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22/08/2022
Writing a mission statement sets the tone for the organization. With that in mind, there are several components to keep in mind to ensure your mission statement can help enhance your organization’s image.
1.) Customers – who is the target market
2.) Product/Service – what does the organization serve or do
3.) Market – where does the organization operate?
4.) Technology – is the basic technology up to date?
5.) Survival, Growth, and Profitability – Is the organization committed to growth and financial soundness
6.) Philosophy – what are the organizations beliefs, values, and ethical priorities?
7.) Self-Concept – what are the organizations competitive advantage?
8.) Concern for public image – is the organization responsive to the concerns of the community?
9.) Concern for employees – are employees a valuable asset?
There are many analytical tools and techniques available for companies to gauge not only where they stand within the industry but to also assess their sustainability and competitive advantage within the marketplace. Why do you believe it is an important step within a strategic planning process to conduct a SWOT analysis? How can a VRIO help an organization?
I believe it is an important step within a strategic planning process to conduct a SWOT analysis so that you have a clear understanding of your competitive advantage within the marketplace. It allows you to see what your strengths, weaknesses, opportunities, and threats are which can reveal the areas of your business plan that could use some improvement. Jumping into the marketplace blind may set your organization up for failure. Establishing your place in the industry requires in-depth planning and a unique strategy to set yourself apart from your competitors. It is important to be creative and innovative when entering the market with a new product/service. There are many duplicates out there who have already established a customer base that have loyal ties to their organizations. You have to understand what your target market needs and how you can deliver a successful service or product different than what is already on the market.
A VRIO framework analyzes the resources within an organization to exploit how they can gain a competitive advantage over their competitors. It measures how their internal resources add value, the rarity of it, how costly it is to imitate, and also measures how well organized the company is to capture value, and can they sustain a competitive advantage.
Describe a situation when a TOWS matrix framework would be appropriate.
A TOWS matrix framework represents threats, opportunities, weaknesses and strengths. It’s an extension of a SWOT analysis. TOWS analyzes an organization’s external opportunities and threats and draws a comparison to their strengths and weaknesses. This analysis helps develop strategies to form actionable tactics. Having an understanding of your internal and external strengths, weaknesses, opportunities and threats gives a more clear understanding of how to develop a strategic alternatives to keep your organization at a competitive advantage.
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