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business
strategic management

Questions and Answers of Strategic Management

Under what conditions might horizontal integration be inconsistent with the goal of maximizing profitability? LO2
What is the difference between a company’s internal value chain and the industry value chain?What is the relationship between vertical integration and the industry value chain? LO2
Why was it profitable for GM and Ford to integrate backward into component-parts manufacturing in the past, and why are both companies now buying more of their parts from outside suppliers? LO2
What value creation activities should a company outsource to independent suppliers?What are the risks involved in outsourcing these activities? LO2
What steps would you recommend that a company take to build mutually beneficial long-term cooperative relationships with its suppliers? LO2
Understand the process of globalization and how it impacts a company’s strategy LO1
Discuss the motives for expanding internationally LO2
Review the different strategies that companies use to compete in the global market place LO3
Explain the pros and cons of different modes for entering foreign markets LO4
Plot the position of the following companies on Figure 8.3: Microsoft, Google, Coca-Cola, Dow Chemicals, Pfizer, and McDonald’s. In each case, justify your answer. LO1
Are the following global standardization industries, or industries where localization is more important: bulk chemicals, pharmaceuticals, branded food products, moviemaking, television manufacture,
Discuss how the need for control over foreign operations varies with the strategy and distinctive competencies of a company. What are the implications of this relationship for the choice of entry
Licensing proprietary technology to foreign competitors is the best way to give up a company’s competitive advantage. Discuss.
What kind of companies stand to gain the most from entering into strategic alliances with potential competitors? Why? LO1
Discuss how corporate-level strategy can be used to strengthen a company’s business model and businesslevel strategies LO1
Define horizontal integration and discuss the primary advantages and disadvantages associated with this corporate-level strategy LO2
Explain the difference between a company’s internal value chain and the industry value chain LO3
Describe why, and under what conditions, cooperative relationships such as strategic alliances and outsourcing may become a substitute for vertical integration LO4
Understand the tendency toward standardization in many hightechnology markets LO1
Describe the strategies that firms can use to establish their technology as the standard in a market LO2
Explain the cost structure of many high-technology firms, and articulate the strategic implications of this structure LO3
Explain the nature of technological paradigm shifts and their implications for enterprise strategy LO4
What is different about high-tech industries?Were all industries once high tech? LO1
Why are standards so important in high-tech industries?What are the competitive implications of this? LO1
You work for a small company that has the leading position in an embryonic market. Your boss believes that the company’s future is ensured because it has a 60% share of the market, the lowest cost
You are a manager for a major music record label. Last year, music sales declined by 10%, primarily because of very high piracy rates for CDs. Your boss has asked you to develop a strategy for
R eread the opening case on the emerging standards battles in mobile payments. Which mobile payment system do you think will become dominant? LO1
Identify the strategies managers can develop to increase profitability in fragmented industries LO1
Discuss the special problems that exist in embryonic and growth industries and how companies can develop strategies to effectively compete LO2
Understand competitive dynamics in mature industries and discuss the strategies managers can develop to increase profitability even when competition is intense LO3
Outline the different strategies that companies in declining industries can use to support their business models and profitability LO4
Why are industries fragmented? What are the primary ways in which companies can turn a fragmented industry into a consolidated industry? LO4
What are the key problems in maintaining a competitive advantage in embryonic and growth industry environments? What are the dangers associated with being the leader in an industry? LO4
Discuss how companies can use: (a) product differentiation, and (b) capacity control to manage rivalry and increase an industry’s profitability. LO4
What kinds of strategies might: (a) a small pizza place operating in a crowded college market, and (b) a detergent manufacturer seeking to unveil new products in an established market use to
Understand and discuss the specific goals of environmental analysis.
Point out some limitations of environmental analysis.
Suggest several questions to initiate strategic thinking concerning the general and industry environments as a part of managing the strategic momentum.
What types of changes are likely to occur in the health care environment in the next several years? Explain how any major shift in an industry creates a wide range of changes throughout the industry.
Why is it important to be able to identify influential organizations in the external environment? How may these organizations be categorized?
What are some important technological, social, political, regulatory, economic, and competitive issues that are affecting health care today?
Which of the scenarios in Exhibit 2–9 do you think is most likely? Why? Based on today’s trends, issues, dilemmas, and so on, develop your own scenario of health care in 2010.
A strategic plan is based on a set of beliefs and assumptions that management holds in terms of the environment. What are some of those assumptions for a health care organization in your community?
What are an organization’s strategic assumptions? How may the strategic assumptions be evaluated as part of managing the strategic momentum?
Go beyond your immediate data and speculate on the major forces that will affect the delivery of health care after the year 2010.
What is the relationship between general and health care environmental analysis and service area competitor analysis?
What are some impediments to effective competitor analysis? How may these impediments be overcome?
How does the use of Porter’s five forces framework help identify the major competitive forces in the service area?
Conduct a service area competitor analysis for a health care service with which you are familiar.
Why is the value chain consistent with total systems concepts discussed in Chapter 1? Why is a systems approach to internal environmental analysis important?
Why are some strengths and weaknesses that are not competitively relevant deserving of attention by health care strategists? Provide one example of a strength and weakness that are not competitively
Recognize the important characteristics and components of organizational mission statements and be able to write a mission statement.
Recognize the important characteristics and components and be able to write values statements.
Recognize the important issues in the governance of health care organizations and the role of the board of directors in maintaining policy-making direction.
Where do organizational missions originate? How do you explain the evolution of organizational missions as the organization grows and matures? If mission statements are “relatively enduring,” how
What are the important elements of an effective board process? Why do you think board process is more important than board composition and size?
Understand the decision logic of strategy development and be able to discuss its steps.
What four types of strategies make up the strategy formulation process?Describe the role each plays in developing a strategic plan.
Name and describe the expansion, contraction, and maintenance of scope strategies.Which of the adaptive strategies are corporate and which are division level?Under what conditions may each be
Many organizations engaged in vertical and horizontal integration in the 1980s and 1990s. At the beginning of the new century the pace of integration slowed.Why have vertical and horizontal
Work through Exhibit 6–4, “Strategic Thinking Map – Hierarchy of Strategic Decisions and Alternatives,” for several organizations with which you are familiar.Practice selecting different
Explain how external opportunities and threats are related to internal strengths(competitive advantages) and weaknesses (competitive disadvantages) to develop strategic alternatives.
Using the TOWS matrix, what adaptive strategic alternatives might be appropriate for each quadrant?
Explain the difference between pre-service, point-of-service, and after-service. What elements are central to each? Provide an example of how an organization might create a competitive advantage in
Explain why pre-service, point-of-service, and after-service activities are fundamentally marketing and clinical in nature.
How does the marketing of a service differ from the marketing of a physical product(good)?
Discuss the various ways that health care providers can define the market that they want to serve.
What is mass customization? Under what circumstance does mass customization become useful?
Appreciate the importance of aligning the value adding support strategies to ensure they point the organization toward achieving its vision and goals.
Why is culture change so difficult in health care organizations? What are some ways strategic managers could make culture change easier?
How may a growth strategy be financed? What are the advantages and disadvantages of each option?
Why is cash flow important in implementing strategy?
What are the general categories of information systems? What are the attributes of each?
Relate the map and the compass metaphor to strategic thinking, strategic planning, and managing the strategic momentum.
How are the action plans for a division (for example, the hospital division)similar to action plans for a department (such as housekeeping)? How are they different?
How is strategic management different from traditional health policy? Appendix
What can go wrong with well-thought-out strategies that were developed using all the steps in strategic planning? Appendix
Explain and illustrate the possible benefits of strategic management. What types of health care institutions may benefit most from strategic management? Appendix
What is meant by the statement “Strategic leaders should try to create the future”? Appendix
Select a health care organization you are familiar with and discuss the demands of strategic management for the organization. Appendix
Explain why strategic management has become crucial in today’s dynamic health care environment. Appendix
Define and differentiate between strategic management, strategic thinking, strategic planning, and managing the strategic momentum. Appendix
Explain the links between the different levels of strategy within an organization. Appendix
Describe the various leadership roles of strategic management. Appendix
Explain what is meant by “competitive advantage” LO1
Discuss the strategic role of managers at different levels within an organization LO2
Identify the primary steps in a strategic planning process LO3
Discuss the common pitfalls of planning, and how those pitfalls can be avoided LO4
Outline the cognitive biases that might lead to poor strategic decisions, and explain how these biases can be overcome LO5
Discuss the role strategic leaders play in the strategy-making process LO6
What do we mean by strategy? How is a business model different from a strategy? LO6
What do you think are the sources of sustained superior profitability? LO6
What are the strengths of formal strategic planning?What are its weaknesses? LO6
T o what extent do you think that cognitive biases may have contributed to the global financial crisis that gripped financial markets in 2008–2009? Explain your answer. LO6
Discuss the accuracy of the following statement:Formal strategic planning systems are irrelevant for firms competing in high-technology industries where the pace of change is so rapid that plans are
Pick the current or a past president of the United States and evaluate his performance against the leadership characteristics discussed in the text. On the basis of this comparison, do you think that
Review the primary technique used to analyze competition in an industry environment: the Five Forces model LO1
Explore the concept of strategic groups and illustrate the implications for industry analysis LO2
Discuss how industries evolve over time, with reference to the industry life-cycle model LO3
Show how trends in the macroenvironment can shape the nature of competition in an industry LO4

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