Strategic Management: A Competitive Advantage Approach Concepts and Cases 17th Edition Instructor ma

 
1-28.  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. Strategies should be supported with clear policies.
 
1-29.  Why do you think some chief executive officers fail to use a strategic-management approach to decision making?
 
Answer:   Various reasons listed and described in Chapter 1 include:  Lack of knowledge or experience in strategic planning, poor reward structures, firefighting, waste of time, too expensive,  laziness, content with success, fear of failure, overconfidence, prior bad experience, self-interest, fear of the unknown, honest difference of opinion, and suspicion.
 
1-30.  Discuss the importance of feedback in the strategic-management model.
 
Answer:  As indicated in the strategic-management model, feedback is critically important. Changes can occur at any stage in the process and impact all other strategic-management activities. Feedback allows these changes to be identified and adjustments to be made. Feedback promotes the creation of a climate for two-way communication and, thus, allows esprit de corps to be achieved in an organization.
 
1-31.  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. It is important to communicate effectively why changes are needed, and how managers and employees will benefit from the expected results. Good communication yields good understanding yields good commitment, which is essential for good implementation (See Figure 1-2).
 
1-32.  Give an example of a recent political development that changed the overall strategy of an organization.
 
Answer:  Gun control legislation is pending at the federal level and in some state legislatures, which has led to increased demand for ammunition and various guns. So, companies that make ammo and guns have increased production in the short term, but in the long term, some are diversifying into related products and services, such as hunting and fishing products.
 
1-33.  Who are the major competitors of your college or university?  What are their strengths and weaknesses?  What are their strategies? How successful are these institutions compared to your college?
 
Answer:  Answers to this question will vary by institution. But, online courses and online degrees are becoming commonplace. Two-year schools are continually offering 100- and 200-level classes more cheaply and “easier” than four-year schools, that are more and more focusing on graduate schools. Schools are also becoming more student-friendly, modifying curriculum to be more “practical,” and even offering certifications in some areas.
 
1-34.  In your opinion, what is the single major benefit of using a strategic-management approach to decision making?  Justify your answer.
 
Answer:  The single major benefit is the potential for improved understanding of the business and industry on the part of all managers and employees. Understanding generally leads to increased commitment, which, in turn, leads to creativity, innovativeness, and overall cooperativeness. The process is more important than the plan. Also, the strategic-management process allows an organization to initiate and influence, rather than just respond and react to its environment. That is, it allows an organization to be proactive, rather than reactive, in controlling its own destiny. Strategic-management concepts provide an objective basis for allocating resources and for reducing internal conflicts that can arise when subjectivity alone is the basis for major decisions.
 
1-35.  Most students will never become a chief executive officer or even a top manager in a large company. So, why is it important for all business majors to study strategic management?
 
Answer:  Strategic management takes place at multiple levels within an organization. Although most students may never become the CEO of a corporation, they may become the “branch manager” or department head or manager. In these roles, they may be asked to participate in development of a strategic plan. Employees at all levels are frequently asked to contribute to development of their firm’s strategic plan. Thus, an understanding of the strategic-management process is important, perhaps for the career development of any business major.