Homework: Business Policy and Strategy
For this homework I need you to answer each of the following questions below with the minimum word response required (or more) beside each question. The following response to each question must go on a word document.
I. What is the difference between long-range planning and strategic planning? Explain your answer.Your response should be at least 75 words in length.
II. Are "strategic management" and "strategic planning" synonymous terms? Explain.Your response should be at least 75 words in length.
III. Distinguish between the concepts of mission and vision. Provide examples in your explanation.Your response should be at least 75 words in length.
IV. 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? Your response should be at least 200 words in length.
V. 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.
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.