QUESTION #15.

How can firms ensure that their code of

business ethics is read, understood, believed,
remembered, and acted on rather than ignored?
A firm has several means to ensure that their code of business ethics is
being read, understood, believed, remembered, and acted on rather than
ignored, the firm can host periodic ethics workshops to reinforce their
code of business ethics and to sensitize people to workplace
circumstances in which ethics issues can arise. By allowing employees
to see examples of punishment for violating the code as well as rewards
for upholding them, can reinforce the importance of a firm’s code of
business ethics.
QUESTION #8 Identify six guidelines required while
conducting strategic management activities.
There are six guidelines required while conducting strategic
management activities which are:
1-Developing a vision and a mission
2-Identifying an organization’s external opportunities and threats
3-Determining internal strengths and weaknesses
4-Establishing long-term objectives
5-Generating alternative strategies
6-Choosing particular strategies to pursue
QUESTION #12 list four financial and four nonfinancial
benefits of a firm engaging in strategic planning.
The four financial benefits of a firm engaging in strategic
planning are listed below:-
1. Relevance
2. Profitability management
3. Liquidity monitoring
4. Solvency administration

Similarly, four nonfinancial benefits of a firm engage in

strategic planning are listed:-
1. Improves stability
2. Decrease Risks
3. Strong labor supply
4. Strengthens Brand management
QUESTION #12 what are the three activities that
comprise strategy evaluation? Why is strategy evaluation
important , even for successful firm?
Strategy evaluation includes three basic activities:
1) examining the underlying bases of a firm's strategy
(2) comparing expected results with actual results
(3) taking corrective actions to ensure that performance
conforms to plans.
Strategic evaluation is an important tool for assessing how well
your business has performed, relative to its goals. It's
an important way to reflect on achievements and shortcomings,
and is also useful for reexamining the goals themselves, which
may have been set at a different time, under different
circumstances. It is even important for a successful firm because
due to following reasons:-
1. Deciding the destination

Although the actual evaluation step takes place at the

end of the process, after goals have been reached or not, the
process of strategic evaluation starts at the beginning of the
process, with the step of setting the goals themselves . Effective
goals should be tangible steps that move your company toward
achieving its longer term mission and vision, such as improving
the environment, alleviating suffering or simply making money.
 2. Benchmarking your performance
Your goals provide you with criteria and benchmarks,
and the process of measuring your performance
involves taking a step back and assessing how
effectively your company has achieved its goals.

3. Steering a Better Course

If your business falls far short of meeting its goals, the strategic
evaluation process is an opportunity to reflect on why this has
occurred and to then take corrective action. If your company has
blown its goals out of the water, the strategic evaluation process
is an important opportunity for you to create a new set of goals
that will reflect your progress and challenge you in new ways.
QUESTION #13 What are the three stages in strategic
management? which stage is more analytical? which
relies most on empowerment to be successful? Which
relies most on statistics? justify your answer.
The three stages in strategic management are listed
below:-
1. Strategy formulation
2. Strategy implementation
3. Strategy evaluation