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MGM Resorts International Strategic Management
Validating the organization's vision, mission and values statements
In order to validate MGM Resorts International's vision, mission, and value statements, it is important to understand the organization's current and future proposed activities. This is because these define the potential and the possibilities of the company. This can be seen in the short- and long-term objectives that are set by the management. When these reflect the ideals states in the vision, mission and value statements, it can be said that these are aligned with the strategic direction of the organization. Specifically for the vision, the long-term goals are important. This is because they show whether the organization's management is reviewing and reflecting on their vision while making these objectives or goals. For the values, an analysis of the organization's culture can be able to tell whether the organization's strategic plan are in line with its stated values.
For MGM Resorts International, it will also be possible to tell whether its vision, mission and value statements are in line with its strategic plan by conducting an analysis of all communication that the company gives to both internal and external stakeholders. This is because these groups of stakeholders provide the organization with different services and include employees, suppliers, government, and management. From how the organization relates and communicates with these stakeholders, it is possible to tell...
Strengths and weaknesses are internal factors while opportunities and threats are the external factors. The strengths of the organization show the focus of the organization to its market while weaknesses are the limitations that the company faces in its strategic development. The opportunities are the favorable external conditions while threats are the unfavorable external conditions in the environment Pearce & Robinson, 2013()
Sources of data for external environmental analysis include market research that shows consumer needs, behaviors, and attitudes. These will often provide statistics regarding the company's performance in meeting consumer needs and how consumers feel about the company's products and services. In many cases, the organization often has this data internally existing through their performance statistics and other available resources.
Data available on the economy, the population, and the industry in general are also a major source of data for external environment analysis. Other sources of data are articles and reports published in journals,…
References
Papadakis, V.M., Lioukas, S., & Chambers, D. (1998). Strategic Decision-Making Processes: The Role of Management and Context. Strategic Management Journal, 19(2), 115-147. doi: 10.2307/3094060
Pearce, J.A., & Robinson, R.B. (2013). Strategic Management: Planning for Domestic and Global Competition (13th ed.). New York, NY: McGraw Hill.
Song, M., Calantone, R.J., & Benedetto, C.A.D. (2002). Competitive Forces and Strategic Choice Decisions: An Experimental Investigation in the United States and Japan. Strategic Management Journal, 23(10), 969-978. doi: 10.2307/3094418
Sutherland, J., & Canwell, D. (2004). Key concepts in strategic management. Basingstoke: Palgrave Macmillan.
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