Question

(a) List out 2 (TWO) reasons why vision and mission are important to company and management.

(b) Give a brief definition of SWOT and PEST and Why it is important?

(c) List out 2 (TWO) strengths and 2 (TWO) weaknesses of Speed Mart 99.

(d) List out 2 (TWO) opportunities and 2 (TWO) threats of KFC.

Answer 1

a) Vission and mission spell out on the context in which the organisation operaters and provides  the employees with a tone that is to be followed in the organizational climate. Since they define the reason for existence of the organization, they are indicators of the direction in which the organization must move to actualize the goals in the vision and mission statements.

Vission and mission statement serve the focal points for individuals to identify themselves with the organisational processes and to give them a sense of direction while at the same time deterring those who do not wish to follow them from participating in the organisation activities.

b) pest and swot and closely  are closely related approaches to business analysis. Swot  is a situational analysis tool for company leaders that involves assessing strengths, weaknesses, opportunities and threats pest hascorrelates strongly with the threats component of swot, but also has relevance to the opportunities assessment.

It informs about both internal and external factors that affect a firm's success and/or failure. It helps firms assess the report and take counter measures for improvement and analyzing threats. Evaluate business environment and allows firms to make strategic decisions.

c) Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation, evaluation and selection of markete oriented competitive position that contributes to the company's goals and marketing objectives.

Strategic marketing, as a distinct field of study emerged in the 1971s, and built on strategic management that preceded it. Marketing strategy highlights the role of marketing as a link between the organization and its customers.

The main weakness in 99speedmart is insufficient staff, for 99speedmart  staff is likean engine where the staff that will ensure the daily operation runs smooth. In 99 speedmart ,we had to walk all the way to the check-out counter to inquire when we have any queries. There are only 2 counters in every outlet.

d)KFC is a not a leader of fast food chain industry so it has to compete with all other well established fast food companies who all are flourishing in the market.

Changing consumer eating habits With government & NGO’s health awareness campaigns people are becoming more aware of what to consume & what to not which is affecting the business of fast food Industry as a whole.