Answer 1.
Mission Statements are everlasting statements of purpose that set one company apart
from others in the same industry. The mission statement of a firm outlines the extent of
its operations in terms of items and markets. It answers the essential issue that all
strategies must answer: "What is our business?" A brief mission statement explains the
ideas and aims of an organization. Developing a mission statement requires firms to
assess the nature and scope of their existing operations, as well as the attraction of
potential future markets and activities. A mission statement is a comprehensive
proclamation that specifies a company's future path. A mission statement reminds
employees why the firm exists and what the founders hoped to achieve when they
sacrificed their fame and money to make their aspirations a reality (David, 2011).
Furthermore, mission statements are public expressions of a company's direction. They
describe the company's future plans. Mission statements can operate as a control tool
by establishing boundaries that prevent a company from participating in improper or
unnecessary commercial activity by conveying the company's values, they may assist
workers in making non-routine decisions. Finally, they may motivate and inspire
employees by providing a shared goal. We anticipate that organizations with more
objectives in their mission statements will do better financially, as these goals are not
mutually incompatible. As a consequence, there will be a correlation between a firm's
financial success and the quality of its mission statement, as assessed by the existence
of each aim (i.e., sense of direction, control mechanism, non-routine decisions, and
incentive), and the financial performance of the organization. (Bartkus, Glassman, &
McAfee, 2006).
The mission statement of a corporation should frequently include something for
everyone, including employees. When both of these 'client' groups are represented, a
company's prospects of creating and strengthening a relationship between external and
internal customers rise. When employees remain committed to providing the best
possible service to customers, the company succeeds, and everyone benefits. By
including customers in the mission statement, all employees will receive a clear and
unmistakable message about the importance of customers and their interactions with
the company. Customers who enthusiastically discuss their experience with a company
that consistently achieves this balance are more likely to flourish (Newman, 2016).
Although Mission Statements are powerful vehicles of culture, management ethos, and
philosophy, their impact on the shop floor can be diminished. Clarity, relevance,
salience, veridicality (truthfulness or representativeness), inspiration, and/or
managerial engagement may be lacking. They may also place an excessive number of
restrictions on people's capacity to do their jobs. There are numerous reasons for a
Mission Statement's insignificant impact (Fairhurst, Jordan, & Neuwirth, 1997).
Conclusion:
A solid mission statement identifies appropriate objectives and methods for achieving
them. In times of crisis or chaos, a clear mission statement serves as a beacon. It
provides employees with clarity and direction, allowing them to perform better. The
company is further perplexed by a poorly written mission statement. Goals and
objectives are not properly defined and conveyed, and coherence is lost. This has a
negative impact on a company's performance.
Answer 2.
As I found after searching, these tools or models are normally used in analyzing
industry forces and firm’s internal resources and capabilities are as follows:1. Porters 5 forces
2. Ansoff matrix
3. BCG matrix
4. PESTLE analysis
5. Mckinsey 7p framework
6. VRIO Framework
I want to give some details about two of these tools, which are VRIO Framework and
Porter’s Five forces model: -
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1. Porter’s Five Forces Model
is a technique for examining the potential and difficulties that a particular sector
presents to a single business. The model focuses on five major forces that may
influence a company's trajectory, as the name implies (Albu, 2014). Porter's Five
Forces Model incorporates the following elements: Substitutes, newcomers,
consumer bargaining power, supplier bargaining power, and competitive rivalry are
all potential threats (Boyce, 2021).
A. Threat of Substitutes:
It's important not to disregard the threat of substitutes. There are businesses that
have a dominant market position, perhaps even a monopoly, in their industry.
Buyers and suppliers have minimal bargaining power, and there is no
competitive competition, so new entrants have a lot of room to expand. (Boyce,
2021).
B. New Entrants:
This refers to the potential threat posed by a new rival to existing businesses in
a certain industry. This covers how simple it is for new businesses to get started
in the industry. If an industry's danger level is high, it's likely that new
competitors will appear often and quickly gain traction. If the danger is minimal,
industries are unlikely to see many new competitors (Baker, 2021).
C. Bargaining Buyer Power: This, along with supplier bargaining power, is
referred to as a vertical force. To put it another way, it's a force that
originates at a separate point in the supply chain. This is at the next stage of
the supply chain, in terms of buyer negotiating power (Boyce, 2021).
D. Bargaining Power of Supplier: a powerful supplier can have an impact
on product profitability and quality. It may compel businesses to hike their
prices. Porter's Five Factors Industry Analysis Framework includes it as one
of the forces. (Bureau, 2020).
E. Competitive rivalry: The last of Porter's five factors, competitive rivalry,
is concerned with enterprises competing within the industry and the amount
to which they exert pressure on one another (Luenendonk, 2019).
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VRIO framework is a business analysis tool for determining a firm's competitive
potential. The dimensions (value, rarity, imitability, and organization) reflect if a
company's resources and capabilities are valuable, distinct, and easily reproducible, as
well as whether it has the procedures and processes in place to capture value (Carter,
2019).
The VRIO framework is one of these strategies for assessing a company's internal
resources. In his essay "Firm Resources and Prolonged Competitive Advantage," J. B.
Barney presented the tool in 1991, outlining four traits that a firm's resources must
exhibit in order to become a source of prolonged competitive advantage. The resource
must be scarce, precious, imperfectly imitable, and non-substitutable, according to him.
Barney proposed the VRIO framework, which was an upgrade on the VRIN model, in
his 1995 paper 'Looking Inside for Competitive Advantage.' To determine if a resource
is valuable, rare, or both. Four questions are posed by the VRIO analysis: Is it expensive
to replicate? Is a company set up in such a way that the value of its assets can be
realized? A resource or capacity that fits all four criteria might provide a long-term
competitive advantage to a company (Jurevicius, 2021).
Answer 3.
Emergent strategy: is a series of activities or behaviors that continue throughout time,
a realized pattern that was not explicitly envisaged" during the strategy's initial planning
(Rivera, 2012).
Emergent strategy is useful for the firm in the following conditions: 
Managers and business leaders must establish emergent strategies rather than
relying on pre-planned techniques in a quickly changing world (the rational
model). Emergent strategies are ones that evolve from an organization's day-today and routine actions, according to Johnson, Scholes, and Whittington (2010)
(Thompson, 2019).

Because of the unpredictability of the situation, swift responses are required,
leading to the formation of an emergent strategy. Organizations must make
attempts within a specific time frame; as a result, the experimental or dynamic
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capability of an organization is crucial to emergent strategy. Businesses with
innovative capability can widen their skills in both familiar and unfamiliar
areas, reducing the overall risk of market instability(Mc Dermott and
O’Connor,2002).

It is defined as a strategic management core competency (Prahalad and Hamel,
1990). In the evolving business climate, organizations must have distinct
strengths that cannot be replaced by other competitors (Minas & Chiu, 2009).
References:  https://www.performancemagazine.org

Baker, C. (2021, October 7). Articles. Retrieved from Leaders:
https://leaders.com/articles/executives/threat-of-new-entrants/

Bartkus, B., Glassman, M., & McAfee, B. (2006). Mission Statement Quality and
Financial Performance. European Management Journal Vol. 24, No. 1, 86–94.

Boyce, P. (2021, Februar 17). Microeconomics. Retrieved from Boyce Wire:
https://boycewire.com/porters-5-forces-definition/

Bureau, A. (2020, October 28). Insights. Retrieved from Alcor:
https://alcorfund.com/insight

Carter, T. J. (2019, December 2). VRIO. Retrieved from Process.st:
https://www.process.st/vrio/

David, F. R. (2011). Strategic Management-Concept and Cases. New Jersey:
Pearson.

Fairhurst, G. T., Jordan, J. M., & Neuwirth, K. (1997). Why Are We Here?
Managing the Meaning of Organizational Mission Statement. Journal of Applied
Communication Research, 244.

Jurevicius, O. (2021, November 11). Tools and Management. Retrieved from
Strategic Maagement Insight: strategicmanagementinsight.com

Luenendonk, M. (2019, September 18). Magazine. Retrieved from Cleverism:
https://www.cleverism.com/competitive-rivalry-porters-five-forces-model/

Minas, H., & Chiu, L. H. (2009). The Distinct Characteristics and Strategic Impact
of Emergent Projects in large organizatons. Umeå: Umeå University.
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
Newman, E. (2016, May 11). Custome Service. Retrieved from Yonyx:
https://corp.yonyx.com/customer-service/18048/

Rivera, G. (2012, September 11). Emergent Strategy. Retrieved from Intrnational
Institute for Social Change: https://interactioninstitute.org/emergent-strategy/

Thompson, R. (2019, November 28). The need of emergent strategy in a changing
environment . Retrieved from Ivory Research:
https://www.ivoryresearch.com/samples/the-need-of-emergent-strategy-in-achanging-environment/
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