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Management
Fourteenth Edition
Chapter 9
Making Decisions
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Learning Objectives
9.1 Define strategic management and explain why it’s
important.
9.2 Explain what managers do during the six steps of the
strategic management process.
Know how to identify your own personal strengths and
weaknesses and deal with them.
Develop your skill at strategic planning.
9.3 Describe the three types of corporate strategies.
9.4 Describe competitive advantage and the competitive
strategies organizations use to get it.
9.5 Discuss current strategic management issues.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
What is Strategic Management?
• Strategic management: what managers do to
develop the organization’s strategies.
• Strategies: the plans for how the organization will
do what it’s in business to do, how it will compete
successfully, and how it will attract and satisfy its
customers in order to achieve its goals
• Business model: how a company is going to
make money
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Why is Strategic Management Important?
• Has a positive impact on performance
• Helps managers decide how to act in face of
change and uncertainty
• Helps complex and diverse organizations work
together
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 9-1
Strategic Management Process
Exhibit 9-1 illustrates the six-step process of strategic management, which encompasses
strategy planning, implementation, and evaluation.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Step 1: Identifying the Organization’s
Current Mission, Goals, and Strategies
• Mission: the purpose of an organization
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 9-2
Components of a Mission Statement
Component
Question
Customers
Who are the firm’s customers?
Market
Where does the firm compete geographically?
Concern for Survival,
Growth, and Profitability
Is the firm committed to growth and financial stability?
Philosophy
What are the firm’s basic beliefs, values, and ethical
priorities?
Concern for Public Image
How responsive is the firm to societal and
environmental concerns?
Products or Services
What are the firm’s major products or services?
Technology
Is the firm technologically current?
Self-Concept
What are the firm’s major competitive advantage and
core competencies?
Concern for Employees
Are employees a valuable asset of the firm?
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Step 2: Doing an External Analysis
• Opportunities: positive trends in the external
environment
• Threats: negative trends in the external
environment
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Step 3: Doing an Internal Analysis
• Resources: an organization’s assets that are
used to develop, manufacture, and deliver
products to its customers
• Capabilities: an organization’s skills and abilities
in doing the work activities needed in its business
• Core competencies: the organization’s major
value- creating capabilities that determine its
competitive weapons
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
SWOT Analysis
• Strengths: any activities the organization does
well or its unique resources
• Weaknesses: activities the organization does not
do well or resources it needs but does not
possess
• SWOT analysis: an analysis of the organization’s
strengths, weaknesses, opportunities, and threats
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Step 4: Formulating Strategies
• Three main types of strategies managers will
formulate:
– Corporate
– Competitive
– Functional
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Step 5: Implementing Strategies
• No matter how effectively an organization has
planned its strategies, performance will suffer if
the strategies aren’t implemented properly.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Step 6: Evaluating Results
• How effective have strategies been at helping the
organization achieve its goals
• What adjustments are necessary?
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 9-3
Types of Organizational Strategies
Exhibit 9-3 shows the three types of strategies organizations use: corporate, competitive,
and functional.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
What is Corporate Strategy?
• Corporate strategy: an organizational strategy
that determines what businesses a company is in
or wants to be in, and what it wants to do with
those businesses
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
What Are the Types of Corporate Strategy?
• Growth strategy: a corporate strategy that’s used
when an organization wants to expand the
number of markets served or products offered,
either through its current business(es) or through
new business(es)
– Concentration
– Vertical integration
– Horizontal integration
– Diversification
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Stability and Renewal Strategies
• Stability strategy: a corporate strategy in which
an organization continues to do what it is currently
doing
• Renewal strategy: a corporate strategy designed
to address declining performance
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
How Are Corporate Strategies Managed?
• BCG matrix: a strategy tool that guides resource
allocation decisions on the basis of market share
and growth rate of SBUs
– Stars
– Cash cows
– Question marks
– Dogs
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Competitive Strategies
• Competitive strategy: an organizational strategy
for how an organization will compete in its
business(es)
• Strategic business unit(SBU): the single
independent businesses of an organization that
formulate their own competitive strategies
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
The Role of Competitive Advantage
• Competitive advantage: What sets an
organization apart; its distinctive edge
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Types of Competitive Advantage
• Quality
• Design thinking
• Social media
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Sustaining Competitive Advantage
• Porter’s Five Forces Model:
– Threat of new entrants
– Threat of substitutes
– Bargaining power of buyers
– Bargaining power of suppliers
– Current rivalry
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Choosing a Competitive Strategy
• Cost leadership strategy
• Differentiation strategy
• Focus strategy
• Stuck in the middle
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Functional Strategies
• Functional strategies: a strategy used by an
organization’s various functional departments to
support the competitive strategy
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
The Need for Strategic Leadership
• Strategic leadership: the ability to anticipate,
envision, maintain flexibility, think strategically, and
work with others in the organization to initiate
changes that will create a viable and valuable
future for the organization
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 9-4
Effective Strategic Leadership
Exhibit 9-4 shows the eight key dimensions of strategic leadership.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
The Need for Strategic Flexibility
• Strategic flexibility: the ability to recognize major
external changes, to quickly commit resources,
and to recognize when a strategic decision was a
mistake
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 9-5
Developing Strategic Flexibility
Technique
Encourage leadership unity by making sure everyone is on the same page.
Keep resources fluid and move them as circumstances warrant.
Have the right mindset to explore and understand issues and challenges.
Know what’s happening with strategies currently being used by monitoring and
measuring results.
Encourage employees to be open about disclosing and sharing negative
information.
Get new ideas and perspectives from outside the organization.
Have multiple alternatives when making strategic decisions.
Learn from mistakes.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Important Organizational Strategies for
Today’s Environment
• E-Business strategies
• Customer service strategies
• Innovation strategies
– First mover: an organization that’s first to bring
a product innovation to the market or to use a
new process innovation
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 9-6
First Mover Advantages and Disadvantages
Exhibit 9-6 shows the strategic advantages and disadvantages of being a first mover.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Review Learning Objective 9.1
• Define strategic management and explain why
it’s important.
– Strategic management is what managers do to develop
the organization’s strategies
– A business model is how a company is going to make
money.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Review Learning Objective 9.2
• Explain what managers do during the six steps
of the strategic management process.
1.
2.
3.
4.
5.
6.
Identify the current mission, goals, and strategies
Do an external analysis
Do an internal analysis
Formulate strategies
Implement strategies
Evaluate strategies
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Review Learning Objective 9.3
• Describe the three types of corporate
strategies.
– Growth strategies: concentration, vertical integration,
horizontal integration, and diversification
– Stability strategies
– Renewal strategies: retrenchment and turnaround
– BCG matrix
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Review Learning Objective 9.4
• Describe competitive advantage and the
competitive strategies organizations use to get
it.
– Competitive advantage
– Porter’s five forces model
– Porter’s three competitive strategies:
▪ Cost leadership
▪ Differentiation
▪ Focus
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Review Learning Objective 9.5
• Discuss current strategic management issues.
– Strategic leadership
– Strategic flexibility
– E-Business strategies
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Copyright
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Management
Fourteenth Edition
Chapter 10
Entrepreneurial Ventures
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Learning Objectives
10.1 Define entrepreneurship and explain why it’s important.
10.2 Explain what entrepreneurs do in the planning process for
new ventures.
Know how to think creatively about solving a common
problem.
Develop your skill for writing an executive summary for
effectively communicating novel ideas.
10.3 Describe the six legal forms of organizations and the
choice of appropriate organizational structure.
10.4 Describe how entrepreneurs lead organizations.
10.5 Explain how managers control organizations for growth,
downturns, and exiting the venture.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
What is Entrepreneurship?
• Entrepreneurship: the process of starting new
businesses, generally in response to opportunities
• Entrepreneurial ventures: organizations that
pursue opportunities, are characterized by
innovative practices, and have growth and
profitability as their main goals
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Small Business
• Small business: an organization that is
independently owned, operated, and financed;
has fewer than 100 employees; doesn’t
necessarily engage in any new or innovative
practices; and has relatively little impact on its
industry
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Entrepreneurship Versus Self-Employment?
• Self-employment: individuals who work for profit
or fees in their own business, profession, trade, or
farm
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Why is Entrepreneurship Important?
• Innovation
• Number of new start-ups
• Job creation
• Global entrepreneurship
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
The Entrepreneurial Process
1. Explore the entrepreneurial context
2. Identify opportunities and possible competitive
advantages
3. Start the venture
4. Manage the venture
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
What Do Entrepreneurs Do?
• No two entrepreneurs are exactly the same.
Generally, they:
– Create something new and different
– Search for, respond to, and exploit change
– Research feasibility
– Launch and manage new ventures
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Social Responsibility and Ethics Issues
Facing Entrepreneurs
• A study of small companies showed that while
95% said developing a positive reputation and
relationship in communities where they do
business is important, 70% admitted that they
failed to consider community goals in their
business plans.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Identifying Environmental Opportunities
and Competitive Advantage
• Sources of opportunity:
– The unexpected
– The incongruous
– The process need
– Industry and market structures
– Demographics
– Changes in perception
– New knowledge
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Researching the Venture’s Feasibility—
Ideas
• When exploring idea sources entrepreneurs
should look for:
– Limitations of what is currently available
– New and different approaches
– Advances and breakthroughs
– Unfilled niches
– Trends and changes
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 10-1: Evaluating Potential Ideas
Personal Considerations
Marketplace Considerations
Do you have the capabilities to do what you’ve selected?
Who are the potential customers for your idea:
who, where, how many?
Are you ready to be an entrepreneur?
What similar or unique product features does
your proposed idea have compared to what’s
currently on the market?
Are you prepared emotionally to deal with the stresses
and challenges of being an entrepreneur?
How and where will potential customers
purchase your product?
Are you prepared to deal with rejection and failure?
Have you considered pricing issues and
whether the price you’ll be able to charge will
allow your venture to survive and prosper?
Are you ready to work hard?
Have you considered how you will need to
promote and advertise your proposed
entrepreneurial venture?
Do you have a realistic picture of the venture’s potential?
Have you educated yourself about financing issues?
Are you willing and prepared to do continual financial
and other types of analyses?
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Feasibility Study
• Feasibility study: an analysis of the various
aspects of a proposed entrepreneurial venture
designed to determine its feasibility
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 10-2
Feasibility Study (1 of 4)
A. Introduction, historical background, description
of product or service
B. Accounting considerations
1. Brief description of proposed entrepreneurial venture
1. Pro forma balance sheet
2. Brief history of the industry
2. Pro forma balance sheet
3. Information about the economy and important trends
3. Projected cash flow analysis
4. Current status of the product or service
blank
5. How you intend to produce the product or service
blank
6. Complete list of goods or services to be provided
blank
7. Strengths and weaknesses of the business
blank
8. Ease of entry into the industry, including competitor
analysis
blank
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 10-2
Feasibility Study (2 of 4)
C. Management considerations
D. Marketing considerations
1. Personal expertise—strengths and
weaknesses
1. Detailed product description
2. Proposed organizational design
2. Identify target market (who, where,
how many)
3. Potential staffing requirements
3. Describe place product will be
distributed (location, traffic, size,
channels, etc.)
4. Inventory management methods
4. Price determination (competition, price
lists, etc.)
5. Production and operations
management issues
5. Promotion plans (role of personal
selling, advertising, sales promotion, etc.)
6. Equipment needs
blank
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 10-2
Feasibility Study (3 of 4)
E. Financial considerations
F. Legal considerations
1. Start-up costs
1. Proposed business structure (type; conditions, terms,
liability, responsibility; insurance needs; buyout and
succession issues)
2. Working capital requirements
2. Contracts, licenses, and other legal documents
3. Equity requirements
blank
4. Loans—amounts, type, conditions
blank
5. Breakeven analysis
blank
6. Collateral
blank
7. Credit references
blank
8. Equipment and building
financing—costs and methods
blank
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 10-2
Feasibility Study (4 of 4)
G. Tax considerations:
sales/property/employee; federal,
state, and local
H. Appendix: charts/graphs, diagrams,
layouts, résumés, etc.
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Researching the Venture’s Feasibility—
Competitors
• Potential questions include:
– What types of products or services are
competitors offering?
– What are their products’ strengths and
weaknesses?
– How do they handle marketing, pricing, and
distribution?
– How do they attempt to do differently from
other competitors?
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Researching the Venture’s Feasibility—
Financing
• Venture capitalists: external equity financing
provided by professionally managed pools of
investor money
• Angel investors: a private investor (or group of
private investors) who offers financial backing to
an entrepreneurial venture in return for equity in
the venture
• Initial public offering (IPO): the first public
registration and sale of a company’s stock
Copyright © 2018, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Exhibit 10-3
Possible Financing Options
Option
Entrepreneur’s personal resources (personal savings, home equity, personal loans,
credit cards, etc.)
Financial institutions (banks, savings and loan institutions, government- guaranteed
loan, credit unions, etc.)
Venture capitalists—external equity financing provided by professionally man-aged
pools of investor money
Angel investors—a private investor (or group of private investors) who offers
financial backing to an entrepreneurial venture in return for equity in the venture
Initial public offering (IPO)—the first public registration and sale of a company’s
stock
National, state, and local gov …
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