Answer the following questions for a firm of your choice: 1. What is the mission

Question

Answer the following questions for a firm of your choice:

1. What is the mission statement?

2. What are the key elements of their strategic plan? Which of Porter's Generic strategies are they using? Does their plan align with the mission statement?

3. What does their SWOT look like and what areas within the macro environment pose the biggest concern?

4. Who is their target customer? competitors?

5.  How do they differentiate themselves from the competition ?

6.  Identify one of the firm's weaknesses or threats and develop a plan to address it.

Explanation / Answer

1: Mission statement : It is a very concise and a specific which understand the purpose of existence of the organisation especially towards the market ( customers).This focus on what they does for their customers , society and to their stakeholders. This helps in identifying the goals of the operations and area of interest and target. Uusally mission statements are very directional in nature.

2:Key elemenst of strategic plan are analysing the situation, understand the market, align proper communication plan, forecast the business opportunities.

3: Strenght, WEAKNESS, OPPORTUNITIES THREAT: Macro environment are majorly opportunities and threat which an organisation may face from outside and the benefit they gain from macro environment.

4:Target customers: They are potential customers who can convert business to sales revenue. They are selected via target segmentation. COmpetitors are thos who are doing almost same kind of business as the organisation does ( substitutte products, same region).

5: Differentiation can be done via price difference ( premium, skim price, low price), unique service and value propostion, features of product etc.

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