Question

QN.1 Explain the need for integrating analysis and intuition in strategy formulation and intuition.

QN.2 Discuss the nature and role of vision statements and mission statements in strategic management.

QN 3 Describe the nature and purpose of an external assessment in strategy formulation.

Answer 1

1)The pivot around which integration strategies are designed is the present set of customer function and customer groups.In other words a company attempts to widen the scope of its business defination in such a manner that it results in serving the same set of consumers.Integration basically means combining activities related to the present activity of a firm,such a combination may be done on the basis of the value chain.A value chain is a set of inter-linked activities performed by an organization rights from the procurement of basic raw material down to the marketing of finished product to the ultimate customers.so a firm may move up or down the value chain to concentrate more comprehensively on the customer group and need that it is already serving.

2) Vision The energies & resources of the company on achieving a desirable future.The role of vision in strategic management is to define what values are truly central,frame the core values.

The mission of the company should be path to attain its vision,the beliefs,the planning process to achieve its organizational goal.

3)External assessment helps a firm to analyze and scan political,social,economic,legal and technological environment.It also gives opportunity and threat  analysis which helps the firm to strategize according to the data.