Essay on Strategic Management : A Capstone Course

Essay on Strategic Management : A Capstone Course

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This strategic management class is often called a “capstone course” because the course brings together all of the previous business classes into one final application. Strategic management according to David and David (2017), enables an organization to reach its objectives through formulating, implementing, and also evaluating organizational decisions (David & David, 2017 pg. 5). In order to strategically plan for a company and make organizational decisions, a person would need to understand every aspect of an organization and how each function relates to another. The strategic management class is the capstone because a student needs to understand the business acumen gained from all other business classes, in order to do well in strategic planning.

1-22 What aspect of strategy formulation do you think requires the most time?
Our team believes that the vision and mission statements of a company require the most time in strategy formulation. The vision and mission statements of an organization are the cornerstones of the business. They grow the brand, keep the company alive, and move it forward. The vision statement answers, “What do we want to become?” and are considered the first step in strategic planning. Without the vision statement, a company would have no idea of a future goal and strategic planning could not really take place. Spending a lot of time on the vision statement is very important to make sure the future is being planned appropriately. The mission statement distinguishes a business from other firms and asks, “What is our business?” (David & David, 2017 pg. 10). The mission statement is important to spend a lot of time on because it not only tells the world what the company is about and gives strategists a base for...

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...ause this would allow the organization time to evaluate the progress of the mission or vision statement. Also it’s important to realign the organization when the company has recently accomplished a large goal or survived some real tough times. Then also it’s a great time to review and make the necessary adjust to the mission statement to satisfy the competitive nature of the business. The organization should also look at the mission statement when the organization is struggling and strategies seem to be failing. Make sure the mission statement is aligned with what the important points of what the mission statement states. The management team has to believe in and supports the mission statement. Being aware of the mission statement at all times good and bad the organization can develop and implement new goals to the guidelines with a clear direction to move forward.

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