Value of Purpose, Vision, Mission, and Objectives in Strategic Direction

BMP6002
Strategic Management
Strategy Evaluation
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Contents
Introduction p
A critical evaluation of the value of clear purpose, vision,
mission and objectives in setting the strategic direction of
organizationsusing examples from selected organization
p
Assess the competitive advantage of the selected
company, using the VRIO framework p
Using PESTLEframework analysing the external
environment of the selected business p
Application of the Porter’s Five Forces Model for the
selected organization p
A review of the selected organisation’s strategy p
Conclusion p
References p
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Introduction
Main objective of this report is to better understand the concept of strategic
management which helps in the development and growth an organization. It involves
formulation and implementation of the major goal and various initiatives are taken by
mangers of an organization on behalf of their stakeholder. Strategic management is all about
effectively identification and description of various strategies that a manager of an
organization will carry so that they can achieve the better performance and competitive
advantage for company (Ansoff and et. al. 2018). It is also consider as a bundle of decisions
and acts which a manager of company will undertakes and which decide the result of
company performance. For this report Marks and Spencer Company is taking into
consideration. It is a British multinational retailer company which is founded by Michael
Marks and Thomas Spencer in 1884 and it’s headquarter is in Landon, England, UK. It is a
public limited company that is specialized in selling clothing, home products and food
products with their own label. This report includes value of clear purpose, vision, mission and
objective for effectively setting the strategic direction. Other than this it include VIRO model
for better analyzing the competitive advantage of company. It include PESTLE framework
and porter five forces model.
A critical evaluation of the value of clear purpose, vision,
mission and objectives in setting the strategic direction of
organizations using examples from selected organisation
Strategic management- It refers to a process which of setting effective goal,
procedures, and objectives for achieving competitive advantage in market and for enhancing
the performance level of company (Desai, 2019). In other words strategic management is a
management of an organization which helps in effectively developing staff and resource of
company for achieving their goal. Strategic management includes strategy evaluation,
internal organization analysis, strategy execution throughout the company, and so on. It plays
an essential role in analyzing various areas of organization for operational improvement. It
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assists in effectively analyzing the opportunities and threats. In context of Marks and
Spencer, its vision, mission, objective play an essential role in setting strategic directions
which is discussed below:
Vision- The vision statement of a company will define the desired future position of the
company. Selected company vision is to be the standard against which other are measured-
benchmarking.
Mission- It refers to a statement of company which reflect about what an organization
business is and what key purpose is there. Marks & Spencer mission is to make inspirational
quality accessible to other.
Objective- Main objective of selected company is gain a leadership in clothing and
specialty food. Which will achieved by translating their scale authority into higher quality
service, innovation, trust, value and appeal.
In context of selected company, managers and leaders will timely define the purpose of
vision, mission and objective of company to their all employees which help company in
setting effective strategic direction. Business often makes new strategic plans at the time of
any change in organization structure or because of any change in market condition (Dias and
Ferreira, 2019). It is a difficult process and sometime it happens that employee require time
to get on board with the decision making process. But strategic planning is very essential for
growth off an organization. Change is an essential component of strategic planning. It helps
in moving the organisation forward by change something. In context of selected company,
their plan helps company in moving towards a certain direction. Their vision, mission and
objective plan will help in clearly communicating the goal of plan to their employees and the
public also (Drobyazko and et. al. 2019).
In context of selected firm, vision, mission and objective are the important tool of
strategic planning and clearly understanding these will help selected company to effectively
shape the strategy which will used by selected company for achieving their desired future.
Clearly identifying these statements of company will provide an effective direction to
employee of company and they will work on that direction which helps them in efficiently
achieving their organizational goal on time.
Assess the competitive advantage of the selected
company, using the VRIO framework
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