Assignment: Business Policy and Strategy Unit I Assessment
1. Distinguish between the concepts of mission and vision. Provide examples in your explanation.
2. Describe the strategic management process, and include how it is used by organizations.
3. Are "strategic management" and "strategic planning" synonymous terms? Explain.
4. Colleges and universities, like all business, have strengths, weaknesses, and competitors. What would you consider to be an online university's internal strengths and weaknesses? Why? Also, who would you say are the competitors to online universities? What are three external opportunities and three external threats?
5. Within this unit, we discussed how businesses may need to adapt to changing times in order to stay competitive. Their initial practices may have worked well previously, but may not serve them well in the long term. The newspaper industry is one that may face extinction. Explain why they may need to rethink their business strategy, and provide some advice on possible strategic management changes. Be specific to include goals/objects, strengths, and weaknesses.
Your response should be at least 200 words in length.
Course eTextbook: David, F. R., & David, F. R. (2015). Strategic management: A competitive advantage approach, concepts and cases [VitalSource Bookshelf version] (15th ed.).