ISSUES FOR REVIEW AND DISCUSSION
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1.Explain why Strategic Management often is called a “capstone cour.”
Answer: Business policy is commonly called a capstone cour becau students’ major responsibility in this class is to u all knowledge gained in prior cours to chart the future direction of different organizations.
2. What aspect of strategy formulation do you think requires the most time? Why?
Answer: Important aspects of strategy formulation include developing a business mission, performing an external audit, conducting an internal audit, generating alternative strategies, and choosing among alternative strategies. Performing an external audit generally takes the most time. For example, identifying competitors’ strengths and weakness is an esntial aspect of the external audit. Effective u of the Internet can reduce the time required for performing an external audit.
3. Why is strategy implementation often considered the most difficult stage in the str
ategic-management process?
Answer: Strategy implementation is often considered to be the most difficult stage in strategic management becau it requires discipline, sacrifice, commitment, and hard work from all employees and managers. It is always more difficult to do something than to say you’re going to do it.
朗读者观后感4. Why is it so important to integrate intuition and analysis in strategic management?
羊年大吉Answer: Neither intuition nor analysis alone is sufficient for making good strategic decisions. Intuition, bad on one’s past experiences, judgment, and “gut” feelings, does not include the u of analytical strategic-management concepts that have been developed and successfully tested in the business world. To ignore the techniques that are bad on historical learning is like trying to reinvent the wheel. However, no analytical tools can capture all aspects of a given organization’s culture and situation. Nor can analytical tools assimilate all the subjective information that must be considered in strateg家风家训手抄报
ic management, such as personalities, emotions, values, beliefs, customs, and ethical factors. Thus, it is very important to integrate intuition and analysis in strategic management.
5. Explain the importance of a vision and mission statement.
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Answer: Reaching agreement on formal vision and mission statements can greatly facilitate the process of reaching agreement on an organization’s strategies, objectives, and policies. Organizational success depends on reasonable agreement on the issues, so a clear mission statement is a most important strategic-management tool.
6. Discuss relationships among objectives, strategies, and policies.
Answer: Long-term objectives and strategies are products of strategy formulation. Short-term (annual) objectives and policies are products of strategy implementation. Firms should translate long-term objectives into annual objectives. Similarly, strategies should be supported with clear policies.
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7. Why do you think some chief executive officers fail to u a strategic-management approach to decision making?
Answer: Some chief executive officers, strategists, and organizations have been successful, to date, without using strategic-management concepts and techniques. However, success today is no guarantee for success tomorrow. The business world is becoming global in scope; technology is changing the nature of competition in all industries. Strategic management enables organizations to recognize and adapt to change more readily; successfully adapting to change is the key to survival and prosperity. There is no good alternative approach to strategic management.
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8. Discuss the importance of feedback in the strategic-management model.
Answer: Note in the strategic-management model that feedback is critically important. Changes can occur that impact all strategic-management activities. Feedback allows the changes to be identified and adjustments to be made. Feedback in the strategic-management process promotes the creation of a climate for two-way communication and,
thus, allows esprit de corps to be achieved in an organization.
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9. How can strategists best ensure that strategies will be effectively implemented?
Answer: Strategists can best assure that strategies formulated will be effectively implemented by involving as many managers as possible in the strategy formulation process. Also, it is important to communicate effectively why changes are needed.
10. Give an example of a recent political development that changed the overall strategy of an organization.
Answer: Students’ answers will vary. Some possible examples might include 1) the recent tariffs placed on steel imported into the US and how that has changed strategy for steel companies both at home and abroad, 2) the change in guidelines and requirements for airport safety and subquent changes in the strategies of airlines, or 3) the political investigations into the Enron ca and potential changes that may result in major accounting/consulting firms.
