Part 1
The composition of a mission statement requires maximum levels of focus and should be structured in such a way that it inspires the employees, suppliers, consumers, and the community as a whole. One of the components that make up a mission statement component is the customers in which the mission statement has to identify and define the targeted enterprise's customers. The second component is based on the services or products that the firm majors in while the third component is the respective markets in which the firm intends to or else compete within. Additionally, the fourth component is technology which stipulates the necessary technology adopted within the firm whereas the fifth component is the concern for profitability, survival, and growth based on its commitment towards the targeted economic objectives (Rajasekar, 2013). Philosophy and Self-concept are the sixth and seventh components respectively. For the former, it entails the aspirations, fundamental beliefs, philosophical priorities and core values of the enterprise while the latter is the firm's competitive advantage and strengths. The concern for a public image makes up the eighth component while the care for employees, based on its orientation and attitude towards the staff members, constitutes to the ninth element.
It is imperatively crucial to include all the as many components as possible in the mission statement of a particular company. The reason behind this is that it promotes the extraction of the business's objectives. Moreover, the inclusion of various components in a mission statement develops a clear path to the respective stakeholders for both the current and future decisions. It also promotes the resolution of diverse perspectives among stakeholders who are involved in decision-making
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Part 2
Strategic planning is the process adopted by an organization to focus its energy and resources while setting priorities that will promote the predetermined goals and objectives. One of the analytical tools and techniques used by companies to determine their position within the industry is the SWOT analysis. Such an analytical method not only allows a company to assess its competitive advantage and sustainability within the marketplace but also enables it to deal with risks efficiently. On this note, the company can prepare adequately for any dangers that could be encountered within the external environment. Moreover, the analysis allows the company to use its resources efficiently while improving its operations and discovering new opportunities.
Value, Rarity, Imitability, and Organization (VRIO) analysis is a strategic planning technique that promotes competent business decisions within a company. VRIO can help an organization in various ways. One of its advantages is that it provides substantial information which if well used will increase the company's competitive advantage(Peng, 2013). Furthermore, through VRIO analysis, the organization can manage its resources which translate into increased productivity and competitiveness.
Part 3
The TOWS matrix is an analytical tool that is derived from the SWOT analysis technique. It is a practical tool that is commonly used in the fields of marketing and administration. While the SWOT analysis tool focuses on the internal environment of the organization, the TOWS matrix is based on its external environment (Dobbs, 2014). Nonetheless, both methods promote effective strategies for the organization of a small business in preparation for the future and survival within the industry while competing effectively. As such, the TOWS matrix framework would be appropriately applied in a situation where the organization aims at focusing on its external environment. In such a case, the applicable opportunities and threats would be examined first. As a result, the TOWS matrix framework will help the organization to protect itself against the common threats while making better decisions that would seize the emerging opportunities.
References
E. Dobbs, M. (2014). Guidelines for applying Porter's five forces framework: a set of industry analysis templates. Competitiveness Review , 24 (1), 32-45.
Peng, M. W. (2013). Global strategy . Cengage Learning.
Rajasekar, J. (2013). A comparative analysis of mission statement content and readability. Journal of Management Policy and Practice , 14 (6), 131-147.
