You are to do any 15 out of the 20 questions. The finished paper must be in MBA level format—with a header sheet, single-spaced printed, double space between question answers, and must look “professional.”
1. Your career should be your number one personal strategy concern.
(a) How developed is your strategy to manage your career? Do you have written goal, objectives, milestones? Have you given very detailed thought to where you want to be and what you hope to accomplish in your career? Have you ever thought of career development as a strategic planning exercise?
(b) Should a person make the strategic plan very detailed? Why or why not?
(c) Would you describe your career strategy in college to be more deliberate or emergent? Justify your responses—don’t just say “yes” or “no” or give a one or two-word response.
2. Consider yourself a working employee at a job that you really like and want to make a career.
First write a description of what the job is about—what you would be doing from day to day, what products or projects you would be handling, what departments and other employees you would interact with, what performance indicators would apply to that job, and any other important aspect of the job. Write up a goal statement for that job. Then, do a SWOT analysis of yourself that could prove to your boss that you are the perfect person to occupy that job position.
3. Think about the best and worst companies you visit (such as dine at) or whose products you use regularly. What is extraordinarily good (or extraordinarily bad) about these firms? Are their strategies clear and focused or difficult to define? Which business seems to have the most successful business model? What makes its business model work? As you identify something, write two or three sentences for each response you make. Summarize how your response is visible or can be heard, or tasted, or smelled, or felt at the place where you interact with the firm—in other words, support your answer with a description of what it is that gave you reasons to choose that item to mention. Do not simply list two or three word identifiers under each part and leave it to your reader to fill in your ideas.
4. Define each of these terms and then respond to the request to Give, or Describe, items that contribute to the validity of your response. . Be sure tto answer any question shown for the term you defined.
- Strategic Management: What does a firm do when it practices this type of management activity?
- Strategic Plan: What might go into such a plan—what might be the parts of such a plan?
- Business Model: What does this mean to a financial planner, to a product planner, and to a marketer?
- Economies of Scale: When does this favor small firms? When does it favor a large firm?
- Intended Strategies: Are there any special acts a firm might commit when using an intended strategy that it would not otherwise use?
- Emergent Strategy: Give an example of how a firm might formulate this
- Realized Strategies: How does this make itself apparent in the real world? How does a firm determine that it is operating under realized strategies?
- Non-realized strategy. Give an example of how a firm might formulate this.
5. In what ways are the strategic management of business and military strategy alike? In what ways are they different? How would you describe China’s current strategy in the Far East and how would you describe America’s current strategy in the Far East?
6. Compare two types of goal structures: The SMART goal written about in the textbook and the Four part (I. Summary, II Sigma A; III MO; IV Measures of Success) goal covered in class and in a handout. In what ways are they alike and what ways are they different? Which is more likely to be helpful in setting out what a group leader wants to accomplish and in guiding the subordinates to perform their jobs the way the group leader wants them to do so? Justify your answer—this is not simply your naming one or the other and leaving it at that.
7. The mission of the University of Illinois is as follows: The University of Illinois will transform lives and serve society by educating, creating knowledge and putting knowledge to work on a large scale and with excellence. How helpful to employees is this type of statement? How helpful to the university’s employees in doing their jobs or making plans, etc.? How does it help college faculty and other staff members in dealing with students? Respond with a statement of your judgement about how much or how little it helps and tell why you judged as you did. Tell how you might frame the mission differently or why you would keep it as it is if you think it is excellent, etc.
8. You own a McDonald’s franchise. You decide to do a PESTEL analysis of your business that is located on Broadway and W. 72nd Street in Manhattan, New York City. For each of the six elements, write at least a paragraph for each element and tell how that element influences the operation of your business.
9. Use Porter’s Five Forces Analysis to analyze an industry in which you might like to work in the future. Discuss the implications your results may have on the salary potential of jobs in that industry and how that could impact your career plans? Discuss why your doing a Five Forces analysis for a firm that you might want to work for could be either a: 1) worthless exercise; or 2) very good one.
Support why and how you might think it is either (1) or (2).
10. What is Resource-based theory? How can it be used to explain a firm’s success or failure by using McDonald’s Restaurants as an example.
a) Make a list of the four characteristics in Resource-based theory. Then, for each characteristic, discuss how the theory explains McDonald’s success or failure in the U.S?
b) Next, make the list for China and explain how each characteristic explains McDonald’s success or failure in that country.
c) Next make the list for India and then explain what the company does to make itself successful (or why it is a failure) in that country.
d) Make the list for any other country in the world and then explain what the company does to make itself successful (or why it is a failure) in that country.
11. What is Intellectual Property? What are the four main types of intellectual property? Define or explain each type of property. For each type of intellectual property, provide an example of a company or product that is protected against competition using that type of intellectual property classification. In other words, mention a company that uses the first classification of property type you identified. Then mention another company that uses the second type of classification. Then the same for the third type of classification. And then mention a company for the fourth type of classification. When you mention the company, provide a sentence describing its main product.
12. What is a value chain? Please choose a product that you are familiar with—that you have a reasonable idea of how it moves from origin (where it is built, etc.) to its final termination of its life.
Assume, for this product that you can refurbish it or recycle it when it reaches its end of usefulness. Tell how processing might be done to put the product or its plastic or metals or other components might be reused and come back onto the market place in new or refurbished products. Finally, discuss how the product existence might be terminated when its uses are totally finished. Even the pieces of materials in it cannot be further processed.
13. When executing a business level strategy, a firm must not become stuck in the middle between viable generic business level strategies by neither offering unique features nor competitive pricing. Define generic business strategy
Define competitive pricing