Assignment
vani7
Reflectiononweeksreading.edited.docxRunning head: REFLECTION
REFLECTION 3
Reflection
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From the readings in the textbook, the two topics I have found worth my reading and understanding are the nature of strategic management and business vision and mission. This is because they are topics that I can relate closely to the real world set up of business. They give a practical view of how strategic management could lead to the success of a business and how a lack of management strategies could affect a business negatively.
From the nature of strategic management, one of the essential aspects I have learned is that the purpose of strategic management is to help a business to gain a competitive advantage (David, 2015). Having a competitive advantage is what will make a business to be successful as compared to rivals. To do this, a business must be ready to adapt to change. This comes only by having a good understanding of the internal and external business environment. Once a business understands its environment, it will be in a position to maximize its strengths.
Studying strategy formulation, especially the formation of vision and mission, has also been essential in enhancing my understanding of this unit. Previously, I had not thought of how powerfully a vision statement should communicate to people about the business. Besides, I also overlooked the underlying process of coming up with such a statement. However, studying this topic has made me realize that, in the minimum, a vision statement must communicate the business purpose and nature.
Studying these topics has also revealed the importance of having a vision and mission statement. This is because it ensures that the employees and the managers in business understand its reason for existence (David, 2015). With this understanding, it will be easier to operate since all members of staff will have a common objective to achieve. It also forms a foundation for resource allocation and helps in the organization of operational units within a firm.
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