STRATEGIC MANAGEMENT 1
Whystrategic management class is called a ‘capstone course.`
Acapstone course is a subject that acts as an integrative educationprogram (Hill& Jones 2012).It is usually the last program of study where a student demonstratestheir overall learning experience. Strategic management class showsthis quality because it integrates various materials from a range ofsubjects. These subjects include management, production, marketing,operations, etc. According to Hill& Jones (2012),this class assesses a student`s overall affective, collegiate andcognitive learning experiences.
Aspectof strategy formulation that requires most time
Inmy view, the aspect of formulating the strategic vision will requirethe most time. The reason is that it is the most important thing indeveloping a strategy. Strategy formulation is a concept thatinvolves identifying a vision, mission, opportunities, threats,weaknesses and strengths (Hill& Jones 2012).It also includes establishing short and long term objectives,strategies, deciding what business activity to invest in, and whichto avoid. Consequently, it involves making decisions on whether ornot to diversify, allocation of resources, entry into new markets ordeciding for or against merging and how to face competition. Hill& Jones (2012)stated thatconductingall these activities often involves mobilizing managers, employees,and other stakeholders. This may require a lot of discipline, focus,sacrifice and time. It is the most involving and difficult stage instrategic management hence it will require the most time toeffectively complete.
Importanceof vision and mission statement.
Itis important for organizations to develop a vision and a mission forstrategic direction. Vision and mission statements provide a strongfoundation of organizational values by which an organizationoperates. According to Hill& Jones (2012)an organization needs to create an identity by distinguishing andexplaining itself to employees, shareholders, customers and otherstakeholders. The mission statement helps the organization to defineits products and service to customers, and this helps indifferentiating itself from competitors. The vision statement, on theother hand, describes the future from the organization`s perspective.It is the desired destination.
Hill,C. W. L., & Jones, G. R. (2012). StrategicManagement.Cengage Learning.