What Is Strategic Management?

"A good mission statement portrays an organization's unique and lasting reason for being, and energizes stakeholders to follow common goals. It likewise enables a focused allocation of

Mission Statements is a foundation of how you want your business to be successful. You have to find the right words, expressions and drive to for your mission statement to be addressed and meaningful. There are certain characteristics of a mission statement it’s a declaration of attitude and outlook. A good mission statement allows for alternative objectives. It also has to have organization’s diverse stakeholders. Stakeholders include employees and managers, board of directors, customers and suppliers. Most businesses mission statements provide motivation and general direction. It needs to be inspiring and identify the firm’s products and that it’s environmentally responsible.

‘The flame of competition has changed from he smokey yellow to intense white heat. For companies to survive and prosper they will have to have a vision, a mission and strategy’ (Johnson, 2001). The use of strategy in this well known quote from the Chief Executive of Lloyds TSB Peter Elwood shows the importance strategic decisions plan in the modern era for organisations. To supplement this, strategy is theoretically defined as ‘the direction and scope of an organisation over the long term, which achieves advantages in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations’ (Johnson et al., 2005). According to this definition, the

Organizing the direction of a business or corporation is essential because it can increase profitability and provide broad guidelines for how to accomplish the organization goals. This is where a mission statement becomes useful. A mission statement should be short, concise, and to the point. Employees should be able to remember it and make it part of their everyday work culture.

A mission statement communicates the organization’s reason for being, and how it aims to serve its key stakeholders, customers, suppliers. It defines the purpose and values of the organization. A mission statement talks about the present leading to its future. It helps in tactical planning.

The first question to seek to answer is, ‘What is a Strategic Manager?’ ‘What are their roles & responsibilities and what attributes do they require?’

The mission statement communicates to stakeholders the main activities that the company focuses on in order for it to achieve its vision. The mission statement communicates to employees’ information on how to conduct their day to day activities. The mission statements also describe the organizations, policies, culture as well as ethics (Alesia 2013).

IKEA’s vision is to design a better life at home. Making it affordable as possible so that many people could have admirable furnishing. IKEA use function, quality, design and value to obtain their customer needs. IKEA learn to synchronise the contingency of the supplier and needs of the customers. Using that strategy to sustain the low prices. In order to gain a good condition of a product, IKEA go in for highly automated production. Together with mass producing and keeping long-term relationship with the supplier, IKEA is able to prolong their vision and aim to serve their customers. (Ikea.com/sg)

Alfred Chandler(1963) defines strategy as ‘ the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals’. And Michael porter(1996) sees it as ‘Competitive strategy is about being different. It means deliberately choosing different set of activities to deliver a unique mix of value’.

IKEA is one of the most successful manufacturing and retail furniture companies operating in today’s global marketplace. IKEA manufacture from the bottom up, top down furniture that offers environmentally friendly, state of the art designed furniture that is both affordable and attractive to its customers via their online, catalogue and worldwide distribution channels, with a logistics network that are low cost footprints with the enforces on cost efficiencies couple with technology, product design, excellence and customer satisfaction. IKEA was founded by Ingvar Kamprad in a small village in Sweden. Its Scandinavian–style home furniture offer attractive designs at affordable prices. And IKEA is obtainable from 275 stores

Mission statement is a statement of the business aims, companies need to capture for what purpose they stand for. Aims are the long term plan from which companies derives its objectives. why the company exit, and tell three important factors to the public . Mission statement describes three factors of a company:

IKEA supports their vision by offering the public quality and functional products priced so that as many people as possible will be able to afford them.

The IKEA vision is to create a better life for many people who purchase their products. Their main objectives are: - IKEA produces cheap and affordable products for the customers - The company wants better life for those who cannot afford expensive products - IKEA always helps to produce right product for the right consumer - IKEA always tries to sell their products at low prices - The company’s global developments and its continual commitment is to have a positive impact on people and

Missions: can be defined as a brief statement which describes or states the purpose of an organisation and declares the reason for the company’s existence. It supplies the framework and the context to help which help to direct the company’s strategies and actions by constituting the all the goals of the business and it also helps to guide the decisions which are made inside the company and defines clearly the company’s mission to the customers, the suppliers and to the community at large (Fallon, 2015 ). For example the mission statement of an organisation like NEXT PLC is to provide an exciting, beautifully designed, excellent quality clothing and home-ware to their customers.

A mission statement describes the objective of a company or an organization. It shortly defines the overall goal and clarifies why the company exists (Griffin,1990). A mission statement should indicate some core points..