...Chapter 2 Application Questions 1. Imagine yourself as the CEO of a large firm in an industry in which you are interested. Please (1) identify major trends in the general environment, (2) analyze their impact on the firm, and (3) identify major sources of information to monitor these trends. (Use Internet and library resources.)As I am striving to work in the Funeral or Death Industry as a Funeral Director, I am observing the change in our industry from traditional burial to cremation. This shift in the industry which reduces the price of a funeral by three or four thousand dollars depending on the demographic area, these trends can be followed in Funeral Industry standards such as the NAFD, a Funeral Directors Organization 2. Analyze movements across the strategic groups in the U.S. retail industry. How do these movements within this industry change the nature of competition?The retail industry is driven by young consumers. These consumers make decisions for their group by purchasing the goods and services that they want. Making the decisions changing competiton for everyone. 3. What are the major trends in the general environment that have impacted the U.S. pharmaceutical industry?More easily accessible drug information. Help with drug costs through programs from the pharmacy and the drug companies. Rewards programs. 4. Go to the Internet and look up www.kroger.com. What are some of the five forces driving industry competition that are affecting the profitability...
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...Bus/475 Integrated Business Topics Week Two Quiz The following quiz is comprised of two short essay questions worth 5 points each. Please use the assigned text to answer these questions. In all cases, the material found in the assigned text will govern. In other words, answers found from other sources might be “right,” but your quiz will be graded based on the material in the assigned text. Paraphrase the material from the text. Do not cut and paste. These are essay questions, not essays. Do not write a paper. Just answer the questions in as clear and concise a manner as possible. (1) Define strategic management. Identify any five of the nine critical tasks of strategic management? Strategic management is the process by which the management team determines a firm’s goals. It is achieved by examining internal and external strengths, weaknesses, threats and opportunities. The critical tasks of strategic management consist of: 1.) Creating a mission and vision statement 2.) Analyzing the business’s capabilities, i.e. strengths and weaknesses 3.) Formulating a plan based on this analysis, both short term and long term 4.) Implementing the pathway plan chosen 5.) Evaluating the effectiveness of the plan and making adaptations as needed (2) Define agency theory. Explain how agency problems occur. (Do not attempt to answer this question before carefully reading pages 39-42 of the assigned text.) The agency theory is defined as the relationship between...
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...competitive advantage, with an emphasis on understanding the current environment and innovation in which the organization competes and forecasting how that environment may change. Course assignments focus on the practical application of writing and critical-thinking skills and the integration of professional practice at the doctoral level. Learning Objectives Stated in Terms of Learning Outcomes By the end of this course, you will be able to: * Demonstrate an understanding of the evolution of traditional concepts of strategic management and thinking, including models of business-level competitive advantage * Evaluate contemporary challenges to traditional strategic management and thinking models * Apply systems-thinking principles to the framing and analysis of business problems and opportunities * Develop innovative business strategies designed to achieve sustainable solutions * Synthesize principles of sustainable strategic management and thinking into a viable problem statement for use in the Doctoral Study project Course Materials Texts Harvard Business School Press. (2005). Strategy: Create and implement the best strategy for your business.Boston, MA: Author. Senge, P., Smith, B., Kruschwitz, N., Laur, J., & Schley, S. (2010).The necessary revolution: How individuals and organizations are working together...
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...Does IT Matter? An essay presented to the Department of Information Systems University of Cape Town in partial fulfilment of the requirements for the course on Information Systems Honours (INF 414W) by ( March 200x Declaration 1. I know that plagiarism is wrong. Plagiarism is to use another’s work and pretend that it is one’s own. 2. I have used the APA Convention for citation and referencing. Each contribution to, and quotation in, this essay from the works of other people has been attributed, and has been cited and referenced. 3. This essay is my own work. 4. I have not allowed, and will not allow, anyone to copy my work with the intention of passing it off as his or her own work Signature …………………….. Date ….../….../…...… Full name of student: A Table of contents 1. Introduction………………………………………………………………………1 2. Resources: what makes them strategic?.....................................................1 1. Characteristics of Strategic Resources………………………..…………2 3. Strategic value of Information Technology………………………….………..2 4. The evolution of the IT function in business………………………………...4 5. Using IT to gain Sustainable Competitive advantage………...……………7 6. Conclusion……………………………………………………………………….8 7. Bibliography………….………………………………………………………….9 ...
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...Management 449 Final “On the night of the exam, I suggest that you first read the entire exam. The point value will give you an idea how long and elaborate an answer ought to be. A 50 percent question is certainly more involved than a ten percent question. The following are potential questions for the midterm examination questions. Where indicated, LA = a long answer question and SA = a short answer question. 1. The schematic or flowchart presented in slide 25 of the Hunger and Wheelen PowerPoint’s represents a step-by-step procedure for the Strategic Management Process. Please develop an essay that explains the overall process and the steps found in this schematic. In your essay explain the process – give an overview and its purpose. Then, explain the major steps within the process and within each step explain the analysis and reasoning in back of the analysis. Also, don’t forget the interrelatedness of the steps within the overall process. Examples, where appropriate, will enhance your essay. The purpose of this question is to test your understanding of strategy development and the events leading to it - the big picture, the major pieces, analysis within the major pieces (steps), the connectivity between the major pieces, and the potential iterations. Don’t forget to close the “loop” – where implementation and evaluation and controls fit into the process and include why they are important. (LA) 2. What factor determines the quality of the strategic management effort and...
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...From 1981, the term "strategic management accounting" has been coined by Simmonds and since then strategic management accounting has become a hot topic. Instead of a backward focus, strategic management accounting provides a long-term sight for organisations focus on the future. Gradually, the importance of the strategy implementation and strategic control systems has been realized and in fact there are numbers of mechanisms that have been designed to ensure entities are organized under the strategic management. For example, management accounting framework, the aim of which is to "capture the dynamics of the relationship between that strategy and control" (Eldenburg, Brooks, Oliver, Vesty, & Wolcott, 2010). These frameworks that are used for strategy and control, help management accounting collect more relevant information for decision makers. This essay will discuss the use of Ferreira and Otley’s performance management systems framework and Kaplan and Norton’s strategy map framework which is structured into two segments. The first with the concept of strategy and control and with the description of the relationship between strategy and control itself. The second, is the analysis of the influence of the two management accounting frameworks for decision making. From this essay, it is easy to find out how these frameworks strengthen the role of strategy and control and increase the quality of decision making by management accounting provide better information. To use...
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...Test Bank for Organization Development & Change Chapter 1 General Introduction to Organization Development Multiple Choice Questions 1. Which of the following is included in the definition of OD? a. OD applies to an entire system b. OD is based on behavioral science knowledge c. OD is concerned with planned change d. OD encompasses strategy, structure, and process changes e. all of the above ANS: e 2. Organization development distinguishes itself from organization change and change management by which of the following characteristics? a. addressing the effective sequence of leadership issues that produce organization improvements b. focusing narrowly on cost, quality, and schedule c. focusing on the transfer of knowledge and skills to help the system manage future change d. taking a broadly focused approach that can apply to any kind of change e. none of the above ANS: c 3. Which of the following is not one of the “stems” of OD? a. laboratory training b. environmental analysis c. action research/survey feedback d. participative management and quality of work life e. strategic change ANS: b 4. The first “T-group” was formed a. to facilitate decision making b. to work on group projects c. to make the group more cohesive d. as people related to data about their own behavior ANS: d 5. The assumption underlying the use of survey feedback in OD is a. surveys are the best way to collect data b. surveys...
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...MGMT303 Midterm Study Guide * The Midterm covers TCOs 1–7; Chapters 1–12 (with the exception of Chapter 10) and the Appendix Module. * The Midterm is worth 140 points. * The Midterm consists of six multiple choice questions, worth 5 points each; five short answer questions, worth 10 points each; and four essay questions, worth 15 points each, for a total of 140 points. * Your responses to the essay questions should be at least 2–3 paragraphs long. IMPORTANT: Please make sure that you understand how to apply each of the concepts and topics noted below. You should be able to go beyond the simple definition of the terms listed in each TCO and explain what each TCO means in a management context. Since the multiple choice questions for each student’s exam are selected randomly from a large question pool for each TCO, it is vital that you read each text chapter and understand all of the TCO-based concepts that they contain. TCO 1: Given a description of a specific business enterprise, write a management job description that incorporates the basic activities that comprise the management process and the job of a manager. * Functions of management * Levels of management * Managerial roles * Managerial skills TCO 2: Given a continuous scanning of one's actual and potential environments (internal, external, and interfaces), analyze a case describing a business about to expand or contract in its market by preparing a SWOT document...
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...Sample MBA Essay - Stanford Graduate School of Business - Ben | MBA ... Page 1 of 3 « Back to Sample Essays for Top Business Schools Print Ben Below is one of Ben's essays for his Stanford application. We present the essay in its original form, with just cosmetic changes made to protect the author's identity. We then provide comments and suggestions, based on the advice available in Your MBA Game Plan. The question that he answers in this essay is: What are your short-term and long-term career aspirations? How will an MBA education further your development? Why does the academic experience offered at the Stanford GSB appeal to you? (Unlimited length) I work at the Information Technology industry since 1993, when I was recruited to the classified electronic surveillance unit of Israel Defense Force (IDF). Since I've advanced to management positions in a very early stage of my professional career (at the age of 19 I've already finished the IDF Technical Officers course and was positioned as a Team Leader commanding 8-10 network professionals and computer technicians), it was a natural step to continue my career on management positions in the industry after my release from the active duty at 1997. I started my civilian career as an Information Systems Manager at Mobile Solutions Ltd., a dynamic Ireland-based start-up company developing various hardware devices for mobile satellite antenna’s technology. During my military service I've come to realization that in order to...
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...FINAL Essay Examination Scenario: The board of directors (for one of the seven listed below) has asked your team to create a strategic plan for the organization. Companies: 1. Citigroup 2. Merck 3. Apple 4. Ford 5. Wal-Mart 6. Boeing 7. Select a company from the fashion industry. Be sure the company has lots of available information for you to research and reference in your essay. Guideline: 1. Create a 2000(minimum) to 2,500 (maximum) word strategic plan analysis for your chosen company starting from what you learned using key concepts from Crafting and Executing Strategy. Cover thoroughly the areas of environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Address the following questions in your strategic plan: * How is a strategic plan defined and what examples can you provide from your chosen company? * How is strategic management defined and what examples can you provide from your chosen company? * How is strategy formulation defined and what examples can you provide from your chosen company? * What role should ethical considerations have in your company’s strategic management plan? * How is social responsibility defined? What role should social responsibility considerations have in your company’s strategic management plan? * How is competitive advantage defined? What competitive strategies has your company implemented? * What measurement guidelines are available to...
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...Chapter 8 Strategic Management True/False Questions THE IMPORTANCE OF STRATEGIC MANAGEMENT 1. Strategic management is the set of managerial decisions and actions that determines the short-term performance of an organization. (False; moderate; p. 208) 2. “Strategic model” is a term that is often used in conjunction with strategic management and strategies. (False; easy; p. 209) 3. The most fundamental questions about strategy address why firms, facing the same environmental conditions, have varying levels of performance. (True; easy; p. 209) THE STRATEGIC MANAGEMENT PROCESS 4. The first step in the strategic management process is analyzing the external environment. (False; difficult; p. 210) 5. Within an industry, an environment can present opportunities to one organization and pose threats to another. (True; moderate; p. 212) 6. Evaluating an organization’s intangible assets is part of doing an internal analysis in the strategic management process. (True; easy; p. 212) 7. Activities that an organization does well or resources that it has available are called capabilities. (False; easy; p. 212) 8. Exceptional or unique organizational resources are known as core capabilities. (False; moderate; p. 212) 9. A strong organizational culture may act as a significant barrier to accepting any changes in organizational strategies. (False; easy; p. 213) 10. SWOT analysis includes an analysis of an organization’s environmental...
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...730 Strategic E-Business Assignment 18 Oct 2014 LIBEI 1406221 Question 1 Answer: There are four steps for developing a new strategy as following: Step 1: Strategic Analysis. City Flowers should analysis external and internal environment and first. By collecting and reviewing of information about firm’s internal processes and resources and external marketplace factors, firm can understand the situation and position well. By using PESTLE to analysis external environment and SWOT to analysis internal environment are efficient. City Flowers currently meet the 40% customer needs as the standing order from commercial clients for company reception and executive offices. 30% from individual purchasing, another 30% are orders to be delivered. Resources of City Flowers are telephone order to suppliers and visiting sales representatives to replenish supplies of soft toys and relevant gift products. Study the macro-environmental by PESTLE analysis. Such as Political factors i.e. the tax for small middleman like City Flowers will be influenced; Economic factor i.e. the GDP of country; Society factors i.e. education background and norms etc.; Technology factors i.e. the technology of keeping flowers fresh etc.; Legal and ethical factors i.e. laws for transporting flowers; Environmental factors i.e. regulations of environmental protection. Study the micro-environmental by using SWOT to analysis the flower shop’s strengths, weakness, opportunities and threatens. By learning the...
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...Strategic Management True/False Questions THE IMPORTANCE OF STRATEGIC MANAGEMENT 1. Strategic management is the set of managerial decisions and actions that determines the short-term performance of an organization. (False; moderate; p. 208) 2. “Strategic model” is a term that is often used in conjunction with strategic management and strategies. (False; easy; p. 209) 3. The most fundamental questions about strategy address why firms, facing the same environmental conditions, have varying levels of performance. (True; easy; p. 209) THE STRATEGIC MANAGEMENT PROCESS 4. The first step in the strategic management process is analyzing the external environment. (False; difficult; p. 210) 5. Within an industry, an environment can present opportunities to one organization and pose threats to another. (True; moderate; p. 212) 6. Evaluating an organization’s intangible assets is part of doing an internal analysis in the strategic management process. (True; easy; p. 212) 7. Activities that an organization does well or resources that it has available are called capabilities. (False; easy; p. 212) 8. Exceptional or unique organizational resources are known as core capabilities. (False; moderate; p. 212) 9. A strong organizational culture may act as a significant barrier to accepting any changes in organizational strategies. (False; easy; p. 213) 10. SWOT analysis includes an analysis of an organization’s environmental opportunities...
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...organisations or the types of goods or services these enterprises produce for their customers or clients. This introductory module provides learners with an understanding of the principal internal and external environmental contexts of contemporary organisations, including the managerial and business context, within which businesses operate. These areas will be explored in more depth in other modules. The primary purpose of this module is to introduce learners to these concepts. This module also introduces learners to a number of business structures, cultures and the political, social, economic, technological, legal and ethical considerations affecting business. The module explores the question ‘What is a business?’ It investigates business functions including human resource management, accounting and finance, operations and marketing and considers the linkages between them and the challenges experienced in managing across functional boundaries. This module seeks to provide an integrated and critical understanding of businesses and their core business functions including internal and external factors which impact on them. After studying this Integration of Business Functions module you should be able to: • Demonstrate a critical understanding of the key tools for analysis of the internal and external environmental context within which businesses operate in order to exhibit knowledge and analyse the impact of changing and challenging environments on businesses...
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