Strategic management
1. Compare strategy formulation with strategy implementation in terms of each being an art or a science.
2. Describe the relationship between annual objectives and policies.
3. Identify a long-term objective and two supporting annual objectives for a familiar organization.
4. Identify and discuss three policies that apply to your present business policy class.
5. Describe several reasons why conflict may occur during objective-setting activities.
6. Suppose your company has just acquired a firm that produces battery-operated lawn mowers, and strategists want to implement a market-penetration strategy. How would you segment the market for this product? Justify your answer.
7. Diagram and label clearly a product-positioning map that includes six fast-food restaurant chains.
Wendy’s, McDonald’s, Burger King, Taco Bell, Hardee’s, KFC
8. Explain how marketing, finance/accounting, R&D, and MIS managers’ involvement in strategy formulation can enhance strategy implementation.
9. Describe some marketing, finance/accounting, R&D, and MIS activities that a small restaurant chain might undertake to expand into a neighboring state.
10. In your own words, list all the steps in developing projected financial statements.