The First Step in Strategic Management Process - Vision & Mission

AbstractStrategic Management is the process of decision making that helps ensure the organizations sexual capability is in alignment with the opportunities and threats it faces in its environment. When planned and enforced properly, strategic management can establishcritical direction and guides the allocation of resources to hit long- stipulation organizational objectives.

Before an organization can focalize on the strategic management of its objectives, there mustbe a view and mission. According to David, a vision statement directs the association toward futurity goal or achievement in the long term and provides the foundation for developing a mission statement. An organizations mission is referred to its reasons for existence, and reflects the organizations canonic purpose as a supplier of goods and/or operate (David, 2009, p.83). It guidescurrent, critical and strategic decision making. The mission statement is a crucial element in the strategic management of a business organization. It serves as a building block for the cultivation of more specific functional strategies.

The purpose of the paper is to quiz how computed axial tomography translates its mission statement into performance objectives and makes its strategies and operations wait consistent with the mission statement.

BackgroundCaterpillar Inc. is the worlds leading manufacturer of construction and exploit equipment,diesel and natural gas engines and industrial gas turbines.



The company prides itself on its innovative technology and diversification in products and services such(prenominal) as construction, mining, transportation, forestry, energy, logistics, electronics, financing and electric power generation.

Ranking 50 of Fortune 500 this year, Caterpillar recently reported revenues transcendent 44.9 billion dollars (CNN Money, 2008). It is a U.S. based competitor with more than $30 billion in assets. Its state-of-the-art technology and diversification in products and services enabled thecompany to dominate the industry for more than fifty years.

Caterpillar?s Vision & MissionCaterpillar has both a vision and a mission to guide their company. The...

If you want to get a full essay, order it on our website: Ordercustompaper.com



If you want to get a full essay, wisit our page: write my paper