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Summary Strategic Management Research Journal Part 1 MGT/ 498: Strategic Management Strategic Management Research Journal Part 1 In order to have a competitive advantage in the market an organization must have a strategic plan. This plan has guiding principle$7.49
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Summary Strategic Management Research Journal Part 1 MGT/ 498: Strategic Management Strategic Management Research Journal Part 1 In order to have a competitive advantage in the market an organization must have a strategic plan. This plan has guiding principle
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Strategic Management Research Journal Part 1
MGT/ 498: Strategic Management
Strategic Management Research Journal Part 1
In order to have a competitive advantage in the market an organization must have a strategic plan. This plan has guiding principles that helps facilitate an effective mi...
strategic management research journal part 1 mgt 498 strategic management strategic management research journal part 1 in order to have a competitive advantage in the market an organization must
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Strategic Management Research Journal Part 1
MGT/ 498: Strategic Management
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Strategic Management Research Journal Part 1
In order to have a competitive advantage in the market an organization must have a
strategic plan. This plan has guiding principles that helps facilitate an effective mission, vision,
and core value statements (Rothaermel, 2020, p. 11). Caterpillar has been a leader in the
industry for many years. They have established their mission, vision, and core value statements.
They have also found strategic plans to be able to be successful and diverse in the industry.
The Guiding Principles for Effective Mission, Vision, and Core Value Statements
In order for an organization to have a competitive advantage in the market they must
have a well-defined mission, vision, and core values statement. A vision is important as it not
only shows what the company’s ultimate goal is but it also motivates and inspires employees
with the company. This statement should bring meaning to the work for the employees
(Rothaermel, 2020, p. 11).
The mission statement is a description on what a company does as far as their products
they sell or services they render. It ultimately describes how the vision of the company is to be
achieved. It is an effective statement to show the customers and employees what they want to do
and how they are going to do it (Rothaermel, 2020, p. 11).
A core value statement is extremely important as it is the principles in which to guide an
organization to fulfill its vision and its mission. This includes internal ethical guidelines for the
employees and board members to follow. This also includes the external ethical guidelines for
affiliates, business partners, and allies to follow (Rothaermel, 2020, p. 11).
Comparing Caterpillar’s Mission, Vision, and Core Values to the Guiding Principles
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