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Crafting and Executing Strategy - Research Paper Example

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Crafting and Executing Strategy Name: University: Abstract A strategic plan is very vital in operations of businesses. Mission and vision statements help a business to design appropriate strategic plan. This paper will develop an argument in support of the importance of the strategic plan…
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Crafting and Executing Strategy
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Download file to see previous pages In other words, strategic planning is a tool that defines the routes that businesses will take in the effort to get from the current position to where owners want it to go. In fact, it is argued that strategic planning is a procedure that fulfils the mission and vision of a company (Andersen, 2004). In order to be effective, strategic plan considers the internal and external environment surrounding the business. In this regard, it is true to argue that as a company grows and intends to achieve its strategic goals, the need for strategic planning becomes greater (Goodstein, Nolan & Pfeiffer, 1993). However, strategic planning does not just become effective without considering some factors. It is necessary for all stakeholders in the organization to clearly understand the direction and mission of the organization. Nevertheless, the mission and direction of the business should go hand in hand with market changes, which call for a business to strategically prepare for different market segments. In regard to Fed-EX Corp as a key player in the logistics industry, strategic planning would lead to more cost reduction as well as maintaining best prices (Long, 2004). It can also be argued that strategic planning in logistics business can act as a roadmap for economic and operational success. Additionally, strategic planning would act as a facilitator of efficient, flow of goods and information from company’s premise to consumption points (Moradi, 2012). This has an advantage of conforming to customers’ needs and satisfaction. Mission statement “Fed-EX Corp offers top quality logistic solutions to our customers based on expertise. Customers prefer our services based on quality and reliability” A company can not operate without a mission statement and expect to go far. A mission statement is vital in ensuring the success of a business. It not only set targets for businesses to attain its financial goals, but also enables businesses to build their corporate brand as they win the loyalty of customers through the provision of quality products and services (Goodstein, Nolan & Pfeiffer, 1993). For example, Fed-EX Corp mission statement would act as a corporate vision drive, motivate, unify and excite business into superior performance (Long, 2004). In order to offer top quality solutions to its customers, Fed-EX Corp would be motivated to work extra hard and work in unity in order to keep the fire burning. In fact, a mission statement provides a lighthouse that a company can look at whenever it looses track of itself. This is true because when a company looses sight, a mission statement can be referred to provide an insight of the company’s core competencies. In logistics business, Rushton, (2010) argued that a mission statement can facilitate greater returns on investment. Additionally, a measure of return on equity is argued to be more than double in companies that have written mission statement. Although it is hard to indicate the part of mission statement that brings success to a company, a combination of parts of a the mission statement can help a company prosper in different ways. For example, the statement should clearly establish the line of business the company is engaged in. This helps the company focus its efforts towards succeeding in that line of business. Vision statement “To build greater global logistic solutions through quality, integrity and profitability” ...Download file to see next pagesRead More
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