17. What are the elements of SWOT analysis? How would a firm use SWOT analysis in developing its' strategy? Provide an example.
18. Identify three systems managers may use to achieve control of the organization. Why are they useful in achieving control? Be specific.
19. The classic strategy model states "Build market share and profits will follow". Do you agree with this statement? Why? Why Not? Be specific.
20. Globalization impacts competition in many ways. Please discuss two of these.
Be Specific and provide examples.
21. There are several external factors that impact an organization and its strategy. Please discuss two of these. Provide examples of how they impact strategies.
22. What is a joint venture? Why would a firm follow this strategy? Discuss an example of a joint venture and why it was successful - or why it failed?
23. Porter states that "the essence of strategy formulation is coping with competition." Do you agree with this statement? Why? Why Not? Use examples. Be specific.
24. Discuss the differences between strategy formulation and strategy implementation. Give examples. Be specific.
25. "Strategic management should have no use in managing a firm since it has no practicality." Comment on this quotation bringing to bear issues from class discussions, your text, the simulation, and the cases.
17) SWOT stands for Strengths Weaknesses Opportunities Threats. Understanding a company's Strengths Weaknesses Opportunities Threats is the first step to understand itself and the competitive environment they find themselves.
Example: General Motors:
Strengths: brand name, dealer network, some great makes and models, well established company, good market share.
Weaknesses: High cost of manufacturing, financially weak, not nimble enough to respond to market changes, quality image problems, etc.
Opportunities: Expand into foreign markets, enter into the hybrid/electric car market, expand into the low-cost price points with new low cost cars, lower manufacturing costs by building more cars overseas in low cost countries.
Threats: Tremendous competition from a variety of car companies, especially Japanese, possible entry into the US market of low cost Chinese car companies, economic recession, high interest rates, high cost of gasoline, etc.
18) Three systems management may use to control a company are financial (budgets, etc.), processes and procedures (standard operating procedures, ISO documented procedures, etc.), and incentives (and threats) (bonuses based on certain deliverables, raises, promotions, demotions, and firings, etc.).
Financial controls are effective because no one can do just about anything without spending money. Everytime a someone wants to do anything that spends money they need to go through several layers of controls, signatures, etc. explaining and persuading each step of the way. Of course, this takes a lot of time; so, budgets are used, too. Managers can spend money but only within their budgets. If an activity is not budgeted for (a new hire, etc.), it just does not happen. Also, if, heaven forbid, a manager exceeds his budget, then all kinds of problems can occur including loss of job.
Established written processes and procedures, describes how one is to do most activities within the company. The best example of this is an ISO-certified company with documentation that describes how all activity occurs and a company is regularly audited to make sure they are following their own procedures. Another good example is during manufacturing, work instructions can include photographs and step by step isntructions how to assemble something. In this way, anyone new can come into the company read the manuals and know how to things in the company.
Incentives/punishment is another traditional way to control a company. People are motivated by these things. Bonuses to encourage people to acheive certain outcomes is a very effective way to control employee activity. This can be coupled with the stick to the carrot and with quarterly reviews or even more often, management can use the threat of demotion and firing to control ...
Three systems management may use to control a company are ...
Example of a SWOT analysis. They use the strategy to sell ... The two most obvious effects of globalization are ... strategy formulation and strategy implementation