STRATEGIC

MANAGEMENT
Module 4 & 5

Group 4
 Bernardo, Jaimelyn
 Janda, Eunice Tricia May G.
 Menodiado, Cyrhel Andrei
 Reyes, Angel John S.
 Salazar, Raesheil
 Toledanes, Caryl
 Vitacion, Wendielyn
Strategic Management
Module 4 - Mission & Vision

1. What is a vision statement? Describe how IKEA’s vision statement fits the definition of a
Vision Statement?

Feedback from as many managers as possible should be included in a vision statement,

which should also be succinct (ideally, only one phrase). At the heart of every successful vision
statement is the question, "What do we want to become?" Having a clear vison is
necessary when developing a mission statement. Although many businesses also have a mission
statement, the vision statement should come first. IKEA's mission statement more accurately
conveys its concern for the environment, society at large, its customers, and its employees. IKEA
is able to uphold its commitment to enhancing the lives of numerous individuals who work for or
with the company, whether through product marketing or customer service. Since vision
statements in the business concentrate on the organization's future ambitions, IKEA's vision
statement carries on the idea of its mission statement.

2. Enumerate (only) the eight (8) characteristics of a mission statement.

1. Broad in scope; does not include monetary amounts, numbers, percentages, ratios, or
objectives.
2. Fewer than 150 words in length
3. Inspiring
4. Identifies the utility of a firm’s products
5. Reveals that the firm is socially responsible.
6. Includes the nine components:
 customers
 products or services
 markets
 technology
 concern for survival/growth/profits
 philosophy
 self-concept
 concern for public image
 concern for employees
7. Reconciliatory
8. Enduring

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Strategic Management
Module 4 - Mission & Vision

3. Compare the mission & vision statement of the two leading fast food companies in the
Philippines based on the (5) characteristics of a vision statement based on#1 above and
(8) characteristics of a mission statement in #2 question.

(JOLLIBEE)
Based on Jollibee's vision and mission statements, striving for every visit should be extremely
gratifying for the customer. JFC wants to establish itself as a model corporate citizen through being
relevant to the communities they serve, as mentioned in its statement. One of the biggest fast-food chains
in the Philippines, they are known for their values. Excellence and respect for the individual are important
to them. The success of their company depends on them working well together.

(IKEA)
Ikea's mission is to run a sustainable business. IKEA provides products and services that
generally benefit both the environment and people. One of the few international brands that offer easily
accessible home furnishings is IKEA. The variety of goods the organization offers its customers has been
continually expanding. IKEA offers a vast range of products, from home goods to dining establishments.
Furniture is the most popular product sold worldwide. A company's mission statement outlines its goals
as well as the strategies it will use to achieve them. The following are components of IKEA's mission
statement that describe the company and are consistent with its goals and purpose. Like a wide range of
products, sustainability, and affordability.

4. Enumerate (only) the ten benefits of having clear mission and vision as stated in the
module.

1. Achieve clarity of purpose among all managers and employees

2. Provide a basis for all other strategic planning activities
3. Provide direction
4. Provide a focal point for all stakeholders of the firm
5. Resolve divergent views among managers
6. Promote a sense of shared expectations among all managers and employees
7. Project a sense of worth and intent to all stakeholders
8. Project an organized, motivated organization worthily of support
9. Achieve higher organizational performance
10. Achieve synergy among all managers and employees

Strategic Management
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Module 5 – Internal and External Audit

1. What is the resource-based view (RBV) approach to competitive advantage?

The resource-based view (RBV) approach to competitive advantage maintains that a

firm's internal resources are more essential for achieving and maintaining competitive advantage
than external factors.

2. In the topic, Integrating Strategy and Culture, it was mentioned that, “culture and strategy
should stay together”. Enumerate the 3 reasons why.

● Strategy creation- If a person wants inclusivity, empowerment, and collaboration to be defining

characteristics of his culture, the strategy process must reflect this desire. Proceeds from the
typical top-down, closed approach to strategy development are a critical act. It could necessitate
holding "dream sessions" in which employees imagine the company's future, or contests designed
to encourage participation and co-creation from customers, suppliers, and partners.
● Negotiations with important third parties - It encourages more interest as a cultural trait;
negotiations should include appropriate time to spend understanding the interests of the parties
involved and exploring a variety of choices for mutual gain.
● The introduction of new services, products, or experiences. In the eyes of customers, let alone
employees, a launch is one of the most high-profile actions. It should demonstrate the business's
strategic direction as well as the culture that the organization wishes to develop.

3. Enumerate the 6 process of Internal Audit.

1. Management
2. Marketing
3. Finance and Accounting
4. Production or Operations
5. Research and Development
6. Management Information Systems

4. The functions of management consist of five basic activities. These activities must be
examined in strategic planning because an organization should continually capitalize on

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 its strengths and improve on its weaknesses in these five areas. Enumerate these five
areas.

1. Planning
2. Organizing
3. Motivating
4. Staffing
5. Controlling

5. What is value chain analysis?

The Value Chain Analysis (VCA) is a strategic process where a firm identifies the
expenses related to organizational activities, from acquiring materials to producing, marketing,
and selling its products. Its objective is to determine the most valuable activities, such as the
source of cost or differentiation advantage to the firm, which can be enhanced to provide a
competitive advantage. In other words, it is a process of evaluating the company’s operations to
identify areas that provide opportunities for improvement.

6. What is benchmarking?

Benchmarking is an analytical tool used to identify whether a firm’s value chain analysis
has a competitive edge over its competitors and has a high possibility of succeeding in the
marketplace. It is also a process of measuring the highest standards for products, services, and
processes throughout the market to determine the best practices among its competitors in order to
reproduce or develop those best practices. In other words, it is a process where a firm evaluates
its performance against its competitors to identify a gap in the performance that can be filled by
enhancing its performance.

7. How will the Audit Checklist of Questions in Different Departments help the
organization attain its goal in a successful internal and external audit process?

Every organization will be able to accomplish its objectives with the help of the Audit
Checklist of Questions because it serves as a guideline for the organization's success in terms of
the internal and external audit processes. Without it, every company will be in disarray, which
could lead to the loss of the company. The objective of it is to evaluate the efficiency of the
organization's quality management system as well as the organization's overall performance. It
also displays adherence to the predetermined plans, the Quality Management System, and how its
procedures are implemented and maintained. Lastly, it is also a way to ensure that the business
complies with all standards-related regulations. Overall, this can help every organization
become more effective.