Short Term Strategic Management Solution Answer all the following questions: Resource-Based View
Short Term Strategic Management Solution
1. Briefly compare and contrast the following: i) Unique resources – Threshold resources ii) Cost drivers- value drivers iii) Resources- capabilities iv) Strategic fit- strategic stretch v) Market-based view- resource-based view vi) VIRO analysis- Financial ratio analysis 2. Can a core competence be brought in as a short-term strategic solution or does it have to be developed over a long term? Use examples to support your answer. 3. When is a company’s competitive advantage likely to endure over time? Support your answer with examples. 4. Explain by examples, the different types of linkages and how they can underpin sustainable competitive advantage Organizational Based View 1. How appropriate is the “Stakeholder Management “ in implementing successful strategies in dynamic markets? Illustrate your answer by giving examples. 2. What are the reasons for and consequences of “strategic drift”? Explain your answer by giving examples. Market-Based View 1. Briefly compare and contrast the following: i) Business strategy- corporate strategy ii) Competitive advantage- sustainable competitive advantage iii) Entry barriers- exit barriers iv) Consolidated industry– fragmented industry v) Growing industry- declining industry vi) Econ of scale – econ of learning vii) Market segmentation- strategic groups 2. What makes an industry fragmented? Can fragmentation be overcome? If so, how? Explain your answer by giving examples from various industries 3. What are the key problems in maintaining a competitive advantage in mature industries? What are the dangers associated with being a leader in mature industries? 4. Is the evolution of industry structure from an emerging industry to a mature industry to declining industry inevitable? why or why not?
Project Task
Using your (employed) organisation in Singapore, as a case study for this project and the customer service concepts that are shared in class such as RATER, service profit chain, etc. audit the level of service culture of the selected organisation.
Evaluate and present the company’s service culture. Some things that you can consider are:
• What are the company’s vision, mission, philosophy and values?
• What are its HR policies with regard to hiring, training, benefits and incentives, etc.?
• How do they measure customer satisfaction? What metrics, if any, do they use?
• What is the organisation’s service strategy?
• What is/are the customer experience(s)?
• How does the organisation’s service culture set it apart from its competition?
• Analyse and make recommendation(s) of how to improve the service culture.
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(Please pick a specific supervisory or management issue in a company or organization for the topic) Executive report directed to the attention of the CEO. Research on other similar companies that have delt with the issue or issues must added. Conclusions and recommendations on how to resolve issues within the company along with sources for research on the companies and the conclusions and or recommendations.
Use at least three (3) quality references Note: Wikipedia and other related websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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Management Safety of Employees I think every organization is always looking out for the safety of their employees. I think all associates should be trained at their place of employment on safety and what needs to be done so accidents are not happening at the workplace.
Management Safety of Employees
I think training is very important for all associates. Each organization needs to make sure they have the proper protection for people who need to wear safety glasses etc for their job. I would focus on Employee Health and Wellness which I believe is an important trend for any organization. If you constantly sit at a desk, looking at a computer all day, this will cause stress on your eyes, neck, and back. I know employees could get migraines from looking at a computer monitor all day. Agree or Disagree within 2-3 sentence
Strategic Planning Team on Current and Future Company Goals Prior to beginning this discussion, review section 7.4 Contingency Planning in your textbook. Strategic plans are focused on current and future company goals, therefore changes in the environment must be detected and monitored.
Strategic Planning Team on Current and Future Company Goals
Changes in the environment that impinge on the company’s strategic plan are known as external triggers and triggers are paired with plans to successfully deal with them. These paired actions are known as contingency plans. What qualities make a future issue a “trigger”?
As an example, consider you are on the strategic planning team for a soft drink company. A merger of two major competitors next year would constitute a future trigger. For this discussion, consider the Environmental Scan and SWOT analysis you conducted in Week 2. Formulate a trigger/contingency pair in the form of a three-part sentence similar to the example in the textbook. Examine it in terms of the three guidelines that good contingency plans should follow.
Post a summary of your selected company and risks that you perceive based on your prior Environmental Scan and SWOT analysis. State the three-sentence trigger/contingency pair and justify your choice of contingency plan using information from the week’s readings and/or other scholarly or credible resources, using the Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.)Links to an external site. document for guidance.. 2-Please review Chapter 4’s section concerning Porter’s 5 Forces, read the Forbes article Porter or Mintzberg: Whose View of Strategy Is the Most Relevant Today? (Links to an external site.)Links to an external site. (Moore, 2011) and view the required You Tube video Five Competitive Forces That Shape Strategy (Links to an external site.)Links to an external site., regarding Porter’s five forces. In the video, Mr. Porter discusses how Porter’s Five Forces Analysis is an important tool for assessing the potential for profitability in an industry. As an example, Mr. Porter applied these five forces to the airline industry. Think of another industry where profitability is low. In an initial post of at least 250 words, apply the five forces to your chosen industry and demonstrate how those forces can lower profitability.
Imagine you work for a correctional facility and have been tasked with creating a handbook with detailed strategies for managing special issues involved with sex offenders in a jail, prison, or inpatient treatment setting.
Create a 1,400- to 1,750-word handbook that details strategies for dealing with 5 of the 7 issues listed below as they pertain to the management of sex offenders in your chosen setting:
Preventing sexual assault
Psychotherapeutic treatment options
Placing victims in separate housing
Safety concerns
Furlough programs
Screening and classification procedures
Undiagnosed sex offenders
Strategies for dealing with resistance to treatment
Inmates who become sex offenders after being incarcerated
Effect of incarceration on the offenders after their release
Reintegrating sex offenders into the community
Include a minimum 3 sources.
Format any citations in your handbook consistent with APA guidelines.
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Instructions
You are the human resource manager of a local university, and you have been asked to explain the differences in compensation among instructors, assistant professors, associate professors, and full professors as there has been some question as to how compensation is determined for these different positions. Using the information you have learned within this unit, create a PowerPoint Presentation describing how the different compensation levels were determined.
Your presentation should consist of no less than seven slides, not including the title slide and reference slides. Be sure to cite all references using APA format.
Book Citation
Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). New York, NY: McGraw-Hill/Irwin.
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Use at least three (3) quality references Note: Wikipedia and other related websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
1. Watch the TED talk by Jared Diamond, “How societies can grow old better.”
Mr. Diamond gives several examples of how we can do more for the elderly members of our community. How can policy be changed to help make these examples possible?
2. Share an example of Family Violence related to children. You may use a personal example, a news story, or a fictional example from a television show or movie.
Describe the action you think is needed at the Micro(Relationship) level AND at the Macro (Structural) level as described in Chapter 12 in the “Stopping Family Violence” section.
You may wish to reference www.childwelfare.gov for information about your state’s laws and policy.
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Use at least three (3) quality references Note: Wikipedia and other related websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Imagine you have been diagnosed with borderline personality disorder. You have recently felt that the rapport you have established with your therapist has deteriorated. From the perspective of the client, write a letter detailing some of the ways in which you have felt mistreated or disrespected by a mental health professional in your life and what is causing the distress with your current therapist.
Next, from the perspective of the therapist, reply to the client in a way that explains how you have kept your personal values and feelings about the client free from your sessions and how you have maintained respect for the client throughout your sessions.
The assignment will help us see some of the future difficulties we will have in maintaining a professional relationship with our clients. Papers will be graded based on how well you convey the typical symptoms and behaviors associated with this disorder and for your ideas for how to help interact with your client.
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Thought Process about Make or Buy Decisions Make or Buy Decisions & Why I am Interested in them I am interested in make or buy decisions because it has been a topic that I have studied in multiple places (classes, certifications, etc.), but one that I have not actually seen in practice.
Thought Process about Make or Buy Decisions
Initially learning about make or buy decisions in an introductory cost accounting class set the stage for what appeared to be a simple topic, but one that is certainly an iceberg. I dove more deeply into the evaluation of make or buy decisions as I was preparing to the sit for the CMA exams, and I began considering the additional implications the topic holds. I was primarily interested in conducting more research on the topic and ultimately learning how what I studied in the theoretical world actually applies to real business decisions.
Explanation of Make or Buy Decisions
Make or buy decisions, as the term implies, are an evaluation that business leaders take on how to source certain products or services for production. Most commonly used in manufacturing environments, leaders need to decide if investing capital to create products or generate services “in-house” is more advantageous than searching for, negotiating with, and maintaining supplier relationships. Several advantages and disadvantages are present for both and like many decisions that need to be made in business, both qualitative and quantitative factors need to be considered. For example, it may be cheaper for the business to source a product from a supplier, but if this particular supplier is single-source (only supplier in the market that produces the product), significant risk is being undertaken by relying on them to provide this product. Below, I will discuss an article by Parmigiani (2007) that challenges the typical make or buy decision framework and considers concurrent sourcing.
Thought Process about Make or Buy Decisions Major Article Summary
Parmigiani (2007) begins his article with a brief summary of the current thoughts and research to date on the make or buy topic. He explained the process as dichotomous, typically thought to result in wholly made or brought products, and none concurrently produced. This view is the one which I studied both in my college coursework and in preparation for the Certified Management Accountant exams. Current literature is primarily aimed at first eliminating options by evaluating the qualitative factors of the make or buy decision. Using the example which was provided above, if the product in question is only offered by one supplier, heavy reliance must be placed on their ability to continue as a going concern and meet time and quality control restrictions. If sourcing options (internal or external) are not objectively eliminated during the qualitative review process, business leaders then conduct a quantitative analysis on the costs associated with each course of action. Generally, whichever course is more cost advantageous, of course, adjusted for qualitative factors originally considered, is the one selected. In any case, make or buy decisions generally result in one outcome; the product is either sourced externally from a supplier, or produced internally by the company. Parmigiani (2007), alternatively, explains the benefits of concurrent sourcing. Concurrent sourcing results in the business simultaneously creating the product in house and purchasing the product externally. At first glance, this decision appears financially burdensome as both processes will need to be undergone. While concurrent sourcing requires more capital than completely purchasing or producing the product will, it offers several benefits. Continuing on with the single source example, the company could take the necessary steps to research and develop the product, purchase the equipment needed to produce it and begin purchasing the product from the supplier. This stage of concurrent sourcing would result in the highest cost to the company, but would effectively protect the company from the supplier going bankrupt, failing to meet quality assurance standards, etc. Obviously concurrent sourcing is not feasible or advantageous in every scenario, but it is an option that should be considered by those undergoing the make or buy decision process.
Thought Process about Make or Buy Decisions Discussion
The major article summary provided above further expounds upon the definition discussed in the introductory paragraphs by challenging current thought processes around make or buy decisions. The course textbook, written by Satterlee (2018), describes make or buy decisions as I had in the explanation paragraph which results in a company either choosing to purchase or produce the good or service in question. Obviously, the complexity of these decisions is amplified when considering conducting business internationally and sourcing products in unfamiliar territory, but the essential processes remain the same. The ultimate decision whether to make or buy subcomponent goods, materials, or services depends on both qualitative factors such as lead times and product quality, as well as quantitative factors such as overall cost to buy vs. cost of research, development, and maintain inventory. Further articles, which will be explained in more detail below, consider additional implications surrounding the make or buy decision process and continue to explore ways in which the benefits can be maximized.
Mols (2010) references Parmigiani’s work, which was discussed above, and adds further economic explanations for concurrent sourcing. He conducts a review of the literature on concurrent sourcing and provides an opinion on why business leaders should consider using it with more frequency. Leiblein, Reuer, & Dalsace (2002) discuss the organization governance aspect of make or buy decisions and set the stage for how important of a topic it actually is. Especially as economies of scale increase and operations bleed into more and more foreign nations, higher levels of management and even the board of directors need to be involved in these decisions. Kistruck, Morris, Webb & Stevens (2015) provide specific examples of factors that contribute to the make or buy decision process and explain additional angles that should be evaluated such as customer heterogeneity. Finally Sappington (2005) submits a contradicting opinion on the irrelevance of input prices on make or buy decisions which indirectly supports the model of concurrent sourcing that Parmigiani (2007) discussed in his article. All of these articles continue to expound on the make or buy decision process and should researched further if one is seeking to gather a wholistic understanding of the topic.
Thought Process about Make or Buy Decisions References
Leiblein, M. J., Reuer, J. J., & Dalsace, F. (2002). Do make or buy decisions matter? the influence of organizational governance on technological performance. Strategic Management Journal, 23(9), 817-833. doi:10.1002/smj.259
Kistruck, G. M., Morris, S. S., Webb, J. W., & Stevens, C. E. (2015). The importance of client heterogeneity in predicting make-or-buy decisions. Journal of Operations Management, 33-34, 97-110. doi:10.1016/j.jom.2014.11.001
Parmigiani, A. (2007). Why do firms both make and buy? an investigation of concurrent sourcing. Strategic Management Journal, 28(3), 285-311. doi:10.1002/smj.580
Mols, N. P. (2010). Economic explanations for concurrent sourcing. Journal of Purchasing and Supply Management, 16(1), 61-69. doi:10.1016/j.pursup.2009.09.001
Sappington, D. E. M. (2005). On the irrelevance of input prices for make-or-buy decisions. The American Economic Review, 95(5), 1631-1638. doi:10.1257/000282805775014344
Satterlee, B. (2018). Cross border commerce (3rd ed.). Raleigh, NC: Synergistics International Inc. ISBN: 9781934748176.
Ellis
DB essay 3: Strategic Alliance
A vast amount of business around the world utilize strategic alliances to gain access to the global market. This term was chosen for this week’s discussion board because the company I work for has formed a strategic alliance with numerous other companies and I would like to gain a more in-depth understanding of why companies utilize this strategy. I work for Delta Airlines and I have seen the benefits that strategic alliances have given the company in the international market space.
Thought Process about Make or Buy Decisions Explanation of Key Term
According to Satterlee (2018), a strategic alliance is a voluntary agreement between companies involving exchange sharing, co-development of products, technologies, or services (p.205). A successful strategic alliance builds on the strengths of each company. In a strategic alliance, the companies involved will combine their respective resources, capabilities, and core competencies to generate mutual interests in designing, manufacturing, or distributing of goods or services. Strategic alliances allow the companies involved to pursue opportunities at a faster rate than if it were to be pursued alone. An alliance provides access to additional knowledge and resources owned by the other company, which may ease the learning curve for the new pursuit and relieve setup time and costs. Delta Airlines has formed a strategic alliance with other airlines which provides Delta’s customers access to destinations not flown by Delta. This increases the company’s international footprint and provides a mutual benefit for all the airlines involved.
Thought Process about Make or Buy Decisions Major Article Summary
According to Islam, Hossain, & Mia (2018), you must adapt and innovate more today than you ever have in the past (p.2). The two options that were outlined in the article was changed internally or change your external relationships. Of the two, it was stated that internal change is usually more difficult. Presently, companies are forming more and more alliances to gain capabilities through an exchange of resources both tangible and intangible. As a result of these alliances, companies are progressing rapidly in developing new and improved products or services (Islam, Hossain, & Mia, 2018). The article addresses the positive relationship that a strategic alliance has on innovation and product development. Strategic alliances are not only benefiting the economic objectives of a company, but also the environmental objectives as well. This strategy provides more flexibility than joint ventures because the involved companies do not need to merge any assets or funds. Instead, the companies remain autonomous, which can help ease the functioning of the agreement when the two company’s business practices are highly varied.
When considering innovation, there are four main approaches that a company can take which are recruiting superior human capital, internal R&D spending, strategic alliances, and acquisitions. According to Islam, Hossain, & Mia (2018), strategic alliances are always the better option because it is faster, cheaper, and carries less risk (p.11). The other three option is generally more expensive. Nowadays, consumers are placing a lot of demand on companies for newer products and services and this increase in demand in part due to the advancements in technology. Strategic alliance allows companies to respond to this increase in demand in a much cheaper way. Furthermore, a strategic alliance requires a high level of trust between the parties involved, especially when the sharing of proprietary information is involved.
Thought Process about Make or Buy Decisions Discussion
Cited Work Relationship to Major Summary and Assigned Readings
In this article, Jinyeong (2018) stated that trust is recognized not only as a precondition for excellent performance and competitive advantage, but also as one of the most important success factors and the source of further national competitiveness (p.3). The need for trust is even greater in strategic alliances with the sharing of sensitive and critical information. Trust in a strategic alliance is essential for several reasons. Trust helps to facilitate the flow of information, it activates investment, it serves to inhibit opportunistic behavior, and it reduces transaction costs for monitoring and adjusting the others (Jinyeong, 2018). This article correlates with the major article summary because in the major article summary, trust was identified as a necessary component of a strategic alliance. This article further expounds on the importance of trust in such a relationship. Trust is a critical success factor when forming a strategic alliance, it is essential for successful performance (Jinyeong, 2018).
Cited Work Relationship to the Other 4 Articles
As stated by Klossek, Meyer, and Nippa (2015), strategic alliances are an attractive mode of organizing complex business activities as they provide a high degree of flexibility while limiting resource commitments (p.4). Due to the limited resources required, economies of scale can be achieved as well as increasing cost efficiency. Companies are motivated to form strategic alliances for numerous reasons. Organizational learning and the development of valuable organizational competencies are two of the motivators. When forming a strategic alliance, firms may seek to acquire critical knowledge from other partners to develop new ideas and ways of doing business that can lead to competitive advantage (Lin & Darnall, 2015). According to Hretcanu and Hretcanu (2015), strategic alliances are now considered to be one of the most powerful mechanisms for combining competition and cooperation and for industrial restructuring at the global level (p.9)
Thought Process about Make or Buy Decisions References
Hretcanu, C.-I., & Hretcanu, C.-E. (2015). Strategic alliances between firms — a model of
competitive strategy in food industry. Food & Environment Safety, 14(2), 223–232. Retrieved from http://ezproxy.liberty. edu/ login?url=http://search
Klossek, A., Meyer, K. E., & Nippa, M. (2015). Why do strategic alliances persist? A behavioral decision model. Managerial & Decision Economics, 36(7), 470–486. https://doi-org.ezproxy.liberty.edu/10.1002/mde.2682
Lin, H., & Darnall, N. (2015). Strategic alliance formation and structural configuration. Journal
of Business Ethics, 127(3), 549–564. https://doi-org.ezproxy.liberty.edu/10.1007/s10551-014-2053-7
Satterlee, B. (2018). Cross Boarder Commerce. Raleigh: Synergistics International Inc.
