Page 52 - DCOM506_DMGT502_STRATEGIC_MANAGEMENT

Strategic Management

Notes 7. A focus on customer satisfaction causes managers to realize the importance of providing
excellent .................
8. The company ................. provides a distinctive and accurate picture of the company's
managerial outlook.
9. …………………can't be quantified, whereas ……………….can be quantified.
10. Objectives are inter-……………………and inter-……………………….

3.12 Review Questions

1. "Mission describes the present and vision the future". With this statement in mind compare
mission and vision statements.

2. Are goals and objectives the same thing? Justify your answer. Discuss the unique
characteristics of goals and objectives.
3. Suppose you are going to open a new mobile device manufacturing company. Prepare a
mission statement for your company. (Try and include as many elements mentioned in
the unit as possible)
4. "It is necessary to review the mission statement periodically". Justify the statement

5. How can a mission statement set the tone of the organisation?
6. Analyse the characteristics of a good mission statement.
7. "Like an individual should know him/herself inside out, an organisation should also
know itself". Substantiate
8. "Goals are general in nature while objectives are specific". Explain using suitable examples.
9. Explain the concept of stated and operational goals with the help of appropriate examples.

10. What do you mean by multiplicity of objectives? Explain using apt examples.
Answers: Self Assessment

1. single 2. attainable
3. function, markets, competitive advantages 4. employees, customers
5. history, culture, shared values 6. growth, profitability
7. customer service 8. philosophy

9. Goals, Objectives 10. Related, dependent

3.13 Further Readings

Books A A. Thompson and AJ. Strickland, Strategic Management, Business Publications,
Texas, 1984.
Adapted from Pearce JA and Robinson RB, Strategic Management, McGraw Hill,
NY, 2000.

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