Question

Contemporary strategic management ensures that a firm's Vision and Mission defines the strategic direction of the firm. Explain the challenges faced by the firm's operating in today's global competitive landscape in ensuring it's Vision and Mission remains relevant in an ever-changing and uncertain environment? [ 300 to 500 words].

Answer 1

The various challenges faced by the firms operating in the present competitive landscape for ensuring that its vision and mission stay relevant in an ever changing environment are :

Incorporating change :

In order to ensure that the vision and mission statement of the firm stays relevant the , businesses necessarily need to incorporate change whenever needed in order stay aloof of the the trends taking place such as new methods being introduced, Upgradation in machines, changing customer preferences etc.

For instance if the mission of firm aims at maximization of customer satisfaction , then it needs to incorporate such practices that will satisfy the customer even when their tastes, demands, needs and preferences keep continuously changing.

Therefore business has to incorporate change whenever necessary which acts as a challenge for it , ,,, as every time the status quo attained or the knack over operations needs to be broken.

2) Overcoming resistance from Employees:

Employees form an integral part of any firm or business therefore they need to adjust their work methods tasks , operations and work ethic to the circumstances prevailing ,,, this transformation process is the one during which maximum resistance is faced. In the present scenario the employees often need to modify their work method to make the vision and mission stay relevant but overcoming resistance becomes difficult due to traditional working mindset of employees , the specialisation they have gained etc. which also acts as a challenge.

For instance if vision calls for maximizing profits which demsnds introducing new efficient machinery, instant resistance will be faced from employees who might think that machine will threaten their position or livelihood  

3) Advancements in technology :

It also acts as a challenge for businesses to make their vision and. mission stay relevant. As due to the constant advancements in technology the business is not able to upgrade to them every now and then, which hampers its objectives and goals both long term as well as short term, on account of lacking behind.

For instance if the firm aims to gain a competitive edge over its competitors, for which it adopts one if the strategies such as a Inventory management system to manage inventory more efficiently than its competitors , then the introduction of Enterprise Resources Planning system which might not be afforded by business and is adopted by its competitor will altogether disrupt its motive of staying ahead of competitors.

The internet wave :

No matter internet and online system has worked wonders for business and has brought the customer and seller so close that they can easily track their preferences , but at the same time it has also worked against and created trouble for business. It has made it challenging for business to stay relevant and compete with such a large market.

Online business had opened so many options for customers that they get confused where from to buy, due to which there is a large possibility that your business will get ignored.

The online sellers like Amazon, Flipcart, Olx, Ebay , Zomato etc have become game changers and changed the setting of a customer from visiting stores to ordering online. For instance a business operates with a physical setting and due to internet wave decides to start its online presence ,it will result in addition in cost and still the business won't be able to compete with online giants who gave sustained position in virtual setting. Thus internet has also acted as soon challenge to find customers due to huge availability of options available to them in which your firm can easily get ignored if right strategies are not used.

Thankyou dear student

Hope I explained well, Good luck snd God bless

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