Answer any 5 of the following questions:
1. In your opinion, what is the single major benefit of using a strategic-management approach to decision making? Justify your answer.
2. Explain why a mission statement should not include monetary amounts, numbers, Percentages, ratios, goals, or objectives.
3. Identify a recent economic, social, political, or technological trend that significantly affects the organization of your choice.
4. Give two examples of staffing strengths and two examples of staffing weaknesses of an organization with which you are familiar.
5. Give recent examples of market penetration, market development, and product development and explain their strategies in detail.
6. In a BCG Matrix, would the Question Mark quadrant or the Cash Cow quadrant be more desirable? Explain. List four limitations of a BCG Matrix.
7. If you owned and opened three restaurants after you graduated, would you operate from a functional or divisional structure? Why?
8. If you owned a small business, would you develop a code of business conduct? If yes, what variables would you include? If no, how would you ensure that ethical business standards were being followed by your employees?
II. Foreword
You may choose any organization of your choice for this assignment. It should be based on your current employer/business or a business with which you have had some recent exposure and with which you are familiar.
Your task
- Identify the Vision and Mission statements of your own company or for any organization of your choice and analyze if the 9 components of the mission statement are fulfilled. If not identify the missing component and frame an ideal mission statement for the company.
- Conduct the SWOT analysis and evaluate the internal - Strength and Weaknesses and external - Opportunities and Threats of your organization.
- Identify the Short term, Medium term and Long term objectives of your organization or organization of your choice.
- Highlight strategies to be implemented to accomplish the above mentioned objectives.
- Underline the potential challenges you may face while implementing your suggested strategies.