QUESTION 1: Mission statement: (a) Characteristics of good Mission Statements: Mission statements can and do vary in length, content,

format, and specificity. Because a mission statement is often the most visible and public part of the strategic management process, it is important that it includes all of these essential components. A good mission statement should have the following characteristics: 1. As succinct as possible: A mission statement should be as short and snappy as possible - preferably brief enough to be printed on the back of a business card. The detail which underpins it should be mapped out elsewhere (e.g. Vision and Values) 2. Memorable: Tied with the above, it has to be something that people will be able to remember the key elements of, even if not the exact wording 3. Unique to you: It should focus on what it is that you strive to do differently: how you achieve excellence, why you value your staff or what it is about the quality of the student experience that sets you apart from the rest. 4. Realistic: Mission statement is supposed to be a summary of why you exist and what you do. It is a description of the present, not a vision for the future. 5. Currency: Though it is not something which should be changed regularly, neither should it be set in stone. The organizations priorities and focus may change significantly over time - perhaps in response to a change of direction set by a directors, or major changes in government policy. On such occasions an effective statement to exhibit the following characteristics or components: Be broad in scope Generate a range of feasible strategic alternatives Not excessively specific Reconcile interests among diverse stakeholders Finely balance between specificity & generality Arouse positive feelings and emotions

Motivate readers to action Generate the impression that firm is successful, has direction, and is worthy of time, support, and investment Reflect judgments for future growth Provide criteria for selecting strategies Provide a basis for generating & screening strategic options Be dynamic in orientation

(b) Characteristics of a good vision statement - Containing optimistic approach - Having desired outcome that invokes a vivid mental picture of goal; - Should also brief, succinct, and contains inspiring statement - It must be simple, concise, direct, easy to assimilate and attainable (c)Characteristics of good objectives The objectives of a project should be "SMART." They should be: Specific: clear about what, where, when, and how the situation will be changed; Measurable: able to quantify the targets and benefits; Achievable: able to attain the objectives (knowing the resources and capacities at the disposal of the organization); Realistic: able to obtain the level of change reflected in the objective; and Time bound: stating the time period in which they will each be accomplished.

QUESTION 2: Organizations are meant to outlive the present, and to exist into a future that is full of possibilities and uncertainties. During their formative stages, firms have got goals and objectives- both in the long term and short term. One major goal of any firm engaged in commercial activities is profit maximization, and wealth maximization for its shareholders. A company may have many goals besides profit maximization, and these include: - To capture a certain percentage of market share. - To produce the highest quality product. - To have the highest level of customer satisfaction. - To have the highest level of employee satisfaction. - To have the lowest percentage of warranty repairs/product failures. - To be the industry leader in product innovation. - To be the industry leader in technology. - To be environmentally friendly (green). - Get a social function (some firms).

To make a bigger firm in the future.

An organization is said to be successful if it attains all or most of the above mentioned goals. Over the last century, there has been a revolution in the market place. The business environment is becoming a turbulent one. Among a host of issues that requires proper attention includes the following:
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Technology: Advances in information and communication technology have permanently altered the workplace by changing the way information is created, stored, used, and shared. Organizations need to catch up with the trends for them to be able to perform and reach their goals. Diverse Workforce: There is an increasing trend of diversification of the workforce. A firms ability to attract competent, talented and a diverse workforce also has an effect on whether it will attain its goals. A diverse workforce refers to two or more groups, each of whose members are identifiable and distinguishable based on demographic or other characteristics like gender, age group, education etc. Several barriers in dealing with diversity include stereotyping, prejudice, ethnocentrism, discrimination, tokenism, and gender-role stereotypes. Multiple Stakeholders: There is an increasing involvement of other players in the running of the firm. Every player/ stakeholder has their own expectations. This creates some pressure for the need to perform. Stakeholders are those who have interests in the organization. Multiple stakeholders for an organization include the customers, suppliers, consumers, investors, lenders, etc. Responsiveness: An organization has to be responsive to the challenges and threats that it faces from within the internal or external environment. It requires quick responsiveness to meet the challenges and opportunities arising out of these changes. Rapid Changes: Changes in the legal, political and social environments are increasingly becoming dynamic, and have got far reaching implications on a firms ability to perform. Due to changing internal and external environment, rapid changes in the organization occur. Organization has to be flexible to adjust to those changes. Globalization: The challenges posed by globalization have become a threat to the existence of some firms. There is an increased level of competition from foreign businesses. Local businesses can also venture into the foreign markets. Managers are consequently faced with a myriad of challenges due to an array of environmental factors when doing business abroad. These managers must effectively plan,

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organize, lead, control, and manage cultural differences to be successful globally In view of the above, organizations evidently needs a paradigm shift in their methods and processes so as to improve performance, and also their chances to stay afloat. This includes, and most importantly, their way of thinking and planning. The implementation and control has to be very effective too. This in turn will ensure that resources are aligned towards getting the most out of the investments made, and also that performance of the firm can be measured accurately, and controlled effectively. One of the most powerful tool available today for efficiency and effectiveness is known as strategic management. This is the .. Need of Strategic leadership and Management:1. Due to change: change poses a challenge. The best way to manage change is through proactive planning, proper communication, teambuilding and development of navigation mechanisms. 2. There is need to provide guide lines for all operations in the organization, both now and in the future: 3. Research and development: there has to be a consistent and continuous research and development to ensure that innovative solutions are provided to the customers. 4. Probability for business performance: Chances for a business performing well needs to be known and documented to boost confidence of all stakeholders. 5. Systemized decision: Decision making has to follow a particular agreed pattern. This enhances harmony and good human relations, especially when long term decisions have to be made. 6. Improves Communication: proper channels of communication need to be designed and communicated. This enhances efficiency and effectiveness, and improved productivity. 7. Allocation of resource: Resources needs to be aligned properly to ensure that results match the expectations of all stakeholders. 8. Improves Coordination: When there is a sound structure and properly documented operational procedures, coordination of operations is easy. 9. Helps the managers to have holistic approach: balancing profitability, wealth maximization, employee and societal welfare and meeting the regulatory standards is a critical requirement that every organization must fulfil. The roles of Strategic Management in the success of an organization:

1. It shapes the Future of business: It provides certainty for future

activities and programs.

2. Future courses of actions, projects and programs can be budgeted for

in advance. This enhances performance and attainment of goals.

3. Effective strategic idea: aids the generation of useful ideas that will

enable
4. Innovation and creativity: As managers prepare for future activities,

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they constantly search for new knowledge to improve their performance. Decentralized the Management: Strategic planning leads to reorganization of activities, and possibly redesigning of their structures. This leads to decentralization, and well defined delegation of authority which is good for the organization. Increased the productivity: Strategic leadership will improve stakeholder involvement and confidence building, and improved morale and subsequently a remarkably improved performance. Discipline: Set out plans may not be easy to tamper with, unless the amendments are jointly agreed -both in content and extent. This brings discipline to managing processes, and ensuring that goals are attained. Effective control: proper planning provides a sound foundation for effective control. Effective strategic leadership provides for accurate and precise planning. This enhances the development of control tools such as performance indicators, and measurement of performance Forward thinking: Strategic thinking will enhance a proactive approach towards all activities. This will develop the employees mental faculties, and also develops their capacity to manage expectations.

QUESTION 3 SIGNIFICANT PROBLEMS ENCOUNTERED IN IMPLEMENTING A NEW STRATEGY IN A BUSINESS Dfn: Strategy is defined as the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out those goals (Chandler:1962) Strategy is a process and could be considered in fewer than three stages. These are: strategic analysis; this is the stage where through analysis the strategist identifies the opportunities threats, strengths and weaknesses in the environment; the strategic formulation stage, where a choice is made and the strategy implementation stage is the stage where the strategy is translated into action.

Strategy implementation is defined as 'the translation of strategy into organizational action through organizational structure and design, resource planning and the management of strategic change'. An analysis of the definition shows that strategy implementation is somewhat complex. Therefore, the successful implementation of a strategy would be how well the various components in carrying it out are successfully integrated and interact.