PUBLIC SPEAKING

1) Question: Distinguish between long-range planning and strategic planning.

Answer:
Long-term planning means making things better in the future by focusing on positive trends that
last a long time. It's like looking ahead for a while. Long-term planning is usually more focused
on sustaining the status quo than innovation and generating new opportunities and focuses on on
projections and preparedness for the near future based on current trends and situations. Long-
term planning can can also be less adaptive to changes in the business environment that are based
on an assumption of the continuity of current trends.
Strategic planning also known as strategic management. It involves more dynamic practice. It
seeks to harness and innovate for new alternative opportunities in the future. It means creating,
doing, and keeping an eye on plans. It's also about picking the best options and showing that
you're committed to specific markets, rules, ways of doing things, and tasks. It's about actively
making things better instead of just improving them. Being flexible means being ready to change
when needed because it understands that preparing for change means adjusting strategies or
regularly reviewing them.
Long-range planning focuses on making the future better based on what's happening now.
Strategic planning, on the other hand, is about making the future different by finding new
chances and adapting to changes.

2) Question: Distinguish between the concepts of mission and vision.

Answer:

A vision statement is like a dream for the future of a group. It's a brief, motivating sentence that
talks about what the organization wants to be in the long run. Vision Concentrates on the future
and what is wanted and is typically concise and inspirational. A vision statement usually
summarizes the overall goal in one sentence. An example of a vision statement is "to be the
leading sports brand globally by continuously bringing innovation and performance to every
athlete."

A mission statement is a lasting statement that says why an organization exists. It answers the
question, "What is our business?" It explains the main reason an organization exists and what it
does in terms of the products and markets it deals with now. A mission statement highlights
organizational values and priorities, it represents the founders’ vision to serve as a constant
reminder of why they were created. A mission statement describes present operations and scope,
it also highlights organizational values and priorities. It directs decision-making and goal-setting.
An example of a mission statement is “To be the best sports brand in the world”.

3) Question: Discuss the relationship between objectives, strategies, and policies.

Answer:

The close connection between objectives, startegies, and policies is crucial in how a company
manages its strategies. These different aspects, though distinct, work together, helping the
organization reach its goals and carry out tasks effectively.

Objectives: Objectives are specific, measurable achievements that lead an organization toward its
main goal. They form the clear vision at the core of organizational success. For companies like
Foot Locker, Inc., and Macy's, Inc., high-level goals could include yearly increases in revenue
and profit margins, guiding their strategic efforts.

Startegies: Think of strategies as a big plan for reaching long-term goals. This plan involves
expanding to new areas, standing out from the competition, and getting more into the market—
smart moves that push the organization toward long-term success. In Amazon's case, they use
diverse and forward-thinking strategies, like exploring new markets and getting deeper into
existing ones, to succeed across different areas.

Policies: Policies are like the established rules and procedures that steer a ship toward its yearly
goals. They're the guidelines for how to make decisions and run the business throughout the
organization. Policies cover various levels and functions, from big corporate rules to specific
guidelines for areas like management, marketing, finance, and operations. For instance, IBM's
decision about remote work shows how policies play a role. The link between objectives,
strategies, and policies is clear because they all work together to make sure an organization
succeeds. Policies indicate the general direction and purpose. They describe the general approach
and steps necessary to achieve these goals. Policies define the operational details and
requirements in order to successfully implement chosen strategies.

Objectives, strategies, and policies work together, like a team, to achieve important goals and
take actions that match the organization's vision for a successful future. This broad way of
looking at strategic management helps organizations tackle challenges and make the most of
opportunities in a changing market.