Lesson 9 - Strategy Review, Evaluation, and Control

• Description

Even successful firms can fail quickly as they are the target of all other firms, so evaluating strategies is essential for all firms. Apple is one such example. Apple is struggling as Samsung and other rival firms imitate and duplicate their products and then offer lower prices for similar products. Chapter 9 describes how to effectively evaluate strategies and make timely changes as needed. In this context, Chapter 9 explains how to develop a Balanced Scorecard and utilize contingency planning.

Strategy evaluation consists of three activities: Review Underlying Bases of Strategy, Measure Performance, and Take Correction Action. Review the tables in this chapter of your textbook, which summarizes the narrative quite well.

Lesson 10 - Business Ethics, Social Responsibility, and Environmental Sustainability

• Description

Ethics, social responsibility, and environmental sustainability issues have become vital in management effectiveness. Go slow and easy through this chapter. Recall that the CEO of Volkswagen was recently fired over that company's ethical violations in concealing vehicle emission problems. The buck stops at the top regarding responsibility for most ethical problems. Volkswagen, Enron, Turing Pharmaceuticals, FIFA are all examples of companies which have been shaken by serious business ethics issues during the 21 century.

Chapter 10 describes the importance of business ethics, environmental sustainability, and social responsibility in strategic management, including such topics as workplace romance, bribery, pollution abatement, whistleblowing, animal welfare, and philanthropy. Issues related to these topics can significantly bolster or derail the best strategic plan, so Chapter 10 explains how these topics can best be managed.

Lesson 11 - Global and International Issues

• Description

Chapter 11 explains how to identify and manage global issues in formulating, implementing, and evaluating strategies. Special topics include business culture, business climate, labor unions, protectionism, tax rate variation, and management style variation across countries. Chapter 11 also describes how communication and business practices vary across countries so that strategic planning can be more effective.

The purpose of this assignment is to give you the opportunity to reflect on the materials covered in module 4. This journal assignment gives you the chance to thinkabout what you learned,what youhad a difficult time understand, practice your writing skills, and practice journalizing.

Instructions: A reflection journal provides an opportunity to reflect on lessons learned in the module. Answer each question fully by providing specific examples from the textbook to support your answer.

1. What new insight did you gain after completing this module?
2. What were the most important lessons learned in this module?
3. What was the most difficult point or concept in this lesson?
4. How will you apply the lessons learned in this module in your professional life?