See inside Assignment Example | Topics and Well Written Essays - 500 words

See inside - Assignment Example A company will come up with a strategy to achieving a particular goal or a set of goals set out as planned. Then a means or a tactic by which the strategy will be carried out. A sound strategy will succeed by using facts and assumptions, analysis, previous conclusions, and previous recommendations. However, a strategic outline plan begins with a vision that should be futuristic, specific, and promises a better outlook than the current state of affairs. To achieve a vision, a company should have a mission statement that is in line with its objectives. A mission statement should identify core competencies and philosophies while explaining why it is possible to achieve a vision. SWOT analysis is a crucial part when a company is laying out a strategic plan. SWOT analysis simply means identifying the strengths, weaknesses, opportunities and threats that a company possesses and faces. It is through SWOT analysis that a company gets to learn about its competitive advantages and disadvantages. From the article, it is clear that Duke Energy Company has an ambitious vision that it wants to achieve by the year 2050. The vision that Duke Energy Company has is to modernize its grid and make its communities the most energy efficient communities in the world. This vision is in line with our current text since it is both futuristic, and it promises a bright future. However, according to the President and CEO of Duke Energy Company, this vision can be achieved without factoring in facts and data analyses since he believes numbers do not necessarily connect to the vision. According to our current text, it is tactically crucial to use facts and analysis in-order to be able to achieve a vision that has been set out. Using SWOT analysis on Duke Energy Company, it is easy to identify its competitive advantage. According to the CEO, the fact that they have already experimented with different technologies gives them an