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    Business Policy and Implementation - Strategic Management

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    1. In terms of strategic management, how does a new venture's situation differ from that of an ongoing small company?

    2. How should a small entrepreneurial company engage in environmental scanning? To what aspects of the environment should management pay most attention?

    3. What are the characteristics of an attractive industry from an entrepreneur's point of view? What role does innovation play?

    4. What considerations should small-business entrepreneurs keep in mind when they are deciding whether a company should follow a growth or a stability strategy?

    5. How does being family owned (as compared to being publicly owned) affect a firm's strategic management?

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    Solution Preview

    1. In terms of strategic management, how does a new venture's situation differ from that of an ongoing small company?

    The main objective in business is to expand for increasing brand identity that extends towards brand equity for positioning into product preferences or pricing matrix. The new venture is an opportunity for the business to utilizes strategic management initiatives (promotion, sponsorship, and /or brand position in extended markets) the exposes the company's brand to more targeted audiences. Keep in mind; the new venture is something unique within the targeted demographic market that opens up opportunities for gaining more consumers willing to purchase the product or service, hence, the curiosity and interest fact centered around marketing initiatives. Some key elements in differential to an ongoing small company to consider:

    a) The funding is more available for the new venture (try and think of the opening act well most investors and partnerships are on board for success and willing to promote the new venture for success)

    b) The ongoing small company is more restricted in gaining additional funding or support if past years indicate a lackluster profitability (try and identify the challenges in an ongoing small company revamping the brand initiative within a tried economy marketplace, thus, the need for a new product or service launch to increase brand identity but requires extensive strategic and ...

    Solution Summary

    The review into strategic management decisions within a new business entity or established organization.