Mission and Objectives:
The mission statement of an organization states the reason of its existence. It contains the unchanging
variables of the business’ purpose and includes most importantly the visionary statement. The vision
helps to define the place where the business wants to be in the future. The visionary goals of the future help the organization to pursue ahead optimizing on future opportunities. The mangers then make the financial and strategic objectives that are attainable in accordance with the vision. The objectives can be sales target or increase in market share etc.
The factors in the environmental scan are:
Internal analysis of an organization
External analysis of industry
Analysis of macro environment The internal analysis refers to the evaluation of the strengths and weaknesses of a company, whereas the external analysis refers to the opportunities and threats for the organization. The tool that is deployed to analyze these factors is called as SWOT analysis. In addition to the SWOT analysis another
tool is used to analyze the environment of the industry known as Michael Porter’s five forces model which takes in consideration the new entrants, suppliers’ and buyers’ power, intensity of rivalry and
threat of substitutes faced by the organization.
The information that an organization derived from the evaluation of the internal and external environment should be properly analyzed and then the business should thrive to use strengths to capitalize on the opportunities while minimizing the threats and the weaknesses. The organization should thrive to develop unique competitive advantage on the basis of cost or differentiation.
The strategy it is implemented by means of a proper program, budget and procedures. The
implementation process includes putting organization’s resources to effective use and motivating
employees to achieve objective. The success of the strategy depends upon how effectively the implementation has taken place.