QUESTION 1

(a) WellPoint Health Network's Vision and Mission

Vision: WellPoint will redefine our industry: Through a new generation of consumer-friendly products that put individuals back in control of their future. Mission- The WellPoint companies provide health security by offering a choice of quality branded health and related financial services designed to meet the changing expectations of individuals, families and their sponsors throughout a lifelong relationship.

A company's mission differs from vision in that it encompasses both the purpose of the company as well as the basis of competition and competitive advantage. Using WellPoint as an example, discuss the elements of an effective mission statement and its importance

(b) Firms are always looking to outperform each other; three generic strategies have been identified to allow them not only to attain advantages over competitors but also to sustain such advantages over time. Using relevant examples discuss these three strategies

QUESTION 2

In a business area of your choice explain

(i) The various stages of the Strategic Management Process

(ii) Why it is necessary, in devising strategic plans, to consider the short - medium - and long term perspectives?

(iii) The various situations that sometimes force businesses to merge

(iv) Why it is sometimes difficult to translate into reality the concept of corporate governance

QUESTION 3

Discuss the importance of Environmental Scanning in strategic planning. Support your answer with relevant examples from the industry