Question 1

Evaluate the following business idea using the VRIO framework: Your parents want to open a mobile pet-grooming company and they have asked you for your opinion about whether they should invest in the concept. They investigated the opportunity and found a vehicle that contains all the necessary equipment. Conduct a VRIO analysis and state your recommendation to your parents.

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Question 2

Utilizing the four elements of a SWOT analysis, develop a SWOT for a fast-food restaurant or diner.

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Question 3

You are the executive chef at an exclusive restaurant in Manhattan, New York. You want to know how your restaurant compares to others in the area. Describe how you would use benchmarking.

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Question 4

This question contains multiple parts; be sure to answer all of them.
First, define and explain strategic control.
Next, summarize Bryan Barry's suggestions for keeping strategic planning on track.
Finally, suppose you are the owner of a dog-walking service with eight dog-walkers on staff. Explain how you would implement each of Barry's suggestions.

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Question 5

Define and describe a trend analysis. How would a department store like Macy's or JC Penney's use a trend analysis?

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Question 6

This question contains two parts; be sure to answer each.
First, describe Porter's four competitive strategies, giving examples of companies that use each of the strategies.
Next, suppose you are CEO of Simply Paper, a company that produces reams of copy paper. Which strategy would you use, and why?

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Question 7

Imagine you are the CEO of Noodle Soup, a company that sells ramen noodles. Give an example of each of the five primary competitive forces in Noodle Soup's environment.

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Question 8

Explain the difference between a cost-leadership strategy and a differentiation strategy. Provide an example of a company that uses each type of strategy.

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Question 9

Explain how a company would utilize a diversification strategy (including a vertical integration strategy). Provide an example of a company that uses the strategy.

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Question 10

This question has two parts; be sure to answer both.
First, describe each of the three common grand strategies.
Next, provide an example of how a company (real or hypothetical) might execute each strategy.

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Question 11

Imagine that you are the CEO of Smiley's, a chain of family-style restaurants. You are interested in implementing the strategic-management process in your restaurants. Discuss the strategic-management process and explain how you would execute each of the steps and the feedback loop of the strategic-management process in your restaurant chain.

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Quiz 6: Strategic Management: How Exceptional Managers Realize a Grand Design