Writing a mission statement requires focus and should inspire not only the employees within an organization but the customers, suppliers and community as a whole. What are the nine basic components of a mission statement? Why is it important to include as many of these components as possible in a company’s mission statement?
Writing a mission statement is one of the most important things that a company’s leaders must do. This statement tells all the employees what the company is striving to do and how it is to be done. The mission statement has nine components that the company must touch in its mission statement. Each one of these components are just as important as the next one. These components tell stockholders what the company is planning to do and the steps that are being used to reach each one of the goals that are set into place. Each one of these components explain how or what the company stands for and what can be expected from the company. These components are as follows:
2. Products or services offered
5. Concern for survival, growth, and profitability
7. Self-concept (the distinctive competencies of the organization)
8. Concern for public image
9. Concerns for employees “(Editorial Board, 2017).
There are many analytical tools and techniques available for companies to gauge not only where they stand within the industry but to also assess their sustainability and competitive advantage within the marketplace. Why do you believe it is an important step within a strategic planning process to conduct a SWOT analysis? How can a VRIO help an organization?
A SWOT analysis stands for Strength, Weakness, Opportunity and Threats to the company. This analysis is used by companies to help make them stronger. The company builds on its strengths to help cover the weaknesses that it has. Opportunities are need so that the company can remain strong or grow in new departments. And threats to a company need to be examined so that the company can take steps to eliminate the threats. It is important that a company acknowledges all these aspects to keep the company growing and present in today’s business world. If a company does not know where it stands with each one of these components, then it is bound to fail in today’s business world. “To complete a SWOT analysis, the internal and external environments must be examined to determine the internal strengths and weaknesses along with the external opportunities and threats. The information that is gathered will assist in creating the vision and mission statements; the internal and external environments not only influence how the vision and mission statements are constructed but also on whether or not the resulting goals can be achieved.” (Editorial Board, 2017).
The VRIO is another key analysis that can help companies remain strong. “ VRIO analysis stands for four questions that ask if a resource is: valuable? rare? costly to imitate? And is a firm organized to capture the value of the resources? A resource or capability that meets all four requirements can bring sustained competitive advantage for the company.” ( Jurevicius, 2013 ) All these questions need to be answered by the company to be able to compete with the other companies that are competing to gain competitive advantage.
Describe a situation when a TOWS matrix framework would be appropriate.
A TOWS matrix is sometimes needed when running a business. “TOWS is an acronym for threats, opportunities, weaknesses and strengths. It extends a SWOT analysis.
TOWS examine a company’s external opportunities and threats and compares them to the firm’s strengths and weaknesses. This analysis forms the basis to develop TOWS strategies and to form actionable tactics.” (Woodruff, 2019) A TOWS matrix should be used whenever a company is researching a new area of sales. Being able to answer the TOWS matrix questions will show if the expansion into a new area will be benefitable to the company or not.
Editorial Board. (2017). Research methods for strategic management (1st ed.). Words of Wisdom, LLC. Retrieved from com/read/9781943926312/9781943926312_8_xhtml“>https://ebooksbvd.my-education-connection.com/read/9781943926312/9781943926312_8_xhtml.
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