lo.docx
Two part HW, Part 1: Learning Objectives need 1.5 pages answer; Part 2: Discussion Question (need 1.5-page answer)
Only use the pdf I provided as a reference! ! ! !
Your answers must be relevant to the textbook. The answers are easy to find under each chapter (pdf), just use some words and explanations from the textbook. Also, you must write down the page number (where the topic came from) after your answer.
ALL answers should from your own words or the textbook.
Learning Objectives Chapters 1-2
CH.1 What Is Strategy and Why Is It Important?
LO 1 What we mean by a company’s strategy.
LO 2 The concept of a sustainable competitive advantage.
LO 3 The five most basic strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage.
LO 4 That a company’s strategy tends to evolve because of changing circumstances and ongoing efforts by management to improve the strategy.
LO 5 Why it is important for a company to have a viable business model that outlines the company’s customer value proposition and its profit formula.
LO 6 The three tests of a winning strategy.
CH. 2 Charting a Company’s Direction Its Vision, Mission, Objectives, and Strategy
LO 1 Why it is critical for company managers to have a clear strategic vision of where a company needs to head.
LO 2 The importance of setting both strategic and financial objectives.
LO 3 Why the strategic initiatives taken at various organizational levels must be tightly coordinated to achieve companywide performance targets.
LO 4 What a company must do to achieve operating excellence and to execute its strategy proficiently.
LO 5 The role and responsibility of a company’s board of directors in overseeing the strategic management process.
Discussion Question (CH 1-2) (need 0.5-page answer)
Defend the need for clear operating policies in an organization and include in your discussion how “organizational practices” sometimes supersede the “written policies” of an organization. Describe how this might hinder the implementation of a strategic goal.
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