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

Imagine that you are the CEO of Biggies,a chain of family-style restaurants.You are interested in implementing the strategic management process in your restaurants.Summarize 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.

In order,the steps of the strategic-management process are

When Pablo and his partner wrote the mission statement for their fitness center,P&P Fitness,it did not include descriptions of their customers or the products and services they offer,because those descriptions belong in a vision statement.

Brilliante Pens,a 125-year-old pen manufacturer,markets very high-quality pens,many of which cost more than $1,000 each,to executives globally,always maintaining its reputation of superior value in its narrow market.Brilliante is using a cost-focus strategy.

Organic Foods International has decided to increase its market share by hiring a marketing rep to visit businesses in the area and invite their employees to shop at Organic Foods and attend monthly health events that take place at Organic Foods stores.Each of the individual stores has hired two new employees to handle the anticipated increase in customer traffic.Organic Foods is using a _____ strategy.

_________ is another term for a defensive strategy.

Organizational threats are an environmental factor that can hinder an organization's ability to achieve a competitive advantage.For example,managers may realize that the government is about to place restrictions on exports,which will limit the company's ability to sell its products overseas (which will in turn greatly reduce its profits).

Organizational opportunities in a SWOT analysis are

The three key principles of ______ are the creation of a unique and valuable position,trade-offs in competing,and creating a "fit" among activities.

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

The managers of a small bakery,Butter & Batter,decided to do a SWOT analysis to study the strengths and weaknesses within the organization and the external environment.A key benefit of conducting a SWOT analysis is being able to better formulate strategies in pursuit of the firm's mission.