Strategic Management Week 1

Running Head : Strategic Management Week 1

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Discussion Question 1

Success can be determined and measured in different ways . This is subject to the type of firm or organization . These measures aid a firm towards realization of organizational goals . For instance , a customer care department may have as one of its measures , the number of customer calls answered in the first twenty minutes . A social services firm may gauge its success on the number of customers assisted in six months

Client satisfaction is

a common determining and measuring factor in success of firms . This can be shown by doing a small survey asking questions like

How satisfied were the customers with services received

What impact did the services have on their ability to advance

What areas would they like to be improved

Positive answers to the questions above , signifies success

Success can also be measured by tracking the investment returns of a firm . This in essence means quantifiable means . A loans firm for example would use the amount of interest earned from loans or the number of loans repaid as a measure for success . Moreover , a firm could measure and determine its success by looking at the number of clients it can acquire and retain considering the target age groups

Perhaps another major determinant and measure is tracking the investment returns of a firm . If a firm invests 10 million US dollars and returns 15 million dollars we can say it is successful . A return of 8 million dollars by the same would signify a loss hence the firm can be considered not to be successful at that time

Regular audits on the accounts of a firm can also determine if its successful or not

Firms as expected have a social aspect . The level of customer awareness can also determine and measure the success of a firm , high levels of client 's knowledge on the firms activities signifies a great level of success

Strategy then will be determined by the measures put in place by a firm . These include recruiting and retaining the best employees , having critical plans to kick start a firms ' diversity plans and long term success plans . In doing all these , it is important to choose the right elements to measure . Focus should be on what adds customer value and processes that bring the desired outcome . For example , a confectionary shop looked at detail into what made clients buy its products . The aim was to increase earnings and it was discovered that proper scheduling of employees and more customer coverage was more important

In overall the firm needs to ensure the effectiveness of the strategy by putting good leaders in charge http /www .dbmarketing .com /articles /Art198 .htm

Discussion Question 2

A mission statement is a brief statement of the purpose of a company or religious group or other organization . On the other hand a vision statement is an outline of what a company wants to be focused on tomorrow , its inspirational provides...