Strategic Management Process. In One Essay

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In other cases, the mission statement is a longer sentence in which the company is making certain commitments, extremely useful in its relation with both its customer and the investors on the market. It shows a clear way that the company has decided to go by and will increase confidence among these shareholders (customers, investors) that the company seriously takes this into consideration when making its decisions and that the mission statement is included in the strategic management process by the decision makers in the company.

The mission statement does not only set the strategic objectives for the company and the framework in which these are likely to be included, but also the priorities of the company.

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In today's extremely competitive business environment, setting the right priorities is usually vital to the company's survival in the industry. Indeed, in this case, if the priorities are not right, the resources will be used on projects that either do not make sense or do not bring added value for the company.

With the mission statement that sets priorities, the company will be better fit to deal with the main challenge given by unlimited needs and limited resources. With the limited resources, but a mission statement that clears sets goals and priorities, the strategic management process will keep the company both profitable and competitive because of a rational approach to….....

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