Reference no: EM133075883

Business Policy and Strategy Questions

Question 1.

Some who study business may not become chief executive officers (CEOs) or work in upper management, so it is important to understand why strategic management matters to all members and layers of an organization. Considering this, why might strategic management be important to your field of study or chosen profession?

Question 2.

Does the current company you work for have a mission statement? If you do not currently work for a company, consider the last company you worked for. If there is a mission statement, do you think it is effective? If there is no mission statement, how would your company benefit from developing one?

Question 3.

The influence of social media is huge. In your own experience, how have you seen social media represent a major threat or opportunity for a company? What advice could you offer a company to overcome these threats or to take advantage of the opportunities presented by social media?

Question 4.

Imagine you are working for a company that has $1 million to spend on a new strategy and is considering market development versus product development. In this case, what determining factors would be most important to consider? What recommendations would you make to the CEO?

Question 5.

In this unit, we discussed the concept of market segmentation, which is defined as product positioning that subdivides the market to target specific customers. Identify a product that you have seen with either effective or ineffective market segmentation. Explain what makes the market segmentation effective or ineffective.

Question 6.

Suppose you are a leader responsible for an organization's vision/mission statements. How often do you think they should be changed? What are some reasons you might consider changing them?

Question 7.

You are opening your own small business and want to establish a culture of ethical behavior. What are some procedures you should implement to support an ethics culture?

Question 8.

Identify a strategic management skill that you learned or acquired in this course, and explain how you would apply it to improve success in your career in a real-world scenario.