Strategic Management Research Journal AFI Strategy Framework as Facilitator for Strategic Management Planning (Essay Sample)
Familiarize yourself with the following terms and concepts discussed this week in preparation for completion of this assignment: strategic management, competitive advantage, strategic plan, mission statement, vision statement, core values statement, AFI.
Create a strategic management journal. You will use information from this entry in your presentation due in Week 5.
Respond in your journal entry in 800 words to the following prompts:
Determine how AFI strategy framework acts as an integrative facilitator for strategic management planning.
Identify the guiding principles used for preparing effective statements that describe the mission, vision, and the core values of an organization.
Review the mission statement in Chapter 1 of Strategic Management: Concepts (p. 13), and determine whether the Caterpillar Inc. mission statement conforms to the description in the text or not. State the reasons the mission statement conforms or does not conform.
Research public information, such as news releases, financial reports, and marketing analyses. Based on your research evaluate the alignment between what Caterpillar is currently doing and their mission, vision, or values statement.
Cite at least 3 credible and relevant references.
Format your journal entry consistent with APA guidelines.
Strategic Management Research Journal
Strategic Management Research Journal
AFI Strategy Framework as Facilitator for Strategic Management Planning
AFI Strategy Framework refers to a model that helps organizations to conceive and implement strategies to improve performance, thus gaining competitive advantage. This model links three different management tasks, namely, strategic analysis, strategic formulation, and finally, the implementation task (Khan, 2014). AFI framework model, therefore, entails conducting the mentioned tasks starting with the analysis, where the management, after identifying a strategy and determine its importance, it goes ahead to lead internal and external analyses as well as the competitive advantage of the firm in terms of its performance. After the Analyses process, the management is then tasked with the responsibility of formulating a business strategy with a thorough focus on differentiation, cost leadership, integration, innovation, as well as entrepreneurship. Still, on the second phase of the AFI, the management is needed to formulate corporate strategy, which also entails the establishment of vertical integration and diversification, strategic alliances as well as expressing the ways to compete globally. The final step is the implementation of the formulated strategies. While implementing the plan, the implementers need to be keen on organizational designs as well as corporate governance and ethics (Khan, 2014). More illustration on how the AFI model works is shown in the diagram below.
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