SummaryWrite a 2000-word report analysing the strategy formulation process of an organisation and industry of your choice. After providing appropriate background context, critically evaluate the vision, mission and values statements as well as the existing strategic objectives of the organisation.Referencing is Australian Harvard (AGPS) and outlined in the AIB Style Guide.Note: Insert this summary description when submitting a draft to Smarthinking.Subject learning outcomesDemonstrate advanced understanding of contemporary strategic management theory, concepts and principles.Demonstrate advanced knowledge of how strategy formulation and strategy implementation processes work in contemporary organisations.Background ContextThe biggest names in the service and manufacturing sectors have gained competitive advantage built on the effectiveness of their strategy. Over the years, these companies have realised that achieving excellence in formulating the right strategy would set them apart from their competitors and become their primary means of achieving competitive advantage in the long-term. Of course, if we consider the right strategy to constitute a significant means of gaining or maintaining competitiveness, then the inverse is also true. The lack of a clear strategy, or failing to link strategy to the internal capabilities and external situation, could lead to the collapse of a company.Accordingly, executives are invited to step back from their day-to-day routines and re-think how to design strategy in order to achieve competitive advantage.RequirementsWith this background context in mind, for the first assessment, you are required to take the role of an executive, and critically analyse and evaluate the key components of the strategy formulation process for your current or previous workplace, or any other organisation from the service, not-for-profit, public, manufacturing, or any other industry or sector that you are familiar with. Your report needs to address the following requirements:1. Provide relevant information about the selected organisation.2. Critically evaluate the vision, mission and values statements of the organisation. (If the selected organisation does not presently have vision, mission or values statements, you are required to develop those statements for the organisation and discuss their appropriateness against relevant principles).3. Critically examine the existing strategy. In so doing, critically examine the strategic objectives and see if they are set in alignment with their vision and mission. Discuss any areas for improvement. (Again, if the selected organisation does not have any strategic objectives now, you need to develop at least three new strategic objectives for the organisation and discuss how these will help the organisation to accomplish its mission and vision).While addressing each of the above requirements, it is important that you provide sufficient justification and explanation throughout your analysis, and establish clear links with the relevant concepts/principles discussed in your learning materials/textbook.FormatThe word count for this assessment is 2000 words (+10%).In terms of structure, presentation and style, use:AIB standard report format (Report template)AIB preferred Microsoft Word settingsauthor-date style referencing (which includes in-text citations plus a reference list).
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