BUSINESS MANAGEMENT

Business Management

Business Management

Answer # 1

EVR Congruence

The concept of EVR Congruence was given by John L. Thompson (1999). The process defines the overlapping of environment and resources and how an organization maintains this overlap with efficient and effective strategies is the core concept of EVR congruence. The environment constitutes threats and opportunities that are external factors. On the other hand resources are strengths, weaknesses, competencies and capabilities of an organization that are compatible with the environment or fail to match with it. In this regard it can be said that an EVR process also needs a SWOT analysis. Further, the correspondence between environment and resources should be done in vibrant environment. Values and culture of an organization and recent matching between E and R should be determined first and secondly it should be determined that how able is an organization to either maintain or attain this matching (Thompson 1999).

Importance

EVR congruence is a straightforward structure to assess the strategic needs and existing strategies that is why it is important for every business to do EVR analysis. Its gives a clear about needed achievements of an organization, how success needs to be sustain strategically. A challenge then an organization face is to explore and develop opportunities and plan for maintain and attaining EVR congruence by dealing different numerous threats that need to be managed by organization in order to avoid crises in constant uncertainty terms.

Answer # 2

Business Values

The term of business value includes all kinds of values that are important for well being and strength of the organization in a long run. It is an expanded concept of values that exceeds beyond economic values to the employee's values, societal values, customer values, suppliers values etc. most of these terms cannot be measured on financial basis. Values of an organization are expressed through their working culture (Thompson 2001). A strong relation between financial performance and configuration of the functioning values of an organization to the personal values of its employees is proven by many conducted research. Along with the quality of services and products it is also becoming important that what an organization actually is and what does it stand for (Sward 2006).

Answer # 3

Mission Statement

Mintzberg (1994) defines mission statement as, “A mission describes the organization's basic function in society, in terms of the products and services it produces for its customers” (pp. 458). Every mission statement should define four elements to achieve to determine the purpose of the business. It should defines the essence of the organization, it should defines the values of the business, it should defines the rules that will guide the operation of business and it should also define the strategies of the business and how that would be achieved (Mintzberg 1994).

Answer # 4

Business Objectives

An objective is something one wants to achieve. In the same way when a business wants to achieve something through its operation with the course of time, it becomes its business objectives. The business objectives may include earning profit, development, provision of quality services to ...