BBA 4951 Unit I Assessment

BBA 4951 Unit I Assessment

Do you feel an organization should maintain their original mission and vision statement(s), or do you feel these statements should be periodically updated? Please explain your answer. 

Organizations develop vision statements as a means of defining what the organization wishes to become. Vision statements are generally only about one sentence long and are considered to be the first step in strategic planning (David & David, 2017). One great example comes from Habitat for Humanity, whose visions statement is “A world where everyone has a decent place to live” (“Our mission, vision and principles,” n.d.). Mission statements on the other hand are generally a little more in depth and are an enduring statement of purpose that distinguishes one business from other similar businesses and define a firm’s scope of operations in terms of products and markets. Mission statements should describe the values and priorities of an organization while also serving as a constant reminder to all employees of why the organization exists and what founders envisioned for the future of the organization (David & David, 2017). I feel that as time progresses, so to will the priorities and direction of an organization. With this is mind, I feel that it is important for organizations to periodically update their mission and visions statements as a way to adapt and remain relevant, while also staying true to their original mission and vision statements. David & David (2017, p. 10) state, “a mission statement compels strategists to think about the nature and scope of present operations and to assess the potential attractiveness of future markets and activities.” Organizations will need to craft mission and vision statements for the now while also having a willingness to change and adapt for the future while holding true to their core beliefs and reasons for existing.

Reference

David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach, concepts and cases (16th ed.) [VitalSource Bookshelf version]. Retrieved from https://online.vitalsource.com/#/books/9780134167947

Our mission, vision and principles. (n.d.). Retrieved from https://www.habitat.org/about/mission-and-vision

Describe the strategic management process, and include how it is used by organizations. 

According to David & David (2017, p. 634), the strategic management process is “the process of formulating, implementing, and evaluating strategies as revealed in the comprehensive model, that begins with vision/mission development and ends with strategy evaluation and feedback.” Strategy formulation is the first step of the strategic management process. This is where organizations develop mission and vision statements, identify external opportunities and threats, determine their internal strengths and weaknesses, establish long term goals, generate alternative strategies, and finally choose which strategies to implement and pursue. Step two of the process is implementation. Organizations use this step for a number of different aspects concerning their business including: establishing annual objectives, devising policies, finding methods to motivate employees, and choosing where to allocate resources in order to support formulated strategies. This stage of the strategic management process is often referred to as the action stage due to the fact that this is the stage where employees are mobilized and managers actually put formulated strategies into action. The final stage of the process is strategy evaluation. As managers must know which strategies work and which do not work; strategy evaluation is the means for gathering this information. Strategy evaluation consists of three fundamental evaluation activities, which are: reviewing internal and external factors that are the bases for current strategies, measuring performance, and taking corrective actions. Organizations use strategy evaluation to determine what changes or modifications must be made to particular strategies in order to promote the success of their firm (David & David, 2017).

Reference

David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach, concepts and cases (16th ed.) [VitalSource Bookshelf version]. Retrieved from https://online.vitalsource.com/#/books/9780134167947

What is the difference between long-range planning and strategic planning? Explain your answer. 

Strategic planning is the process that an organization uses to formulate its plan of action. Typically in a corporate business setting, strategic planning may refer to the strategic management process as a whole. Long range planning encompasses deciding upon future actions, objectives, and policies with the intent of optimizing the organization for tomorrow with the trends of today. Long range planning tends to be less effective and less comprehensive than strategic planning. While long range planning aims to optimize an organization for the future based on todays trends, strategic planning aims to create and exploit new and different opportunities for the future. As strategic planning is much more in depth, it requires much more work and dedication as part of utilizing all of the stages of the strategic management process (David & David, 2017).

Reference

David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach, concepts and cases (16th ed.) [VitalSource Bookshelf version]. Retrieved from https://online.vitalsource.com/#/books/9780134167947

Within this unit, we discussed how businesses may need to adapt to changing times in order to stay competitive. Their initial practices may have worked well previously, but may not serve them well in the long term. The newspaper industry is one that may face extinction. Explain why they may need to rethink their business strategy, and provide some advice on possible strategic management changes. Be specific to include goals/objects, strengths, and weaknesses. 

With the growth of the Internet and the rapid expansion of social media platforms such as Facebook, Twitter, and YouTube, print newspapers are being forced to rethink their business strategies in order to keep up and stay relevant. Like any other business out there, newspapers must adapt to changing times by adopting new practices that better fit “new” long-term goals in order to stay competitive. While many newspapers have done a great job at transitioning to online postings, I think that newspaper companies can continue to adapt by investing more resources into Internet technologies that make them more easily accessible any time, anywhere. Many newspaper organizations have developed applications for smartphones and tablets in order to make their products more accessible. Continually optimizing and updating these applications will help these organizations to stay competitive. Additionally, newspaper companies could utilize these applications as a means of generating revenue by providing both free and paid services. One great way to do this would be by attracting customers to the applications with free news articles and postings, but also by adding a premium paid service to the application that allows access to other specific high value articles with a paid subscription. They may even be able to add value to their products by offering bundles that include both print and online access. With a certain paid subscription, the companies could offer customers exclusive online content and also provide them with current print copies at a discount. Another great idea could be to follow a business model similar to that of the giant social media platforms whereby the newspaper companies provide completely free content and newspapers as a means of generating a large customer base, while then generating revenue through advertisers who would be able to reach a large audience. Any strategies used should be thoroughly investigated using the strategic management process and continually evaluated for effectiveness with modifications and changes being made when and where needed.

Colleges and universities, like all business, have strengths, weaknesses, and competitors. What would you consider to be an online university’s internal strengths and weaknesses? Why? Also, who would you say are the competitors to online universities? What are three external opportunities and three external threats?

David & David (2017) explain that internal strengths and weaknesses are the controllable activities that are performed well, or not so well within an organization and that identifying and evaluating an organizations strengths and weaknesses within the functional areas of business is an essential strategic management activity. Additionally, internal strengths and weaknesses are determined relative to competitors and organizations look to capitalize on internal strengths and eliminate internal weaknesses. Online colleges and universities have become a very popular means of obtaining an education over the years and are a great way for individuals to go to school with increased flexibility and opportunities. Online colleges and universities face many competitors such as other online schools as there are many of them, and also traditional brick and motor schools including both local community and state colleges, up to large well known universities. Things that I would consider to be internal strengths of online universities are:

-Excellent accessibility. Students are able to access material and courses from anywhere the Internet is available. Geographically separated students are able to attend colleges and universities that they otherwise would not be able to due to location, financial means, or disability.
-Flexibility. Students are able to access material 24/7 versus attending scheduled classes. This allows students to work, take care of family, or anything else that they may need while having the ability to do school work when it works for them.

-Pace. With this type of educational means, students are better able to learn at their own speed and pace without the embarrassment or shame that they may feel if they fall behind or do not understand something. The online university format allows students to take time where they need it and to speed through what they may already understand.

Some possible weaknesses of online colleges or universities could include:

-Internet Accessibility. Just as the fact that the Internet format is a possible internal strength of an online college or university, it can also be a weakness. Student participation is limited to those who have the Internet or access to it. Additionally, just because it is available, does not mean that it will always work as planned.

-Large number of competitors. Students have numerous options when it comes to which online university that they wish to attend. Online schools must be able to set themselves apart from other options provided to students.

-Access to technology. Obviously online schools require students to have or have a great deal of access to computers and other technology in order to access the online learning environment. Access can be limited for a number of reasons including economic or geographic issues, which would exclude otherwise eligible students.

-The student. Online universities and education requires a student that is self motivated and well driven in order to actually learn and to stay on track. Online learning is not a good means of education for individuals who are dependent learners and require a great deal of structure. The online format gives students control over their own learning, which can make it much easier to fall behind in coursework making it more difficult to keep up with.

External opportunities and external threats are things that are beyond the control of the organization such as economic, social, cultural, demographic, environmental, political, legal, government, technological, and competitive trends that could either benefit or harm the organization in the future (David & David, 2017). External opportunities for online universities could include an increase in enrollment due to social acceptance of online school degrees. As popularity continue to increase, so to will acceptance and enrollment. Another could be economic opportunity. Online schools tend to be more affordable for students who may not be able to afford to go to a school away from home. The online format allows students to stay home and avoid living expenses associated with going away to college. A third opportunity is one that falls into the demographic category. Online schools are great for older adults who may not be able to or wish to attend a traditional school with much younger individuals. This format allows them to continue their lives while attending school from home.

External threats to online colleges and universities could include external perceptions towards online schools. Some may not believe that online schools offer the same level of education or challenge to students and may not be as accepting to the idea. Additionally, online schools could possibly face increased scrutiny and regulation in the future due to the abuse of some schools of taking payment from students and not providing a high level of education. Finally, as the online mode of learning grows in popularity, so to will the amount of competition within the industry. Online schools may face competitors who are bigger, better, and stronger which could drive them to fail.

Reference

David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach, concepts and cases (16th ed.) [VitalSource Bookshelf version]. Retrieved from https://online.vitalsource.com/#/books/9780134167947