Defining Strategic Management

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It is very important for managers to see their jobs as more than just custodians of the “status quo.” Rather, they must proactively anticipate change and continually refine as well as, when necessary, make significant changes to their strategies. This has become particularly important as competitive environments become characterized by increasing rates of unpredictable change.

After launching this week’s lesson, and reading Chapters 1 & 2 in the textbook, answer the following questions in this forum.

Forum Assignment

Review Porter’s Five-Forces model of industry competition (2.3.1 in text). Using your own words (do not copy definitions from the text), explain the model’s importance in the concept of strategic grouping within industries. Then, find a company with a “mission statement”. Do not use the military please. Pick a commercial company that is not routinely discussed. Select a company with a mission statement and tell us whether or not you think the statement is constructive and provides employees with motivation and strategic direction. When reading the mission statement does it reveal the nature of the business? Include the mission statement in your post in italics.

Instructions:

Your initial post should be at least 250 words, not including repeated questions, references and quotes

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