Question 1. What are the key elements of strategic planning?
Question 2. What are the differences between a vision and a mission? Which one should come first and why? Can these statements be combined? why or why not?
Question 3. What is a value statement and why is it important?
Many have noticed the significant issues many companies are facing around the globe due to economic forces. In many cases, the companies that are failing, started off on the wrong foot, namely, they created and implemented the wrong strategy, or perhaps they simply did not pay enough attention to environmental factors, and as a result did not tweak their strategy to reach the original vision.
Having said that:
1. What is strategic management?
2. Who is responsible for strategic management at the highest level of a company? What is she/he responsible to do more specifically?
3. Why is strategic management so important?