1. Describe each of the four key management functions.

2. List and describe the different types of competitors that organizations must consider when analyzing their competitive environment.

3. A. Provide two examples of businesses that practice low-cost strategies and two examples of businesses that practice differentiation strategies.

B. Which strategy does a commodity type business follow? A boutique elite type product?

C. Is it harder to move from a low-cost strategy to a differentiation strategy or vice versa? Explain why.

4. You have an idea for a new product and your current firm will not let you pursue it.

A. What should you consider when deciding if you want to go off on your own and start a business producing and selling this product? What are several pros and cons of staying with existing firm and missing the opportunity versus starting a business. What is the risk and return of this?

B. You decide to try to give your product idea one more shot at your current firm. You had proposed it to your direct manager as your idea and he/she shot it down. What can you do differently to try to get it accepted and explain how you would go about that.

5. What is an organizational chart and why is it useful?