Crafting and Executing Strategy Assignment Example | Topics and Well Written Essays - 1000 words

Crafting and Executing Strategy - Assignment Example † And in this way, questions are answered for each stage. Strategic plan involves the mixture of vision, mission and out of the box thinking. Strategic planning is one of the major management tools managers have to be perfect at. It can offer many benefits for the business, like communicating the main set objectives and plans to the staff, developing a competitive advantage against the rival firms, providing a sense of direction and purpose and communicating the plan of action etc. Without the strategic plan, there will be no direction for the business and this could lead to the business being lost (Olsen, Tse & West 1998). Financial performance could also deter without these plans A mission statement is a precise statement of the business’ core targets and cynosure, framed in such a way to persuade and trigger interest by outside groups and the other stakeholders. The Mission Statement of the hotel that I am the manager with is â€Å"To provide exquisite hospitableness and cordiality to our priceless guests by delivering the finest personal and intuitive services to them.† These statements are not linked to a particular goal, but try to sum up – it describes the aims in an influential and an appealing way. Mission statements can prove to be essential for firms of all sizes. They quickly inform the stakeholders of the business of the main aim and vision are. They can also prove to ignite a spark to the employees and tell the outside groups that the business and its staff have these positive traits. They establish in the view of other stakeholders ‘what the firm is about’ and hence can provide public relations and increase the chances of success for them. While Vision statements are those statements of what the firm would want to acquire and achieve in the long-run. There are some distinctions between the vision and the mission statements. Mission statements are the synopsis of the whole of the purpose of the organization, while a vision statement, on the contrary, tells the picture of the ‘desired future’ and how the business will look if it is successful in accomplishing its mission. The vision statement of my hotel is â€Å"We will be recognized by our superior hospitality services, selectively franchising and flawless management. Introducing newness in our every assistance will also provide the platform for our goodwill.† There is a simple link between the concepts of vision statement, mission statement and strategic planning. Without the focal point brought by the vision and mission statements, planning new strategies and stance in order to give direction to the company will not be helpful as there is no central idea and the business could get lost in heading to the goals. These statements can prevent the firm from drifting away from the ambitions of the organization. It is really critical that both vision and mission statement are not ‘artistry of words’ so that they impress the people or customers, but also they are relevant to the business, understood by the staff and then are evolved into important strategic actions. Operational objectives