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Assignment 1-21 Capstone

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1-21: Capstone Since strategic management is taught in many colleges and Capstone is known for providing intricate training, the course is often called a capstone course because it integrates aspects from all business courses and introduces additional management strategies from current businesses.
1-22: Strategic Formulation
While the mission and vision statement may require the most amount of thought, the aspect of the strategy formulation process that requires the most amount of time is identifying the organization's internal strength and weaknesses as well as the external opportunities and threats. This process will require an analyzation of the organization's leadership, staff, and other resources in addition to researching the industry to determine its competitors. Consequently, this part of the process is most extensive.
1-25: Explain the importance of a vison and mission statement. …show more content…

The vision statement represents the company's intended future while the mission statement clarifies the purpose of the organization. Ana Tankovic (2013) states that the “Mission and vision statement presents a starting point of creating the strategy” and this process begins with understanding the organization’s environment and resources (pp. 332-333). Even though these terms are intertwined, they have two distinct meanings. On the one hand, the company’s vision describes the future as it relates to its current condition. On the other hand, the company’s mission describes the organization’s distinctiveness, products and services, the industry, and the organization’s methodology. Simply put, the vision statement is necessary and should be a short sentence that can be appreciated by both internal and external stakeholders and the mission statement identifies the “scope of a firm’s in product and market terms” (David & David, 2017, p.

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