Busn-460 Week 2 Analysis
Video Analysis Report
BUSN 460
The issues that CanGo is facing at this time boil down to the lack of a solid strategic management process. The strategic management process is a way for CanGo to build a strategy that would assist the company in responding efficiently to new challenges. There are six steps that CanGo can implement to begin to build their strategic management process. These are creating a vision statement as well as a mission statement, conducting a SWOT analysis, setting long term goals, implementing the strategy, and finally evaluating the strategy. By addressing each of these elements CanGo will be better able to evaluate and re-evaluate situations as they develop and insure that the company is in an optimal position for their business environment.
Issue 1: Lacking a vision statement.
A vision statement provides clear decision making criteria for the company. CanGo is lacking this long term view and has not defined the world in which it wishes to operate. Without this fundamental objective the company will not know where it heading or the purpose for going there. There are a few ways for CanGo to approach their vision statement; focusing on a target can use quantitative or qualitative goals such as sales targets; the idea of a common enemy can provide a vision based on overtaking a specific competitor; a role model vision is where the company aspires to become like another firm, this can be from a completely different industry or market; focusing on the vision for internal transformation, for example wanting to be the best in every market that CanGo serves (Internet Center for Management and Busines Administration ,
BUSN 460
The issues that CanGo is facing at this time boil down to the lack of a solid strategic management process. The strategic management process is a way for CanGo to build a strategy that would assist the company in responding efficiently to new challenges. There are six steps that CanGo can implement to begin to build their strategic management process. These are creating a vision statement as well as a mission statement, conducting a SWOT analysis, setting long term goals, implementing the strategy, and finally evaluating the strategy. By addressing each of these elements CanGo will be better able to evaluate and re-evaluate situations as they develop and insure that the company is in an optimal position for their business environment.
Issue 1: Lacking a vision statement.
A vision statement provides clear decision making criteria for the company. CanGo is lacking this long term view and has not defined the world in which it wishes to operate. Without this fundamental objective the company will not know where it heading or the purpose for going there. There are a few ways for CanGo to approach their vision statement; focusing on a target can use quantitative or qualitative goals such as sales targets; the idea of a common enemy can provide a vision based on overtaking a specific competitor; a role model vision is where the company aspires to become like another firm, this can be from a completely different industry or market; focusing on the vision for internal transformation, for example wanting to be the best in every market that CanGo serves (Internet Center for Management and Busines Administration ,