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A2 Chapter 38 Strategic analysisCase Study The Great Walmart of China page 543
Strategic analysis the process of researching the internal and
external environment of the business, as a basis for strategic
decisionmaking.
It addresses 3 key questions:
1. Where is the business now?
2. How might the business be impacted by what is happening or is
likely to occur?
3. How could the business respond to these factors?
If effective, strategic analysis reduces risk and allows for more
appropriate decisions to be made.
, The link between vision/mission statements and strategic analysis
Vision statement a statement of what the business seeks to
achieve in the long term. It reflects the future position intended.
Mission statement statement of the business' core purpose
(what we do) and focus (for whom we do it), phrased so as to
motivate employees and stimulate external interest in the
business (what the benefit of what we do is). It reflects the
current position, and should it be successful, should lead to the
accomplishment of the vision statement.
Thus the vision statement gives the destination; the mission
statement plots the course to get there.
See examples of mission and vision statements Table 38.3 page 548
Strategy must link to these, and strategic decisions must be
made in order to achieve these.
Activity 38.3 page 548
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