28. List and discuss, in detail, the three basic approaches to ethical behavior.
29. List and discuss, in detail, the different types of forecasting and identify which is the most commonly practiced form of forecasting and discuss why it is the most commonly practiced form of forecasting.
30. Define and discuss, in detail, both a value chain and a company's center of gravity.
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26. Describe, in detail, the four basic elements of strategic management.
Environmental scanning refers to the close and continued observation of an organization's internal and external environments, with the objective of identifying threats and opportunities. A manager might notice there is an increase in employee complaints from a specific department. An investigation may reveal that absenteeism is highest in this department compared to the company overall. The manager may find that the absenteeism is concentrated in the employee pool which report to the same supervisor. Through environmental scanning, the manger pin pointed a problem between a supervisor and the subordinates and created an opportunity to address the problem and possibly eliminate a threat to the organizational well being by taking action to remedy the situation before it had a major negative impact. This is an example of scanning the internal environment for threats. An example of scanning the internal environment for opportunities would be when a manager consciously looks for leadership qualities in employees and then attempts to foster the qualities through delegation, thereby capitalizing on human resources within the organization and empowering employees while inspiring those employees who wish to undertake more prominent role within the organization. External scanning is usually focused on the market, in terms of customers and trends. This is where most opportunities to expand the market come into play. External threats usually come from government regulations and competitors in the same industry seeking to gain market share.
Formulation of strategy is undertaken to define an organization and its uniqueness in its industry. The mission statement defines the strategy of the organization. Though there may be numerous competitors providing the same good or service, each company will approach the delivery of the goods or services differently as priorities will be different. For instance, one company may state their intention to provide the best after sale service for the product and another company stresses the innovation they bring to the industry and product, another company producing the same product as the others two, may use the strategy of offering the widest variety of the product. Each company has formulated a different strategy to meet the same end.
Implementation refers to a company's actions toward fulfilling the mission or strategy. If a company states it's customer service will be the best in the industry, then they would take concrete steps to fulfill this intent by ensuring hiring practices include some measure of the employee to deliver good customer service, they may also introduce customer service training for employees and outsource their customer service department so they can have a 24 hour service hot line. These are examples of the implementation of the mission and strategic plan.
Evaluation is the review of the effectiveness of the implementation of the strategic ...
As a result of the ENRON and WORLD COM scandals and the revelation that the auditors were deliberately reporting misinformation and not reporting damaging information about these companies because the auditors were being paid by those paying for the audit, The Sarbanes-Oxley Act was born. The fact that the companies were public traded and their financial reports were directly correlated to their stock value, served to ...