Strategic Plan
Strategic Plan, Part I: Conceptualizing a Business
Marcia Cortez
MKT 475
August 13, 2012 Michele Dougherty
Strategic Plan, Part I: Conceptualizing a Business Creating a business is a difficult task that requires essential strategic management. “Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce & Robinson, 2009, p. 3). In creating a business, the owner needs to know where he or she wants to go and why. That is the vision of the organization. In addition, the organization requires a mission, which is a statement of what is the purpose of the organization existence, what the company does, and the most important it specifies the goals and objectives of the company. Personal and professional values such as ethics is fundamental in starting a business. Knowing what is good and wrong and applying it builds loyalty and trust. For the success of any new business, it is important to determine the correct vision, mission, and values of the organization to determine his or her strategic direction. Oscar G Castellanos is a young entrepreneur who is planning to start a new business. Oscar loves the mortgage industry, and he is planning to open a mortgage company. One important step in starting a business is creating a mission statement. According to "Center For Business Planning" (1994-2012), “The mission statement should be a clear and succinct representation of the enterprise's purpose for existence. It should incorporate socially meaningful and measurable criteria addressing concepts such the moral/ethical position of the enterprise, public image, the target market, products/services, the geographic domain and expectations of growth and profitability “(para. 1). Oscar’s
Marcia Cortez
MKT 475
August 13, 2012 Michele Dougherty
Strategic Plan, Part I: Conceptualizing a Business Creating a business is a difficult task that requires essential strategic management. “Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce & Robinson, 2009, p. 3). In creating a business, the owner needs to know where he or she wants to go and why. That is the vision of the organization. In addition, the organization requires a mission, which is a statement of what is the purpose of the organization existence, what the company does, and the most important it specifies the goals and objectives of the company. Personal and professional values such as ethics is fundamental in starting a business. Knowing what is good and wrong and applying it builds loyalty and trust. For the success of any new business, it is important to determine the correct vision, mission, and values of the organization to determine his or her strategic direction. Oscar G Castellanos is a young entrepreneur who is planning to start a new business. Oscar loves the mortgage industry, and he is planning to open a mortgage company. One important step in starting a business is creating a mission statement. According to "Center For Business Planning" (1994-2012), “The mission statement should be a clear and succinct representation of the enterprise's purpose for existence. It should incorporate socially meaningful and measurable criteria addressing concepts such the moral/ethical position of the enterprise, public image, the target market, products/services, the geographic domain and expectations of growth and profitability “(para. 1). Oscar’s