BUS 475 Week 2 Discussion Question Worksheet
Reference: David, Fred R. & David, Forest R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts and Cases (16th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
Instructions: Minimum of 125 words for each question with in-text citation and reference
Strategic Management, Ch. 3: The External Assessment
What is an EFE matrix?
Briefly describe the primary and support activities in a firm’s value chain.
General administration is an essential part of the supporting activities of a value chain but also it is a source for an organization to have the competitive edge. Because it is a focus on factors such as planning, information system and activities that are for the entire value chain not just the individuals. Our textbook states general administration consists of a number of activities, including general management, planning, finance, accounting, legal and government affairs, quality management, and information systems. Administration (unlike the other support activities) typically supports the entire value chain and not individual activities.
Strategic Management, Ch. 4: The Internal Assessment
What effect do you think culture has on the development of a strategic plan?
Many firms neglect industry analysis. When does this hurt them? When does it not?
Chapter 4 of our class book provides us with the roles of knowledge in today’s competitive environment. In addition to physical assets, a company’s value is based in the knowledge, innovation and intellectual assets by a firm’s personnel. Wealth is increasingly created by effective management of knowledge workers (intellectual capital) over physical and financial resources (human & social capital, explicit and tacit knowledge). According to Dess, Lumpkin, Eisner, and McNamara (2014), the times have changed and today more than 50 percent of the gross domestic product (GDP) in economies that have developed is knowledge based.
Dess, G.G., Lumpkin, G.T., Eisner, A.B., & McNamara, G., (2014). Strategic Management: Creating Competitive Advantages (7th ed.). New York, NY: McGraw-Hill.
Strategic Management, Ch. 6: Strategy Analysis and Choice
What are some of the limitations of a SWOTT analysis?
Describe SWOTT analysis as a way to guide internal analysis. How does this approach reflect the basic strategic management process?