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business
essentials of strategic management

Questions and Answers of Essentials Of Strategic Management

=+ • Considering which rivals have a strong incentive, along with the resources, to make major strategic changes.
=+ • Determining which rivals badly need to increase unit sales and market share.
=+ • Identifying trends in the timing of new product launches or marketing promotions.
=+situation, and their past actions and leadership styles.
=+• What executives are saying about where the industry is headed, the firm’s
=+7. Does the industry outlook offer good prospects for profitability?
=+ 6. What are the key factors of competitive success?
=+ 5. What strategic moves are rivals likely to make next?
=+ 4. What market positions do industry rivals occupy—who is strongly positioned and who is not?
=+ 3. What forces are driving industry change, and what impact will these changes have on competitive intensity and industry profitability?
=+ 2. What kinds of competitive forces are industry members facing, and how strong is each force?
=+1. What are the industry’s dominant economic characteristics?
=+company with suffi ciently attractive opportunities for growth and profi tability.
=+ LO3. Learn how to determine whether an industry’s outlook presents a
=+ LO2. Become adept at recognizing the factors that cause competition in an industry to be fi erce, more or less normal, or relatively weak.
=+to diagnose a company’s industry and competitive conditions.
=+Gain command of the basic concepts and analytical tools widely used
=+ 3. What are the 3-4 key elements of your company’s strategy?
=+ 2. What are your company’s fi nancial objectives? What are your company’s strategic o bjectives?
=+What would be a good slogan that captures the essence of your strategic vision and that could be used to help communicate the vision to company personnel, shareholders, and other stakeholders?
=+avoids the shortcomings set forth in Table 2.3 . If not, then revise it accordingly.
=+paragraph. When you are fi nished, check to see if your vision statement meets the conditions for an effectively worded strategic vision set forth in Table 2.2 and
=+Meet with your co-managers and prepare a strategic vision statement for your company. It should be at least one sentence long and no longer than a brief
=+Using the information in Tables 2.2and 2.3 , critique the adequacy and merit of the following vision statements, listing effective elements and shortcomings. Rank the vision statements from best to
=+Dell in regard to (1) accurate fi nancial reports and controls, (2) a critical appraisal of strategic action plans, (3) evaluation of the strategic leadership skills of the CEO, and (4) executive
=+ 3. Go to www.dell.com/leadership and read the sections dedicated to its board of directors and corporate governance. Is there evidence of effective governance at
=+organization to achieve good results and operating excellence, and (3) displaying ethical integrity and spearheading social responsibility initiatives?
=+ Is there evidence he is concerned with (1) staying on top of what is happening and identifying obstacles to good strategy execution, (2) pushing the
=+Go to www.dell.com/speeches and read Michael Dell’s recent speeches. Do Michael Dell’s speeches provide evidence that he is an effective leader at Dell Computer?
=+ LO7. Become aware of the role and responsibility of a company’s board of directors in overseeing the strategic management process.
=+ LO6. Understand why the strategic management process is an ongoing process.
=+ LO5. Learn what leadership skills management must exhibit to drive strategy execution forward.
=+ LO4. Become aware of what a company must do to achieve operating excellence and to execute its strategy profi ciently.
=+levels must be tightly coordinated to achieve companywide performance targets.
=+ LO3. Understand why the strategic initiatives taken at various organizational
=+objectives and using a Balanced Scorecard to track performance.
=+ LO2. Understand the importance of setting both fi nancial and strategic
=+vision of where a company needs to head and why.
=+Grasp why it is critical for company managers to have a clear strategic
=+Does the company possess the necessary key resources and process capabilities to support a change in its business model?
=+Read the company’s latest press releases.Is there evidence that the company’s business model is evolving?
=+Are its subscription fees and circulation increasing or declining?
=+business model remain sound as more consumers go to the Internet to fi nd general information and stay abreast of current events and news stories? Is its revenue stream from advertisements
=+ 3. Go t o www.nytco.com/investors and check whether the New York Times ’ r ecent fi nancial reports indicate that its business model is working. Does the company’s
=+needs of a niche, or developing resource strengths and competitive capabilities rivals can’t imitate or trump (or a mixture of these)? What is there about McDonald’s strategy that can lead to
=+Does the strategy seem to be keyed to a cost-based advantage, differentiating features, serving the unique
=+McDonald’s strategy as described in Concepts & Connections 1.1 seem to be well-matched to industry and competitive conditions?
=+ 2. Based on what you know about the quick-service restaurant industry, does
=+What type of competitive advantage does Best Buy seem to be pursuing?
=+Buy’s latest annual reports and 10-K fi lings to see if you can identify the key elements of Best Buy’s strategy. Use the framework provided in Figure 1.1 to help identify the key elements of
=+1. Go t o www.bestbuy.com , click on the investor relations section and explore Best
=+What kind of competitive advantage over rivals do you intend to try to build?)
=+approaches discussed in Chapter 1 do you think makes the most sense to pursue?
=+3. How are we going to get there?(Which of the basic strategic and competitive
=+ What kinds of performance outcomes will signal that you and your co-managers are managing the company in a successful manner?)
=+ By how much would you like to increase total profi ts of the company by the end of the simulation exercise?
=+2. Where do we want to go? (Where would you like your company to be after the fi rst fi ve decision rounds?
=+What problems does your company have that need to be addressed?)
=+Does your company appear to be in sound fi nancial condition?
=+1. Where are we now? (Is your company in a good, average, or weak competitive position vis-à-vis rival companies?
=+LO5. Learn the three tests that distinguish a winning strategy from a so-so or fl awed strategy.
=+profi t formula, and the key resources and processes required to create and deliver customer value.
=+ LO4. Learn why it is important for a company to have a viable business model that outlines the company’s customer value proposition, its
=+to improve the company’s strategy.
=+because of changing circumstances and ongoing management efforts
=+ LO3. Understand why a company’s strategy tends to evolve over time
=+ LO2. Develop an awareness of the four most frequently used and dependable strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage.
=+strengthen the company’s prospects for long-term success.
=+Understand the need for having a sound business strategy to successfully compete in the industry, manage the functional areas of the business, and develop new capabilities and assemble resources
9 Explain briefly why strategic controls are necessary and indicate how they might be improved. Consider an organisation with which you are familiar and assess its strategic controls with reference
8 Devise a strategic plan for an organisation with which you are familiar and identify the main elements that you would control during the period of the plan. Consider whether you yourself can be
7 ‘If top management devotes more effort to assessing the strategic feasibility of projects in its allocational role than it does to the task of multiplying resource effectiveness, its value added
6 How can objectives and tasks be communicated from senior management while at the same time motivating those who have to implement them?
5 What are the implications of bounded rationality and minimum intervention in developing the strategic process?
4 ‘Nothing chastens the planner more than the knowledge that s/he will have to carry out the plan .’ (General Gavin, quoted by George Day) Discuss this comment in the context of the
3 Apply the basic implementation process outlined in Figure 13.1 to the current procedures of an organisation with which you are familiar. Where does it differ and where is it the same? What
2 Does a small company need a formal strategic plan?
1 Compare the Canon and Nestlé styles of strategic planning and discuss why they are different. Is one better than the other and, if so, which?
2 What, if any, are the dangers of informal strategic controls such as those operating at Nestlé?
1 What characterises the Nestlé style of strategic planning?To what extent is this a function of its large size? Its product range? Its geographical spread?
explore how strategic planning can be conducted and critically evaluate its merits.
show how the Balanced Scorecard brings together the various elements of the implementation process;
outline the main elements of control and monitoring, and investigate their importance for strategic management implementation;
describe how resources are allocated between parts of the organisation;
understand the way that the objectives, tasks and timing are implemented;
outline the nature and limitations of the implementation process;
How is strategic management changing?
How can we devise a programme to manage such change?
What are the main principles involved in strategic change?
Why do people resist strategic change?
What is the impact of green strategy and sustainability on strategic options and choice?
What are the implications of green strategy for knowledge, technology and innovation?
How does purpose change as green strategy and sustainability principles are adopted?
What additional elements are involved in analysing the green strategy environment and in identifying sustainable resources and capabilities?
What are the main elements of green strategy and sustainability?
What is the role of information processing and systems?
How is strategy controlled?
How is strategic planning conducted and what is its influence on strategy?
How are resources allocated?
How are tasks and objectives set?

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