Explain Why Strategic Management Class Is Often Called A Capstone Course
1-28. Explain why the strategic management class is often called a “capstone course.” Strategic management classes are often considered a “capstone course” because it includes materials from all aspects of business such as management, marketing, production, operations, IT, etc. “There is a need for a capstone experience in the business program that requires multi-disciplinary knowledge and skills including overall strategy, marketing, operations, human resource development, finance, accounting, economics, and behavioral and ethical elements.” (Liberty University, 2015) A student generally has to use the knowledge that they have received in their previous classes.
1-29. What aspect of strategy formulation do you think requires the most time? Why? “Strategy formulation includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating …show more content…
“Rarick and Vitton found that firms with a formalized mission statement have twice the average return on shareholders’ equity than those firms without a formalized mission statement have; Bart and Baetz found a positive relationship between mission statements and organizational performance; BusinessWeek reports that firms using mission statements have a 30 percent higher return on certain financial measures than those without such statements.” (David & David, 2015) A clear vision and mission statement are beneficial for several reasons such as providing a clear goal and objective for managers and employees; provides a basis for all strategic planning activities; providing direction within the company; and provide a focal point for stakeholders of the firm. A clear vision and mission statement can cause a sense of unity within the company as all of the employees work towards a common
1-29. What aspect of strategy formulation do you think requires the most time? Why? “Strategy formulation includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating …show more content…
“Rarick and Vitton found that firms with a formalized mission statement have twice the average return on shareholders’ equity than those firms without a formalized mission statement have; Bart and Baetz found a positive relationship between mission statements and organizational performance; BusinessWeek reports that firms using mission statements have a 30 percent higher return on certain financial measures than those without such statements.” (David & David, 2015) A clear vision and mission statement are beneficial for several reasons such as providing a clear goal and objective for managers and employees; provides a basis for all strategic planning activities; providing direction within the company; and provide a focal point for stakeholders of the firm. A clear vision and mission statement can cause a sense of unity within the company as all of the employees work towards a common