The Process of Strategic Management

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1. Corporate Mission Statement

A corporate mission statement is designed to share with managers, employees or customers, showing the purpose, direction, and opportunity of a project. Usually, it happens when corporations allow their subsidies or business units to design their own sales and profit goals and market strategies; or when the enterprises properly change its original business planning, in order to capture the opportunities in new market. At first of all, a company has to know the mission and themselves clearly. For example, the mission is designed for what component of their business, and for which group of customers. And then they will make the mission statement easier.

Basically, the essential component of corporation mission statements includes products, markets and technology. Respectively, products represent the goods or services for customers; markets represent designation of price, position, target customers or advertisement, etc.; technology represent new coming technologies served for customers, e.g. Hybrid cars, cloud storage and so on. No matter the corporation is profit or non-profit, it is the essence of the mission.

A good mission statement will focus on fewer but clear goals. A statement with a number of goals, like minimizing the cost, increasing advertisement, offering efficient service, etc., will confuse executive mangers. The goal of a mission a time is limited in one or two seems enough. Secondly, it includes company’s major policies or regulation. The new mission statement is based on the whole corporate situation. If the mission statement is out of the original business purpose, it is difficult to be success. Thirdly, the mission statement should be limited into a range of competitiveness that...

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...lty of the customers exist because they cannot buy the same one from others, it is niche. The illustration is the luxury band like Patek Phillippe watches and Rolex, Hermes and Chanel, etc. Customers cannot find a similar or same product in Patek Phillippe and Rolex, the same to Hermes and Chanel.

Mass Customization means customers can design and customize the product by themselves, and the company will produce the custom output based on the customization. Usually this new kind of market is operated online and the production is computer-aided manufacturing. Compared to the manufacturing factory, therefore, the cost of production is lower and thus more close to mass production. Dell is a good example here to explain the mass customization. Dell let customers self-customizing online and order the PCs online; the Dell will deliver the customized product in few days.

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