HRM301 Lecture Notes - Lecture 3: Strategic Management, Balanced Scorecard, Institute For Operations Research And The Management Sciences
16 Dec 2019
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Document Summary
What is a mission statement: mission statement is an articulation of the strategic goals and organizational values that underpin the vision, vision and mission statements are most effective when they are expressed. Relationship between an organizations vision and mission statement vision statement is what the company wants to do and the mission statement is how the company wants to do it. What is strategy: strategy is a plan that integrates an organization"s vision, mission, goals and objectives and determines how resources will be used. Classical (profit maximizing deliberate: managers shape strategy, rational planning and decision-making methods, often described as a deliberate strategy, goal is to maximize profits. Trying to do what the competitor is doing: often people fail. Trying to achieve more than one outcome and get more market share. Systematic (pluralist, deliberate: linked to local social systems and cultures, objective is to achieve multiple outcomes, local circumstances must be considered and adapted to fit operations.
