Homework
Answer the following questions...
• Why is strategic planning important to a small company?
• What is a competitive advantage? Why is it important for a small company to establish one?
• What are the steps in the strategic management process?
• One Business writer says, "The text of a mission statement is what you do with it after you put it in place." What does she mean? Do you agree? Explain.
• "Our customers don't just like our ice cream," write Ben Cohen and Jerry Greenfield, co-founders of Ben and Jerry's Homemade Inc. "They like what our company stands for. They like how doing business with us makes them feel." What do they mean?
• What are strengths, weaknesses, opportunities, and threats? Give an example of each.
• Explain the characteristics of effective objectives. Why is setting objectives important?
• What are business strategies? Describe the three basic strategies available to small companies. Under what conditions are each successful?
• "It's better to be a company with a great strategy in a crummy business than to be a company with a crummy strategy in a great business," says one business expert. Do you agree? Explain.
• Explain how a company can gain a competitive advantage using each of the three strategies described in this chapter: cost leadership, differentiation, and focus. Give an example of a company that is using each strategy.
• How is the controlling process related to the planning process?
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.