The key reasons that an organizationshould adopt planning and strategicmanagement are to1/develop a competitive advantage,decrease costs, and increase synergy2/provide direction and momentum,encourage new ideas, and develop asustainable competitive advantage3/develop MB0, encourage new ideas, <and increase profits4/provide direction and momentum,Increaseorganizational diversity, and decreasecostJo 11:07 /GIF ls JI

Strategic planning refers to the process in which the manager tells about his vision for the future…

Answered: The key reasons that an organization…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Due to Covid-19 many organizations worked hard to continue serving the same clients by offering the same product or service, maintaining market share, and sustaining the organization's current business operations, these organizations followed a ________ strategy. stability turnaround renewal growth retrenchment
4.1) Creating a sustainable competitive advantage may be the most important goal of any organisation and may be the most important single attribute on which each business must prioritise. Explain the importance of managing information for sustaining competitive advantage.
You must choose a fast food chain or analyze K. F. C. critically from a strategic standpoint for this topic. For your information, the analysis should cover the following topics and be sent to the CEO of the company. 1. Give a brief description of the organization and mention its mission, vision, and basic values.2. Next, use PESTLE analysis to critically examine how the organization's macroenvironment is affecting it.3. Use Porter's Five Forces Analysis to determine the competitive environment.4. Use the Value, Rare, Imitability, and Organizational Support (VRIO) framework to assess the organization's strategic capabilities.5. Analyze the organization's current plans critically and offer a variety of workable, alternative future strategies that could be adopted by the company. To create strategic possibilities, you must use the Ansoff matrix and Porter's framework for generic strategies.
Pete Fader introduced customer centricity with several examples in practice in his TED talk. Which one of the following statements about the customer centricity and his talk is NOT correct? A) Many firms are seeing customer centricity as a credible and desirable enterprise-wide strategy. B) Customer centricity can be also applied to other areas including new product development, incentivizing salespeople, corporate valuation and healthcare services. C) Customer centricity can be a good supplement and/or alternative for corporate valuation in stock markets: Bringing in some understanding of how customers behave and how they differ from each other and breaking down their behavior into the components of their life time values, we can have a good estimate of the financial value of a company. D) The key to customer centricity is to identify differential values of customers and serve all of the customers equally by paying more attention to less valuable customers.
What is the order of importance for a company from your perspective? - Customer - Process - System - Team - Investor - Sales - Profit
Mission statement should be: Select one: a. product-oriented b. market-oriented c. technology-oriented d. goods-oriented e. organization-oriented
Three (3) reasons each why businesses should use cost leadership, differentiation and focus strategy to gain a competitive advantage?
1. Is being a market follower a good competitive strategy? Discuss the advantages or disadvantages of being a market follower and the factors to consider when pursuing this strategy. 2. Discuss the need to understand competitors as well as customers through competitor analysis.
Suppose you have been appointed as the CMO (Chief Marketing Officer) of Walton Bd (the electronic giant of the country) and the management wants you to give a presentation on the strategies you will follow for minimizing the strategic planning gap of the company. So what strategies will you include in your presentation ? Relevant examples will be appreciated. *
1. Guided by the elements in making an effective mission statement, think of a business that you want to put up someday and formulate your own statement of mission. 2. Describe the marketing strategy process.
Multiple choice 4.0 The entrepreneurial process involves the following A opportunity B Resources C leadership and team D All of the above 5.0 Which of the following represents the entrepreneur school of thought A The entrepreneur B The Business environment 3 C The enterprise D the strategy 6.0 which of the following is not a challenge for SMEs sector? A lack of access to finance B lack of opportunities C Lack management skills D Lack of access to markets

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