MGM Resorts International Strategic Management

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 whether their mission, vision and values are in line with this communication since the communication with these stakeholders often reflects the organization's purpose and plan.

Sources for external environmental analysis

In order to conduct an environmental analysis of MGM Resorts International, a SWOT analysis of the organization to identify the strengths, weaknesses, opportunities, and threats is important. 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, magazines, and periodicals. These are important since they provide a wide range of information on different organizations in the industry and the country in general. Some research agencies may also have relevant data on the actual consumer behaviors while they are in the marketplace. This is also valuable since they provide secondary data that can be blended with other sources of data to provide detailed information. All these sources provide secondary data. When this is not available, the organization may have to collect data on their own or commission an organization to collect data on their behalf. Often this is not preferred since it is costly and time-consuming Papadakis, Lioukas, & Chambers, 1998()

Sources for internal environmental analysis

Internal metrics such as performance of employees, company revenues and expenditure, and customer satisfaction levels are the most common sources of data for internal environmental analysis. This is because they provide information about the internal environment of the organization by considering the market, people (human resources), operations and other facilities, and financials of the company. In terms of marketing, they often consider the products and services that the company provides and how these meet the needs of the consumers. They also provide information regarding effectiveness of pricing and promotion strategies in influencing consumer decision-making. They also show how distribution and location affect consumer's decision-making.

In terms of human resources in the organization, they provide an analysis of the management and how they are helping the organization to meet its strategic goals and objectives. It also looks at other staff within the company such as junior and middle level management and other staff and how they are satisfied with the strategic direction of the company. The higher their satisfaction level, the higher their motivation towards meeting the company's goals and objectives. They also drive a better sales force when they are highly motivated Sutherland & Canwell, 2004()