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business
essentials of strategic management

Questions and Answers of Essentials Of Strategic Management

Which cost drivers and value drivers are important in creating superior customer value in the business simulation?
What is your company’s action plan to achieve a sustainable competitive advantage over rival companies? List at least three (preferably, more than three) specific kinds of decision entries on
Understand whether and when to pursue offensive or defensive strategic moves to improve a company’s market position.
Recognize when being a first mover or a fast follower or a late mover can lead to competitive advantage.
Identify the strategic benefits and risks of expanding a company’s horizontal scope through mergers and acquisitions.
Explain the advantages and disadvantages of extending a company’s scope of operations via vertical integration.
Describe the conditions that favor farming out certain value chain activities to outside parties.
Explain how strategic alliances and collaborative partnerships can bolster a company’s collection of resources and capabilities.
Live Nation operates music venues, provides management services to music artists, and promotes more than 35,000 shows and 100 festivals in 40 countries annually. The company acquired House of Blues,
Tesla, Inc., has rapidly become a stand-out among American car companies. Concepts &Connections 6.3 describes how Tesla has made vertical integration a central part of its strategy.What value chain
Using your university library’s business research resources, find two examples of how companies have relied on strategic alliances or joint ventures to substitute for horizontal or vertical
Has your company relied more on offensive or defensive strategies to achieve your rank in the industry? What options for being a first mover does your company have? Do any of these first-mover
What would be an advantage of a horizontal merger within the industry?
What are the pros and cons of vertical integration in the industry?
What do you see as pros and cons of outsourcing in the business simulation?
Identify the primary reasons companies choose to compete in international markets.
Understand why and how differing market conditions across countries influence a company’s strategy choices in international markets.
Identify the five general modes of entry into foreign markets.
Identify the three main options for tailoring a company’s international strategy to crosscountry differences in market conditions and buyer preferences.
Explain how multinational companies are able to use international operations to improve overall competitiveness.
Recognize the unique characteristics of competing in developing-country markets.
L’Oréal markets 34 brands of cosmetics, fragrances, and hair care products in 130 countries.The company’s international strategy involves manufacturing these products in 42 plants located around
Alliances, joint ventures, and mergers with foreign companies are widely used as a means of entering foreign markets. Such arrangements have many purposes, including learning about unfamiliar
Assume you are in charge of developing the strategy for a multinational company selling products in some 50 countries around the world. One of the issues you face is whether to employ a multi
Using your university library’s business research resources and Internet sources, identify and discuss three key strategies that Volkswagen is using to compete in China.
To what extent, if any, have you and your co-managers adapted your company’s strategy to take shifting exchange rates into account? In other words, have you undertaken any actions to try to
To what extent, if any, have you and your co-managers adapted your company’s strategy to consider geographic differences in import tariffs or import duties?For simulation participants whose
What are the attributes of each of the following approaches to competing in international markets?• Multidomestic or think local, act local approach• Global or think global, act global
Understand when and how business diversification can enhance shareholder value.
Explain how related diversification strategies can produce cross-business strategic fit capable of delivering competitive advantage.
Recognize the merits and risks of corporate strategies keyed to unrelated diversification.
Evaluate a company’s diversification strategy.
Identify a diversified company’s four main corporate strategy options for solidifying its diversification strategy and improving company performance.
See if you can identify the value chain relationships that make the businesses of the following companies related in competitively relevant ways. In particular, you should consider whether there are
Peruse the business group listings for 3M Company shown as follows and listed at its website (company.ingersollrand.com). How would you characterize the company’s corporate strategy? Related
ITT is a technology-oriented engineering and manufacturing company with the following business divisions and products:Industrial Process Division—industrial pumps, valves, and monitoring and
In the event that your company had the opportunity to diversify into other products or businesses of your choosing, what would be the advantages of opting to pursue related diversification, unrelated
What strategic-fit benefits might be captured by transferring resources and competitive capabilities to newly acquired related businesses?
If your company opted to pursue a strategy of related diversification, what industries or product categories could your company diversify into that would allow it to achieve economies of scope? Name
If your company opted to pursue a strategy of related diversification, what industries or product categories could your company diversify into that would allow your company to capitalize on using
Understand why the standards of ethical behavior in business are no different from ethical standards in general.
Recognize conditions that give rise to unethical business strategies and behavior.
Identify the costs of business ethics failures.
Understand the concepts of corporate social responsibility and environmental sustainability and how companies balance these duties with economic responsibilities to shareholders.
Dell is widely known as an ethical company and has recently committed itself to becoming a more environmentally sustainable business. After reviewing the Corporate Social Responsibility section of
Prepare a one- to two-page analysis of a recent ethics scandal using your university library’s resources. Your report should (a) discuss the conditions that gave rise to unethical business
Based on the information provided in Concepts & Connections 9.2, explain how Warby Parker’s CSR strategy has contributed to its success in the marketplace. How are the company’s various
The British outdoor clothing company, Páramo, was a Guardian Sustainable Business Award winner in 2016. The company’s fabric technology and use of chemicals is discussed at
What factors build the business case for operating your company in an ethical manner?
In what ways, if any, is your company exercising corporate social responsibility? What are the elements of your company’s CSR strategy? What changes to this strategy would you suggest?
If some shareholders complained that you and your co-managers have been spending too little or too much on corporate social responsibility, what would you tell them?
Is your company striving to conduct its business in an environmentally sustainable manner?What specific additional actions could your company take that would make an even greater contribution to
In what ways is your company’s environmental sustainability strategy in the best long-term interest of shareholders? Does it contribute to your company’s competitive advantage or profitability?
Recognize what managers must do to build an organization capable of good strategy execution.
Explain why resource allocation should always be based on strategic priorities.
Understand why policies and procedures should be designed to facilitate good strategy execution.
Understand how process management programs that drive continuous improvement help an organization achieve operating excellence.
Recognize the role of information and operating systems in enabling company personnel to carry out their strategic roles proficiently.
Explain how and why the use of welldesigned incentives and rewards can be management’s single most powerful tool for promoting operating excellence.
Explain how and why a company’s culture can aid the drive for proficient strategy execution.
Recognize what constitutes effective managerial leadership in achieving superior strategy execution.
The heart of Zara’s strategy in the apparel industry is to outcompete rivals by putting fashionable clothes in stores quickly and maximizing the frequency of customer visits.Concepts & Connections
Implementing and executing a new or different strategy call for new resource allocations.Using your university’s library resources, search for recent articles that discuss how a company has revised
Netflix avoids the use of formal policies and procedures to better empower its employees to maximize innovation and productivity. The company goes to great lengths to hire, reward, and tolerate only
Explain how a blended approach to Six Sigma implementation produces advantages over more rigid statistical quality control programs.
Company strategies can’t be implemented or executed well without a number of information systems to carry on business operations. Using your university’s library resources, search for recent
Concepts & Connections 10.3 provides a description of the motivational practices employed by Wegmans Food Markets, a supermarket chain that is routinely listed among the top five companies to work
Salesforce earned the top spot on Fortune’s list of the Best Companies to Work for in 2018, having been on the list for over 10 years. Use your university’s library resources to see what are the
Leading the strategy execution process involves staying on top of the situation and monitoring progress, putting constructive pressure on the organization to achieve operating excellence, and
How would you describe the organization of your company’s top management team? Is some decision making decentralized and delegated to individual managers? If so, explain how the decentralization
What are the ways that resource allocation contributes to good strategy execution and improved company performance?
What are ways that incentive compensation can affect productivity gains and lower labor cost per unit?
If you were making a speech to company personnel, what would you tell them about the kind of corporate culture you would like to have at your company? What specific cultural traits would you like
Following each decision round, do you and your co-managers make corrective adjustments in either your company’s strategy or how well the strategy is being executed? List at least three such

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