- 1 Marks
BMIS – L1 – SA – Q5.2 – Introduction to business strategy
Identifies where a company expresses its purpose.
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- 20 Marks
BMIS – L1 – QD14: Mission Statement – Reasons for Success
Explain five reasons a mission statement contributes to a firm's success.
Question
(a). One of the common threads many successful firms share is that they have a workable mission statement. Explain FIVE reasons a mission statement may contribute to a firm’s success.
(b). You have recently been appointed to manage a project which is failing because the previous manager did not outline any clear objectives for the project. Identify FIVE characteristics of project objectives.
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- Tags: Business Strategy, Mission Statement, Objectives, Project Management, SMART Objectives
- Level: Level 1
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- 10 Marks
BMIS – L1 – QD4 – Mission Statements
Explain the purpose of a mission statement and how Zoom's mission statement aligns with it.
Question
(a) A low-cost airline ‘SkyFast’ has published its mission statement on its website:
‘To provide our customers with safe, good value, point-to-point services. To effect and to offer reliable and consistent product and fares agreeable to business and leisure markets on a range of African routes. To achieve this we will develop our staff and establish long-term relationships with our key suppliers.’
Required:
State the purpose of a mission statement, and suggest how the mission statement of SkyFast meets this purpose.
(b) The Royal Institute of Nigeria Cake-makers (RINC) is a professional association for cake makers in Nigeria. Its mission statement is as follows: ‘To advance cake making by demonstrating benefit to society and promoting excellence in the profession.’
The RINC was concerned about the lack of understanding amongst the general public about the benefits of good cake making. It was also concerned that the standards of professional ability amongst chefs might not be as high as it should be, and that public criticisms of some new types of cake were possibly justified.
The RINC identified a number of strategic objectives, consistent with its mission statement.
Required:
On the basis of this information, suggest three strategic objectives that the RINC might have identified, that are consistent with its mission statement.
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- 50 Marks
SCS – L3 – Q36 – Strategy, stakeholders and mission
State corporate objectives for Guardian Group based on its organizational aims.
Question
(a) With reference to the organizational aims set out above, state what Guardian Group’s corporate objectives should address.
(b) Guardian Group is a divisionalised conglomerate operating across the Zamfrican continent. Discuss the sources of strategic management information that the directors of Guardian Group may use in order to formulate group strategy and explain how such information may be used in strategic decision-making.
(c) Evaluate the performance of the AE division of Guardian Group and make recommendations to the directors about the manner in which divisional appraisal should be carried out.
(d) Discuss the factors that the board of Guardian Group would need to consider in deciding whether or not to acquire another company.
(e) Assuming that the acquisition in (d) above has been made, discuss how the directors of Guardian Group could evaluate whether the AE division is adding value to the enterprise.
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- 40 Marks
SCS – L3 – Q22- Social and environmental issues in ethics and business
Identify four ways Gusco Perry Ltd's environmental and safety policy impacts its performance.
Question
(a)Identify FOUR ways in which GPL’s concern for environmental and safety policy can impact on its performance.
(b)The Chairman of the company has recently attended a short course on strategic planning. He was particularly interested in the relevance of mission statements to the strategic management process. Explain in FOUR ways how a mission statement is relevant in strategic management.
(ci) Calculate the current return on investment (ROI) and residual income (RI) for each division for the current year. (cii) Assess the performance of each division and advise the management of Gusco Perry Ltd (GPL)
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- 20 Marks
SCS – L3 – Q14- Strategy, stakeholders and mission
Discuss the implications of Sunrise Bank's new philosophy on staff, customers, and shareholders.
Question
Background
Sunrise Bank (the Bank) is a West African clearing bank. It has 500 retail branches. It categorizes its business as retail and corporate. Each category currently accounts for half of the Bank’s revenue.
The Bank defines retail business as “banking for customers in their own right and small businesses where lending would not exceed GH₵1,000,000 in any one year”.
Corporate business is defined as “…where lending would exceed GH₵1,000,000 in any one year”. Corporate lending includes international lending.
Traditionally, corporate lending has been the most profitable business, yielding 70% of profit before taxation. Corporate lending has been carried out by six regional offices and a department at head office in Lagos. The Lagos office is also responsible for international lending. There are 200 staff employed in corporate lending.
Retail banking has operated in the following way.
The number of retail and small business customers at each branch has ranged from 500 to 5,000, although 2,500 is typical. The bank has employed the following Mission statement for its retail banking:
“Our Mission is to deliver a high-quality service to customers based on our managers’ personal knowledge of customers’ affairs.”
The Bank recognized that retail banking was relatively unprofitable. It was willing to operate a policy of cross-subsidization between corporate and retail as it hoped that some retail customers would become corporate ones. It saw its branch managers as assisting in this process because of their financing expertise and deep knowledge of their customers.
The Bank has operated each branch as a cost center. Managers have been provided with a three-monthly expenditure report which compared committed expenditure to budgeted expenditure. The Bank had not operated an accrual accounting system as regards branch expenditures for these three-monthly reports. However, year-end adjustments reconciled committed, actual and budgeted expenditures. These accounting operations were carried out by management accounting staff based at head office.
Required:
(a) The bank’s current mission statement for its retail services states an intention “to deliver a high-quality service to customers based on our managers’ personal knowledge of customers’ affairs”. The emphasis here is on high quality and personal attention. The new philosophy outlined by the managing director is different in several respects. The emphasis is on profitability, to be achieved through low-cost service. And “the days of the bank manager being a personal friend and adviser are over”. Discuss the implications of this change for staff, customers and shareholders.
(b) Until now, the bank has treated its retail branches as cost centers. Discuss the possible advantages and disadvantages for the bank in changing to a system where super branches operate as investment centers.
(c) (i) List the reports that super branch managers might need in order to carry out their new responsibilities.
(ii) Explain THREE qualitative indicators that should be monitored by super branch managers.
(d) Identify the most important stakeholders who should have been consulted about the proposed changes and explain why their involvement is important.
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- Tags: Customers, Mission Statement, Organisational Change, Shareholders, Staff, Stakeholders
- Level: Level 3
- Topic: stakeholders and mission, Strategy
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- 20 Marks
SCS – L3 – Q4 Strategy, stakeholders and mission
Outline five common elements included in most mission statements.
Question
(a) A mission statement describes an organization’s basic purpose and what it is trying to achieve. It can play an important role in the strategic planning process. There is no standardized format for mission statements. However, there are common elements included in most mission statements. Outline any FIVE (5) of these elements.
(b) Strategy evaluation is as important as strategy formulation. One of the tools used for evaluation is a resource audit. Explain FIVE (5) resources that might be examined in a resource audit.
(c) Reporting on corporate governance is one way of ensuring transparency. Based on recent corporate governance concerns, explain FIVE (5) issues that should be contained in corporate governance reports.
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