Instructions: Minimum of 125 words for each question with in-text citation and reference
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Strategic Management, Ch. 5: Strategies in Action
Question 1
What are the main factors that make up an effective strategic objective?
Question 2
"As the name implies, a differentiation strategy consists of creating differences in the firm's product or service offering by creating something that is perceived industry wide as unique and valued by customers. Differentiation can take many forms:(Dess 147)."
Reference
Dess, Gregory, Alan Eisner, G.T. Lumpkin, Gerry McNamara. Strategic Management: Creating Competitive Advantages, 7th Edition. McGraw-Hill Learning Solutions, 09/2013.
Question 3
"A focus strategy is based on the choice of a narrow competitive scope within an industry. A firm following this strategy selects a segment or group of segments and tailors its strategy to serve them. The essence of focus is the exploitation of a particular market niche. As you might expect, narrow focus itself (like merely "being different" as a differentiator) is simply not sufficient for above-average performance (Dess 152)."
Reference
Dess, Gregory, Alan Eisner, G.T. Lumpkin, Gerry McNamara. Strategic Management: Creating Competitive Advantages, 7th Edition. McGraw-Hill Learning Solutions, 09/2013.
Question 4
Explain when and why it is important for a company to globalize.
Question 4a
Does size and scope of a business change the global aspect? Explain.
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Marketing Planning: Organizational Objectives
Question 1
Watch the "Marketing Planning: Organizational Objectives" video.
Consider the following as you watch:
- Who is responsible for developing a company's goals and objectives?
Question 2
Being committed to diversity can benefit the strategic direction of the business based on the business world being diversified and it is effective to have people from various backgrounds, ethnicities and socioeconomics. Thoughts?
Question 2a
What is an example of a business challenged with strategic direction and what would your recommendation be to the business?