2. Generating strategic options

Question 1

What is a mission statement?

Answer 1

A statement in writing that outlines the organisation’s mission and summarises the reasoning and values that underpin its operations.

Question 2

What is a vision statement?

Answer 2

A statement that identifies the ideal position that the company wants to reach within the medium to long-term. Longer term aspirations of the organisation.

Question 3

Objectives SMART

Answer 3

1. Specific
2. Measurable
3. Attainable
4. Relevant
5. Timed

Question 4

Mendelow’s matrix

Answer 4

1. Key players (high power / high interes)
2. Keed satisfied (high power / low interest)
3. Keep informed (low power / high interest)
4. Minimal effort (low power / low interest)

Question 5

Sources of stakeholder power

Answer 5

1. Positional power
2. Resource power
3. System power
4. Expert power
5. Personal power

Question 6

Resolving stakeholder conflicts

Answer 6

1. Satisficing
2. Sequenial attention
3. Side payments
4. Exercise of power

Question 7

Professional ethics

Answer 7

Confidentiality

Objectivity

Professional competence & due care

Professional behaviour

Integrity