Strategic Management In A Globalized Economy
Strategic Management in a Globalized Economy
Strategic Management in a Globalized Economy
The vision statement of Well Fargo is easy to communicate. But it lacks noticeable focus and distinction and therefore, it does not have an implementable plan. The concept of the vision statement can be easily illustrated in just ten minutes and it does not show distinction from its competitors and therefore, it fails to set the company apart from its main market competitors. The statement is also vague and incomplete because it does not properly explain the kind of products they are offering the market and therefore, it can be applied in any company. However, the wording on the brand does not inspire cannot inspire customers and also do not show any passion CITATION Che14 \l 1033 (Hin C. W., 2014). The word great used in the statement is relatively superlative in nature. There is also problem of grammar within the statement; the statement says that Americas great instead of greatest. The word financial is used several times within the sentence. And therefore, the vision stamen of Well Fargo can be rank number three.
The vision statement is focus enough to provide managers with guideline of allocating resource and making decisions. It creates a picture of the kind of company, which the managers are working hard to create and therefore, it means that the vision statement has graphic. It also gives direction as well because it illustrated the specific course, which the management chartered and the kind of marketing of products, which will provide help to the company and it can help the company to prepare for the future CITATION Lee12 \l 1033 (Hanson, 2012). The goals of the company set are also achievable and it is also easy to communicate just in few minutes. But the statement failed to state the time line. It is also important to point that the mission statement of Hilton Corporation sounds just like any other mission statement for other companies. It has general objectives and rules or principle of operations just like any other companies in the market. And therefore, in general definition the mission statement of the company look just like the vision statement of a company called the BASF, which is a chemical company.
The mission statement of BASF is clear and the goals which are set are also achievable. Its mission also slight show the picture of the company, which the management is trying to build and the market position is also trying to get out CITATION Pre17 \l 1033 (Presenza, 2017). The statement is feasible since it is explained clear and the goals set can also be achieved CITATION Gre14 \l 1033 (Michale, 2014). The effective elements which are set by the goals can be yield a positive result and therefore, the mission statement and goals are desirable. The statement does not make the company unique and therefore, there is no distinction from the rest of the company in the market. And therefore, it is vague and incomplete. It does not saying any consistency about the products it offers the market and therefore, it can be used by any other company in the market CITATION Hin11 \l 1033 (Hin, Isa, & Hee, 2011). The statement can also be applied to any company in the financial market. It also fails to indicate the directions the management intends to take in changing the market technology focus or if the position of the management remains the same.
The Hilton Corporation mission statement can be rank number 1 because of clarity of the statement. It more focus and illustrates the market and what it intends to achieve. The BASF’s mission statement can be ranked number 2 and Well Fargo can also be ranked number 3 in the market based on the analysis of the three companies CITATION Ath14 \l 1033 (Iakovou, 2014).
BIBLIOGRAPHY Diskiene, D. (2013). A strategic management model for economic development. Technological and Economic Development of Economy , 2-14.
Hanson, L. (2012). STRATEGIC MANAGEMENT EDUCATION FOR THE GLOBAL ECONOMY: COMING TO GRIPS WITH INSTITUTIONS. International Journal of Commerce and Management, , 2-31.
Hin, C. W. (2014). Globalization And Application Of Strategic Management Model And Theories To Enterpreneurs In A Turbulent Economy. College of Business Universiti Utara Malaysia , 2-31.
Hin, C. W., Isa, F. M., & Hee, C. H. (2011). Globalization and Application of Strategic Management Model and Theories to Entrepreneurs in a Turbulent Economy. Chinese Business Review, ISSN 1537-1506 , 2-31.
Iakovou, A. (2014). Global Strategic Management: The case of eBay in the Chinese online. 2-17.
Laporšek, S. (2015). Managing Global Economy: Growth Prospect. London: OXford.
Michale, G. (2014). Financial Analysis and Marketing . Journal of Business Information and studies , 2-31.
Presenza, A. (2017). Geopolitics and Strategic Management in the Global Economy. New York: Pearson.
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