Thompson and Strickland Essay Questions
1. Identify and briefly discuss the nature of each of the five tasks of strategic management.
2. Who is responsible for doing the tasks of strategic management?
3. What is the role of strategic planners in the strategic management process?
4. What is the role of a company's board of directors in the strategic management process?
5. Why is it appropriate to argue that good strategy-making and good strategy-implementing are valid signs of good management?
6. Why does crafting strategy have a strong entrepreneurial character?
7. What does an organization's strategy consist of?
8. Why is the task of strategizing an ongoing exercise?
9. Define and briefly discuss the significance of the following terms:
b. strategic objective
d. strategic plan
e. strategy implementation
10. Is it more accurate to think of strategy as being "crafted" or "planned"? Why?
11. Describe in some detail the task of developing a mission statement for an organization.
12. What are the risks and pitfalls of defining a company's business in broad terms?
13. What managerial purpose does the establishment of long-term objectives have? What are some examples of long-term objectives?
14. What is the managerial value of a well-conceived, well-said mission statement?
15. What is meant by the "challenging but achievable test" as concerns the establishment of objectives?
16. Discuss the meaning and areas of focus for each of the following levels of strategy:
a. corporate strategy
b. business strategy
c. functional area strategy
d. operating strategy
17. What is the difference between corporate strategy and business strategy?
18. How can one identify the corporate strategy of a diversified company?
19. Discuss what is involved in crafting corporate strategy.
20. Discuss what is involved in crafting business strategy.
21. Discuss what is involved in crafting business strategy.
22. What are the roles of sustainable competitive advantage and distinctive competence in crafting business strategy?
23. Discuss how the strategy-making effort is coordinated.
24. Briefly discuss the broad factors that shape strategy.
25. A strategic plan is a collection of strategies. True or false. Discuss and explain.
26. Discuss how business philosophies, values, and ethical considerations enter into strategy-making.
27. How does ethics enter into the strategy-making picture? Give several examples in developing your answer.
28. Briefly describe each of the following four strategy-making approaches:
a. the master strategist approach
b. the delegate it to others approach
c. the collaborative approach
d. the champion approach
29. Identify and briefly discuss each of the seven key questions which form the framework of industry and competitive analysis.
30. Explain the meaning and significance of each of the following:
a. driving forces
b. strategic group mapping
c. the experience curve
d. key success factors
e. long-term industry attractiveness
f. environmental scanning
g. competitive strategy
31. Describe the five forces model of competition.
32. Identify and briefly discuss any five of the common types of driving forces.
33. Competitive markets are economic battlefields. True or false. Explain.
34. Identify and briefly discuss any four of the factors which influence the strength of competitive rivalry.
35. Discuss the conditions which tend to make potential entry a strong competitive force.
36. Identify and briefly describe any five of the major sources of entry barriers.
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