Due Day 3
Respond to the following in a minimum of 175 words:
- Locate the vision statement of an organization of your choice and explain the vision statement’s importance. Does it seem relevant in today’s environment or is it outdated? Explain your reasoning. What improvements would you recommend for the vision statement?
- All posts should be robust, and the key points substantiated by either cited references or personal experiences.
- Read the Strategic Management Project Background document that is attached.
Review the resources listed at the end of this assignment along with the terms and concepts discussed this week to prepare for this assignment:
- strategic management
- competitive advantage
- strategic plan
- mission statement
- vision statement
- core values statement
Create a Word document and title it Strategic Management Research Journal Part 1. A journal should be a double-spaced document, with headings that represent each of the prompts below. Be sure to include your name, date, and journal title. Include your cited references and a reference page. Please upload a .docx document to your assignment tab in Grade Book. Write a 500- to 700-word response to the following prompts as your journal entry:
- Justify the guiding principles required for preparing effective statements that describe the mission, vision, and the core values of an organization as covered in the assigned reading.
- Compare whether Caterpillar Inc.’s mission, vision, and core values conform to the guiding principles in the text and support organizational strategic planning principles as justified in prompt #1. Refer to the Caterpillar Inc. website listed in the Resources section below.
- Assess what Caterpillar Inc.’s current competitive advantages and disadvantages are by considering their business partners, allies, and general operations. Research the assignment resources listed below. Based on your research, evaluate Caterpillar’s current competitive advantages and disadvantages. Note: You will use information from this entry in your Strategic Management Research Project Presentation due in Week 5.
- Caterpillar Inc. website
- Research Caterpillar’s Annual Report
- Research CATERPILLAR public information, such as news releases, financial reports, and marketing analyses.