1. Why does crafting strategy have a strongly entrepreneurial character?
Courtney (2) notes that in a rapidly changing environment, this year’s indicators are not a good measure of what will happen in the future. Instead, there is a need to develop foresight. This involved looking to the future and spotting potential opportunities and potential threats before they are actually present. This is entrepreneurial in the sense that it involves looking to the future and seeing things before they are actually present. Crafting strategy also involves a new approach to business where the focus is on managing and risk and choosing the best kind of action, while there remains a level of certainty.
These aspects of crafting strategy have a strong entrepreneurial character. Finally, crafting strategy requires vision and creativity. It differs from traditional management strategies because there are no certainties. Organizations cannot simply accept the environment as it is and aim to preserve the status quo. Organizations have to accept continual change, expect continual problems and challenges, and be innovative and creative in addressing these challenges. This need for innovation and creativity also has a strong entrepreneurial character.
2. What managerial purpose does the establishment of long-term objectives have?
Long-term objectives are necessary to ensure that the organization is aware of what it wants to achieve. They focus the organization on its goals and provide a means of defining the desired outcome. Long-term objectives are also important because they are used to measure current and possible actions against. For example, the decision of whether or not to take a certain action can be based on whether or not it will help the organization achieve its goals.
One of the other important points regarding long-term objectives is that they define the desired end-point, but do not define how that end-point is achieved. This means that the organization knows where it is going, but has the flexibility to adapt to the environment to determine how to get there. In this way, long-term objectives are important because they are a fixed point that guides the organizations toward its goals.
3. Competitive markets are economic battlefields. True or False. Explain.
Competitive markets are economic battlefields. Thompson and Strickland note that in competitive markets, organizations constantly compete against each other in an attempt to gain advantages. One reason this is considered a battlefield is simply due to the competing. Another reason this is considered a battlefield is that organizations are competing to win the same thing, namely the consumer dollar. The third reason this is considered a battlefield is that a win by one organization means a loss for another. That is, for every consumer dollar that an organization wins, that is one less dollar going to a competitor.
The next consideration is why it is considered an economic battlefield. The basic answer could be that organizations are competing to gain money, but there is more to it than this. It is also an economic battlefield because organizations win by improving economically. For example, if a manufacturing organization can find a way to produce a product for less money, they can pass this saving onto the consumer, and gain more consumers by having a lower price. Even if the price remains the same, organizations can benefit another way by producing the product for less, because they can invest that money into improving the product. The improved product then becomes the method by which they win the consumer dollar.
Another important point is that winning economically often has future benefits. An organization that is winning the battle to win consumers will have more profits and these can be used to improve processes or products to provide even more future gains. Gains are also often made because their volume of trade increases. For manufacturers, they gain via economies of scale, where the more products that are made, the lower the cost becomes per product. The volume of trade can also give organizations more ability to negotiate with suppliers, partners, and retailers.
The end result is that an organization winning the economic battle will often gain benefits that will allow it to improve economically even more. Returning to the battlefield idea, this can be considered as one army losing soldiers and become weaker, while the other army gains them and becomes even stronger. As the balance swings, the stronger side continues to increase in strength, forcing the weaker side out.
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