MGMT 650 Final Examination Solution
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- A clearly written goal statement can be of enormous benefit to a company in many ways.
(15 points)
In order to get the best execution
of its goals, a firm must get its employees to internalize those goals as
opposed to just acting on their own interpretation of them. Employees,
especially on the “front lines of selling,” frequently need to make decisions
that require they interpret the goals of management.
Internalizing means that the people
who must accomplish the goal:
- a) Memorized the goal
- b) Understand what the firm wants to accomplish
- c) Completely understand what management is seeking to
accomplish
- d) Know how to behave to contribute to that accomplishment.
When employees do not internalize,
and management does not know they did not understand the goal, did not
understand how to act to meet that goal, then the results turn out to be far
from what management wants.
HERE IS A CASE FOR YOU TO Analyze in
Parts (a) and (b) below:
An appliance and TV department
store’s Top Management wants to maximize its market penetration (market share)
for large TV sales in a large city. They feel that a good way to sell as
many sets as possible is to encourage people to buy on credit and take the set
home even if they are unsure of whether or not they can really afford such a
large purchase.
Top management orders employees to
encourage people to buy and take home anything that the shopper is unsure is
about. Management tells employees to inform customers to Try the
set at home and if you don’t like it, you can return it within three days for a
full refund.
Management hopes that only a small
percentage of the buyers would actually return the sets for a refund—once they
got the set home, they would be unwilling to give it up and return it.
(This strategy works fabulously well for selling women’s clothing.) Thus,
the store would achieve higher market penetration in the sales of the largest
TV sets. This, in turn, would give the store leverage over the supplier
of the TV sets; the store would get better prices on all its TV wholesale
pricing.
After implementation, what
frequently happened on the sales floor of the store was the following:
When a big football game weekend arrived, many shoppers bought the largest TV
sets in the store that they actually could not afford. The shoppers would
purchase the TVs, take them home for the weekend of the football game, and
return them to the store on Monday morning.
After this happened a couple of
times, one employee sales person told himself that, in the future, he would
question people closely on how much they really wanted to buy such a big
expensive set,
whether they had the money to pay,
and how long they expected to keep such a set. When his evaluation of a
customer’s responses was that they were buying the set for a single use (over
the day of a big game and then expecting to return it), he would inform the
prospective buyer that “This set is non-returnable.”
The employee felt that he was
protecting the store even though many purchasers were walking out of the store
and then purchasing from the competitor seller down the street.
- Set up the company’s market penetration goal using the
goal format of this class: A Goal has four parts: I. Summary
Statement, II Sigma Accomplishments; III Modus Operandi; IV Measures
of Success. Use no more than a few short phrases for each of the
parts of the goal. You do not have to write an overall company
goal—just one that applies to the store’s campaign to increase market
penetration for its TV sets. Your statement should guide your
salespeople in carrying out the management’s aim to get people to take the
sets home.
Frame the goal top management should
express to the sales’ people regarding TV sales market penetration. You
want to provide more guidance to the personnel carrying out the goal so that
they think as well as act in alignment with top management’s desire to achieve
higher penetration of the large TV set market. You are to help management
more effectively channel the thinking of TV sales personnel about what
management wants to accomplish.
- After you frame the goal, answer the following
questions:
You are the sales manager of the
store’s TV department. When you discover what the employee is doing,
should you correct him, or should you adopt his modus operandi for all the
other sales personnel in the department? How would you make that
decision? Explain and Justify your answer.
_____________________________________________________________________________
- A) What
are the three reasons that the environment matters in strategic
management?
- B)
Explain how PESTEL analysis is useful to organizations.
- C)
Explain how Porter’s Five Forces might be useful to an organization.
____________________________________________________________________________________
3
A) Define the four characteristics of resources that lead to
sustained competitive advantage as mentioned in the resource-based theory of
the firm. Name each characteristic and in a sentence or two describe what
each of them is.
- B) What
are the differences between resources and capabilities?
Mention what might be a typical resource that would be of concern to a
corporate executive and what might be a common capability that the
executive would seek to improve in a company?
- C)
Explain the difference between tangible and intangible resources. Supply
an example of each.
____________________________________________________________________________________
- Give a definition of what is meant by each of the
following:
- Focused Cost Leadership
- Product or Service Differentiation
- First-mover advantage
- Disruptive innovation
- A foothold
- A blue ocean strategy
- Bricolage
- Competitive advantage
___________________________________________________________________
- Risk Definitions
What is meant by each of the
following types of risk a company could have —you are to define each of
them and give an example for each of them.
- Business risk
- Political risk
- Economic risk
- Cultural risk
- Leadership Question
Examine stories and news articles
from The Wall Street Journal. Examine the history of Yahoo, the
internet company and Marissa Mayer, its chief executive officer. Answer
the following questions a,b,c,d,e, about her leadership or failure. Your
five question responses should enable the reader to judge whether she
demonstrated outstanding or terrible leadership and what strategic mistakes, if
any she made?
Your answer should be not more than
approximately 500 words total. That means two or so sentences maximum for
each part below. Don’t discuss trivial items. Try to analyze
important and meaningful elements. Do not discuss your specific answers
with anyone else, so there will not be any reason for your paper looking like
that of another student in the class. Footnote your reference sources
in proper footnote form.
Use two or three sentences to write
up each of the following points:
- Why do you think it is worthwhile (or not worthwhile)
examining the leadership of Ms. Mayer?
- What did she seek to do when she became chief executive
of the firm—that is, what would you say was her overall strategy for the
firm?
- What did she actually accomplish?
- How did her accomplishments (or failure to accomplish)
help the firm or damage the firm?
- e.
What would you suggest the firm’s future course of development should
be—its future strategy?
______________________________________________________________________________
- ROI and the MBA
Go back to the time when you first
decided that you would invest in yourself to get the MBA degree. You are
trying to estimate the Return on Investment that you expect from taking
your MBA at University.
You are to set up the problem by
establishing a reasonable career planning-horizon.
You will need to make reasonable
estimates of your total costs of taking the program and their timeline.
Then continue your analysis by
setting up what you expect to earn as a result of taking your degree.
This is a differential analysis
problem, you have to establish a flow of expected differential revenues from
two streams of income producing activities.
One stream of NATCFs would come from
a job that you take at time zero without taking the degree.
The other NATCFs would come from
investing in the degree and the earning stream you expect to have with the
degree.
You would then work with the
differentials to determine the differential ROI for earning the degree.
What is your expected differential
ROI?
Work out the problem on Excel:
Formulate it and prepare it with all Givens, Required analysis, and all steps
of the analysis neatly and professionally laid out. Handwritten solutions are
not acceptable. Show your timeline.
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