Surveying the environment Survey of the environment is central to strategic planning, environmental survey forms a vital part of the strategic planning process. Environment survey does not stop with providing clues on the environment. It helps formulation of strategies in line with the opportunities emerging in the environment. Environmental survey, basically a firm gathers all relevant information relating to the environment and analyses them in detail. It analyses the macro-environmental factors as well as the environmental factors, the firm studies the demographic, socio-cultural and economic scene.
We should apply all information about the industry and macroenvironments, to analyze the environment the company is facing. The importance at the industry level is Porter's five forces model and the stage of the life cycle model. Which factors in the macroenvironment will appear salient depends on the company being analyzed. Then use demographic factors to see whether it is relevant to the company in question. After analysis, we will have generated both an analysis of the company's environment and a list of opportunities and threats.
It concerns for availability or resources of the organization and its proper usage to achieve desired goals. It provides various alternatives to achieve the solution to problems of the organization. Business policies are designed by the general management to guide, direct and facilitate the thinking abilities of the middle and lower level of functional executives and to make them actionable, to ensure the optimization of resources to achieve corporate objectives and
Q1 A structure gives a business an identity and provides continuity. It’s also provides a framework for the allocation of roles and responsibilities. All business will have some sort of structure, depending on the product or service they provide, but also influenced by history, size and culture of that business. Organizational structure is an approach used to define lines of authority as well as accountability within an enterprise. It determines how operations, like supervision, task allocation, and coordination, are directed towards the success of a company.
The responsibility of the company passes necessarily by these actors, but also applies to these. Stakeholders of the company can be classified into three groups: 188.8.131.52. "Traditional" stakeholders It is the managers, the employees, the customers, the resellers, the suppliers, the competitors ... who evolve in the immediate environment of the company. Internal stakeholders (managers and employees) are responsible for implementing CSR at the corporate level. CSR is first and foremost a cultural change within the company, or even a way to revisit its modes of decision-making and operation, the role and involvement of managers, starting with the first of them, the leader business, will be decisive in the appropriation of the approach by the entire company.
Assessment of values, operations, philosophies, cultures, objectives – Every corporate running in this world are set on the basis of certain values and systems, they would like to align with. For effective efficient strategy the organizations values must not be contrary to the strategy formulated and must go along with each other. There must be a proper assessment of the personal values of the organization and the interrelationship of the organizations philosophy of operations, cultures, stakeholders must be properly scrutinized and must be taken into proper consideration of the strategy. Attention must be paid to the key component of the strategy statement is the objective setting, as strategies are the medium to configure the objectives set by the organizations. Fixation of the objectives are one of the important dimensions of strategy formulation.
Strategic Management is a set of decisions and actions that results in the formulation and implementation of plans to achieve the company’s objective. The main elements in Strategic management are as under: Environmental Scanning An organisation exists in an Environment and hence to determine the future direction of the organization its environment has to be scanned. Environmental scanning is the procedure of gathering information about events and their relationships within an organization's internal and external environments. PESTEL Analysis is used as a tool by companies to track the environment they’re operating in or are planning to launch a new project/product/service etc. PESTEL stands for P for Political, E for Economic, S for Social-cultural,
Findings Environmental accounting is a vital component of Social and Environmental Accounting and is believed to be accountants’ specific contribution towards preserving the integrity of the environment. Environmental accounting can be taken as covering all areas of accounting that may be affected by the business response to environmental issues. Environmental accounting involves the establishment of environmental management systems within organisations so that environmental issues can be addressed within the conventional practice. Further, these internal accounting systems need to be transformed into the reporting of environmental information, primarily in the corporate annual reports. This will make the firm accountable for its environmental
Mission statement defines as the foundation of that organisation which is related to employer, employee, stakeholder, customer and public. It describe what is organisation, how it operate, why it produce the product, how it is operate and manage in business sector. Mission statement is also defined as identify the suitable product and service for costumer in that place where organisation is operate. Therefore, mission statement is a foundation of strategy, plans, work, and management to identify the direction of goal. According to Mary Morel," A mission statement describes the core purpose of your business, your value and approach.
According to İhsan Yüksel, the macro-environment of a company covers forces, for example, social, cultural, legal, economic, political and technological. Within this are incorporated elements, for example, demographics, green issues and larger societal and environmental forces. The micro-environment includes other environmental factors, such as the structure of the market, the suppliers, and customers, trends of the market, the public and