Question 1

Why is it important for today's managers to think in terms of strategic management instead of simply in terms of strategic planning?

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Question 2

Describe how social media is impacting business managers advertisers today.

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Question 3

Which of the three basic types of forecasts 3/4 event outcome, event timing, and time series 3/4 would be appropriate for estimating the price your main competitor will charge for its key product one year from now?

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Question 4

Define the different kinds of synergies that can emerge in organizations and provide an example of each.

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Question 5

How does the ecosystem concept apply to business? What is its major contribution to modern strategic thinking?

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Question 6

You are a management consultant, and a soft drink company executive has asked which of Porter's generic competitive strategies would be appropriate for establishing a new colorless cola drink nationwide. Which strategy would you recommend? Why?

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Question 7

You are a member of your company's strategic management taskforce and you have been assigned to prepare a SWOT analysis. Explain what a SWOT analysis and how it relates to the strategic management process. Select a company that you are familiar with and complete a brief SWOT analysis.

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Question 8

What is the proper sequence of steps in the four-step strategic management process?

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Quiz 7: Strategic Management: Planning for Long-Term Success