Engaging Activities

Direction: Answer all the questions diligently, precise and concise.

2. Give 3 examples each of the 9 key terms in strategic Management?

Competitive Advantage
1. Innovation - The ability to develop a new approach that represents a leap
forward in a specific area.
2. Network impact - The network's effect is proportional to the number of people
who use a technology and the trend in product or service quality. It is difficult to
compete with a well-known social network with strong network effects.
3. Market power - For some market capabilities, the ability to influence market
value.
Most small competitors lack the ability to influence market prices. Large companies
in the merchandise industry have no effect on the price for niche competitive
advantage examples.

External Opportunities and Threats

External Opportunities
1. Be able to recognize the potential of new products that can be created
using emerging technology.
2. Increased demand.
3. Internet acceptance as a marketing tool and a medium for customer service.

External Threats
1. New technologies that may render your products or services obsolete.
2. Foreign markets with unstable political and legal systems.
3. new and existing competitors

Strategist
1. Managers
2. Board of directors
3. Chief executive officers

Internal Strengths and Weaknesses

Internal Strengths
1. Allows the organization to make better use of its resources.
2. Rapid response to customer inquiry.
3. A diverse set of people's knowledge and skills.

Internal Weaknesses
1. Communication and coordination between sections can be slow and
inaccurate.
2. Defining conflict from superiors reduces personal pressure and improves work
quality.
3. Managers of separate departments have limited decision-making authority
Vision and Mission Statements

Vision Statements
1. A world based on strong, long-term food service practices.
2. Every body is important, and every mind requires the same level of attention.
3. Connecting people to fashion that is low-cost to the environment.

Mission Statements
1. Committed to developing a dependable, affordable transportation system
for all.
2. To increase the usefulness of technology in our daily lives.
3. Developing a sustainable food service using natural and organic ingredients.

Long-term Objectives
1. Improve profit margins
2. Growth in sales
3. Growth in assets

Strategies
1. Automation - By automating work, you can improve speed, accuracy, and
quality while also lowering costs.
2. Delegation - A fundamental management technique that delegated authority
to subordinates. Responsibilities are accompanied by the necessary authority to
complete tasks.
3. Integration - Process, system, data, and user interface integration to achieve
goals such as process efficiency and risk reduction.

Annual Objectives
1. To gain a competitive advantage over our competitors through customer loyalt
y and pricing.
2. To increase revenue by 10% in the first year.
3. To double production and sales compared to the start of the first year.

Polices
1. Workplace Security Policies - To protect not only the people in an organization,
but also the physical and intellectual property. Policies may cover the use of ID
cards and the procedures for signing in a guest at a facility. A company laptop
or smartphone, for example, may need to be signed out.
2. Attendance and Time Off Policies - Rules and guidelines for employees'
adherence to work schedules. Attendance policies specify how employees may
take time off and notify superiors of an absence or late arrival.
3. Employee Conduct Policies - Specifies the duties and responsibilities that each
employee is required to follow as a condition of employment. Conduct policies
are in place to serve as a guideline for appropriate employee behavior, and
they cover topics such as proper dress code, workplace safety procedures,
harassment policies, and computer and Internet usage policies.