Strategic Management: Crafting and Executing Strategy

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Crafting and Executing Strategy Introduction The purpose of this report is to present the importance of strategic planning for a business organization. The industry chosen for this report is airline industry and the company name is Asian Airlines. The report starts with a strong argument supporting why and how a strategic plan is important for an airline business and proceeds by discussing the mission and vision statement for Asian Airlines. The next section establishes five key objectives for the company encompassing operational, financial, and human resource aspects of its business and justifies why these objectives are important for its success. The final section also justifies how these objectives support its mission and vision statement. Importance of a Strategic Plan for Asian Airlines A strategic plan is important for the success of Asian Airlines in its industry because in a number of ways. The most importantly, it provides a roadmap to the company on how it should move in the industry in the long run. It describes the strategies which Asian Airlines can adopt to ensure a sustainable future in its industry (Hill & Jones, 2012). A strategic plan helps the company in choosing the most effective strategies to achieve its short term and long term goals. In a nutshell, a strategic plan defines a single common direction for the whole organization on which it has to move in the future by defining corporate wide objectives and formulating effective strategies to
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