BUS 5117_ Written Assignment Unit 2_Final.docx The Significance of Vision and Mission D

BUS 5117_ Written Assignment Unit 2_Final.docx    The Significance of Vision and Mission Development for Enterprises in Slovak Republic  BUS 5117 Strategic decision making and management   Unit 2  Introduction  The 5P™s in Strategic management are: Plan, Ploy, Pattern, Position and Perspective. Strategic management is the continuing planning, monitoring, analysis and assessment of everything, which is essential for the company to meet its goals and objectives. Furthermore, if there are changes in the business environment, the companies need to access their strategies in order to be successful. Thus, the strategic management process supports the organization to take note about their situation. Furthermore, the company can set out their strategy, to deploy it and to analyze the effectiveness of the executed management strategy.  The emphasis of strategic management is on firms and the different strategies, which are used in order to be successful. There are multiple strategies and Henry Mintzberg description of the 5Ps is to have a good understanding of the several strategy methods that the firms conceptualize. The majority of organizations create intended strategies and hoping that they are successful. However, changes in organization occur with time and provides new opportunities and challenges. The response to such a situations is called emergent strategies. In conclusion, the product of intended and realized strategies are called realized strategies (Ketchen, D & Short, J., 2012).  A vision states where the company wants