Answered: 1. Strategic management is said to be…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Strategic management is said to be ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Explain with examples the concepts of company vision, mission and objectives. 2. As the manager of Lulu hypermarket in Oman, you are required to analyze the competitive environment and strategic dilemma created by the recent COVID-19 pandemic in terms of the changing market trends and technological advancement and describe how to attain strategic fit. 3. As the chief strategist of a manufacturing company in Oman, evaluate the cost leadership business strategy against the differentiation strategy in terms of how well it helps the company gain a competitive advantage. 4. Explain the concept and significance of strategy evaluation and control in light of the series of business-functional activities involved in strategy implementation. Utilize a straightforward flowchart to illustrate the process of strategy evaluation and control. 5. With appropriate examples, explain the Porter's five forces model of competition. 6. The External Factor Evaluation (EFE) matrix and Internal Factor Evaluation (IFE) are strategic-management tools often used for the assessment of current business conditions. Use the following information to visualize and prioritize in the both EFE and IFE matrices the opportunities, threats, strengths and weaknesses that a business is facing. A large customer parking area An increase in government tax Decline in unemployment rate Economic crisis Good customer service High maintenance costs Increase in the population Increased customer loyalty Largest manufacturer in the market Limited access to the international market Little diversification Loyal employees Major competitor has excellent potential growth New expensive technology development New tax imposed by government New taxes related to products Potential for diversification into complementary products Supplier on-time delivery decreased Technical support personnel have MIS college degrees The turnaround production cycle decreased by 5 hours 7. As the chief strategist of a manufacturing company in Oman, compare the differentiation strategy to the cost leadership business strategy based on the extent to which each contributes to the company's competitive advantage. 8. It is said that structures follow the strategy of a company; explain with an appropriate example how strategy shapes structure. 9. ABC Ltd is a company that has grown eleven times its size in the last five years. The company is facing difficulty in managing things with the increase in size. Many a time, the functional level is not in sync with the corporate level. What would you like to advise the company, and why? 10. Explain, with examples, the key concepts of organizational staffing as they relate to matching staffing to strategy implementation. 11. Examine the relationship between business strategy, ethics, and social responsibility.

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