staff
Specificity- stating exactly what is to be
realized
Measurable- they must have tangible
parameters that can be used to assess their
realization
Attainability- they should reflect on the
companies capability in terms of skills,
competencies and resources
75

Characterizing Features of Effective

Strategic Objectives Ctd

Realistic- being practical-avoid over ambitious

objectives. It is advised that, objectives need
to be continually refined to reflect the actual
strengths and opportunities
Time bound- stating the time horizon over
which they are to be realized
Should be mutually consistent with all
functional areas of the organization
Short-term objectives should complement
long term objectives
76

Characterizing Features of Effective

Strategic Objectives Ctd

Challenging; instills the spirit of competition

and appropriate utilization of resources for
competitive advantage.
Flexibility; taking care of changes in
business conditions
Motivating; having inbuilt motivation
Suitability; must be suited to the companys
mission and vision
Understandable; clear translation across
functional areas and organizational levels

77

Key Focus Areas of Medium and

Short-term Objectives

Profitability
Capturing the market share
Research and Development
Human Resources
Attainment of appropriate physical resources
Reduced production costs (productivity)
Improved customer services
Corporate Social responsibility

78

Some of the Key Factors Influencing

the Formulation of Strategic
Objectives
Can be categorized into; Internal and External
categories.
Internal Factors; include the personal value
systems of managers, the availability of
resources both monetary and non-monetary
External Factors; include availability of
business opportunities, threats associated
business opportunities, regulatory framework,
political will etc.
END OF TOPIC TWO!!!
Thank you for your Active Participation!!!

79

QUESTIONS

Task 1.
Identify any five (5) mission statements from
any reputable organizations that you are
familiar with. Thereafter, critically discuss the
extent to which each mission serves the
purpose for which it was devised
Task 2.
Identify any five (5) vision statements from any
reputable organizations that you are familiar
with. Thereafter, critically discuss the extent
to which each vision serves the purpose for
which it was devised