Strategy

Question 1

Assessing a missions statement

Answer 1

Purpose - why does the organisation exist
Strategy - what resources, competencies give the company a ompetitive advantage
Policies - standards and behaviour patterns
Values - the company believes

Question 2

Objectives

Answer 2

Specific
Measurable
Achievable
Relavent
Time frame

Question 3

What is the main objective of a profit making entity vs not for profit entities

Answer 3

For profit - maximise shareholders wealth
Not for profit - maximise the benefits to target shareholders

Question 4

What are the secondary objectives of:
For profit
Not for profit

Answer 4

Proftit: customer satisfaction
innovation
employment

Not for profit:
Investing in staff
Economy, efficienty effectiveness
Financial - break even

Question 5

Determine the key stakeholder who will set strategies

Answer 5

Mendelow’s power-interest stakeholder matrix

Little effort
Keep informed
Keep satificed
Key placers need participation