Chapter 2 very textbook notes. Very In-depth. No need to buy the text book just read these notes!!!

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Western University
Management and Organizational Studies
Management and Organizational Studies 4410A/B
Maria Ferraro

Chapter 2A vision statement should answer the question who do we want to become what the rm strives to be in the long runMission statement reveals what an organization wants to be and whom it wants to serveAs many managers as possible should be involved in the process of developing these statements because through involvement people become committed to an organizationShould carefully develop a written misson statement in order to reap the following benetsEnsure harmony of purpose within the organizationProvide basis standard for allocating organizational resourcesEstablish a general tone or organizational climateServe as a focal point to help individuals identify with the organizations purpose and directionFacilitate translation of objectives into a work structureThrough development of a mission statement divergent views among managers can be revealed and resolved through the processIn multidivisional organizations each division should involve its own managers and employees in developing a vison and mission statement that is consistent with and supportive of the corporate missionCharacteristics of a Mission StatementDeclarations of attitude and outlooksBroad in scope for at least two major reasons 1 allows for generation and consideration of a range of feasible alternative objectives and strategies without stiing management creativity too specic would limit the potential of creative growth too general could be dysfunctional 2 needs to be broad to reconcile differences effectively among an organizations diverse stakeholders the individuals and groups of individuals who have a special stake or claim on the companyIndicates the relative attention that an organization will devote to meeting the claims of various stakeholdersVagueness permits more exibility in adapting to changing environments and internal operationsShould arouse positive feelings and emotions about an organizationInspiring in the sense that it motivates readers to actionShould provide useful criteria for selecting among alternative strategiesOrganizations purpose customers products or services markets philosophy and basic technologyOperating philosophy should be to identify customers needs and then provide a product or service to fulll those needsMission Statement ComponentsCustomersProducts or servicesMarketsTechnologyConcern for survival growth protabilityPhilosophySelfconcept competitive advantageConcern for public imageConcern for employeesStrategy External AssessmentThe Nature of an External AuditPurpose to develop a finite list of opportunities that could benefit a firm and threats that should be avoidedExternal audit is not aimed at developing an exhaustive list of every possible factor that could influence the business INSTEAD it is aimed at identifying key variables that offer actionable responsesoffensively or defensively to the factors by making Firms should be able to respond either strategies that take advantage of external opportunities or that minimize the impact of potential threatsKey External Forces
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