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strategic management
Strategic Management Awareness And Change 5th Edition John L. Thompson , Frank Martin - Solutions
=+2. What do you think the priorities should be?
=+1. Is it possible for the National Theatre to satisfy all of its stakeholders at any one time?
=+1. How is ASDA attempting to ensure that its employees deliver the virtuous circle of growth and prosperity illustrated in Figure 2.4?
=+■ What will customers value tomorrow?
=+■ What do customers value today?
=+■ Who are our customers?
=+■ What is different about our value proposition?
=+2. Do you think it will now feel like ‘a different place to work’, with different priorities?
=+1. Do you think the objectives of Ben and Jerry’s will have had to change after this acquisition?
=+■ identify the key issues involved in social responsibility and business ethics.
=+■ define policies and explain how they are used to help achieve objectives
=+■ differentiate between official and operative objectives, and assess the impact of personal objectives
=+■ explain the possible objectives of certain not-for-profit organizations
=+■ discuss the significance of profits
=+■ summarize a number of economic theories of the firm which help explain objectives and decisions
=+■ identify the various stakeholders of the organization and assess their impact on objectives
=+■ explain the terms vision, mission and objectives
=+■ define and explain the business model
(4) Consider the problem of assessing the probability that a named 17-year-old, male, automobile driver will be involved in a road traffic accident in the next 12 months. Would it be more prudent to be guided in your judgment by the base rate of accidents for 17-year-old male drivers, as the auto
(5) To what extent is it reasonable to conclude that human judgment in relation to probability estimation is fundamentally flawed?
(1) Use the probability wheel and direct estimate methods to elicit a colleague’s subjective probabilities for the outcomes of a forthcoming sports event (e.g., a snooker tournament). Check for consistency between the assessment methods and use the addition rule to evaluate the coherence of the
(2) Use the probability method to elicit a colleague’s subjective probability distribution for his or her marks in their next decision analysis assignment.
(3) Repeat the above exercise for predictions of the starting salary distribution in his or her first employment after completing their current educational course of study.
(4) An electricity company supplies power to consumers in the Eastern region of a country. When the demand for power exceeds the capacity of the cheapest generating station a second station is brought ‘on-line.’ One of the company’s managers makes a daily judgment about the probability that
(3) A chemical plant is due for a major overhaul and the manager has to make an assessment of a number of uncertainties associated with the project. These include the time the overhaul will take to complete (after 35 days the losses of production caused by the overhaul could have serious
(2) The employees of a leading mail-order computer software company are secretly thinking of breaking away to form their own rival company. This would require an investment of $3 million and the employees will make the decision largely on the basis of the net present value of this investment. To
(1) Identify the heuristics that decision makers might use in making estimates in the situations listed below. Explain how biases might emanate from the use of these heuristics.(a) Members of an interview panel making estimates of the probability that a candidate would be a successful
(7) A company has just received some ‘state-of-the-art’ electronic equipment from an overseas supplier. The packaging has been damaged during delivery and the company must decide whether to accept the equipment. If the equipment itself has not been damaged, it could be sold for a profit of $10
(6) The managers of a soft drinks company are planning their production strategy for next summer. The demand for their products is closely linked to the weather, and an analysis of weather records suggests the following probability distribution for the June to August period:The table below shows
(5) A company which manufactures compact discs has found that demand for its product has been increasing rapidly over the last 12 months. A decision now has to be made as to how production capacity can be expanded to meet this demand. Three alternatives are available:(i) Expand the existing
(4) A mining company is carrying out a survey in a region of Western Australia. On the basis of preliminary results, the company’s senior geologist estimates that there is a 60% probability that a particular mineral will be found in quantities that would justify commercial investment in the
(3) The probability of a machine being accidentally overfilled on a given day is 0.05. If the machine is overfilled there is a 0.8 probability that it will break down during the course of the day. If the machine is not overfilled the probability of a breakdown during the day is only 0.1. Yesterday
(2) In January a sales manager estimates that there is only a ‘30% chance’ that the sales of a new product will exceed one million units in the coming year. However, he is then handed the results of a sales forecast. This suggests that the sales will exceed one million units. The probability
(1) The AB Charity is planning its annual campaign to raise money. This year, three alternative methods are being considered: (i) street collections, (ii) a television advertising campaign and (iii) a direct-mail appeal. After using simulation to assess the risk associated with the alternatives the
(1) A supermarket chain intends to open a new shop near Sheffield, in England, next year. Four possible locations have been identified: (i) Moortop (Site A); (ii) Silver Hill (Site B); (iii) Cheston Common (Site C); and (iv) the River Shopping Complex (Site D). The decision on the location will be
(2) Because of recent increases in student numbers, East University has to decide whether to relocate from its existing campus at Byron Avenue to a new campus at Beach Park, a green-field site. The senior managers of the university have to agree on which course of action to recommend to the
(3) Does your own organization suffer from any form of frame-blindness or strategic inertia? If so, why are others in your organization unable to recognize and deal with this? What methods would you recommend using to overcome such limited perceptions?
(2) What business situations are likely to enhance any organizational tendency toward strategic inertia?
(1) Does following a previously successful way of solving a problem have advantages as well as disadvantages?
(9) A retail chain would like to purchase a playing field from Bellton council and build a new supermarket on the site. The negotiations between the retailer and the council involve three key issues: (i) the price at which the council will sell the land, (ii) whether the supermarket will build a
(8) In what circumstances will the additive value model be inappropriate when modeling a negotiator’s preferences?
(7) What is meant by an efficient deal in the context of negotiation problems?
(6) What are the potential benefits of using decision analysis in negotiation problems?
(5) Explain why sensitivity analysis is important when using resource-allocation models in a decision conference.
(4) Will the use of a decision-analysis resource-allocation model in a decision conference necessarily lead to an optimum allocation of resources?
(3) A group of executives have to allocate investment funds between six possible product lines. Their objectives are: (i) to maximize the growth of the company, (ii) to maximize export earnings, (iii) to maximize profit and (iv) to minimize risk. After much debate the group decide to assign the
(2) Explain the distinction between within-criterion and across-criteria weights in resource-allocation models.
(1) What is the commons dilemma and how can decision analysis help to resolve it?
(5) You are invited to observe this month’s meeting of the managers of a hospital, which will take place in the senior manager’s office. The main item on the agenda relates to the issue of whether a particular ward should be temporarily closed because of funding problems. Before the meeting the
(4) ‘For decisions involving groups of people, decision conferencing is likely to be much more effective than the use of mathematical aggregation of individuals’ judgments.’ Discuss.
(3) A confectionery company has to decide whether to launch a new range of chocolate bars aimed at health-conscious professional people. You have been invited to observe all stages of the decision process and to attend meetings relating to the decision. What criteria would you use to judge the
(1) The sales of a magazine vary randomly: in 70% of weeks they are classified as being ‘high’ while in 30% of weeks they are classified as ‘low.’(i) Write down prior probabilities of high and low sales in the coming week: … … …(ii) You are now given the sales figures for Monday and
(1) In what circumstances is the recognition heuristic likely to work well?
(2) A speculator is considering the purchase of a commodity which he reckons has a 60% chance of increasing in value over the next month. If he purchases the commodity and it does increase in value the speculator will make a profit of about $200 000, otherwise he will lose $60 000.(a) Assuming that
(1) An entertainment company is organizing a pop concert in London. The company has to decide how much it should spend on publicizing the event and three options have been identified.Option 1: Advertise only in the music press.Option 2: As option 1 but also advertise in the national press.Option 3:
(5) A manager is hoping to appoint a new assistant and decides to use the AHP to rank the applicants for the job. Then, as a check, she decides to repeat the process using SMART. She is surprised to find that the ranking of the applicants derived from the AHP differs significantly from the ranking
(4) One of the criticisms of the AHP is that the introduction of new alternatives can change the ranking of existing alternatives. Under what circumstances, if any, is this likely to be reasonable?
(3) A motorist is using the AHP to choose a new car from three possible models: an Arrow, a Bestmobile and a Commuter. The choice will be based on just two attributes, Cost and Style. The motorist considers that Cost is ‘weakly more important’ than Style.When asked to compare the cost of the
(2) Imagine that you have won a holiday for two people in a magazine competition and you have been given the choice of five holiday destinations. The names and details of these destinations are shown below. Use the method of Even Swaps to determine which destination you would choose on the basis of
(1) The owner of a small business is unhappy with the service she has been receiving from her bank and has decided to move her account to a rival bank. Her decision on which bank to choose will be based not only on the estimated annual bank charges which each bank will levy, but also on the
(6) As an experiment, a charity decides to use SMART to determine a shortlist from the seven applicants who have applied for the post of Regional Officer for the Western Region. The main criteria which will be used to compare candidates are: the salary they would expect (SALARY) (they have stated
(5) A local authority has to decide on the location of a new waste-disposal facility and five sites are currently being considered: Inston Common, Jones Wood, Peterton, Red Beach and Treehome Valley. In order to help them choose between the sites, the managers involved in the decision arranged for
(4) A British company has won an important contract to supply components regularly to Poland. Four methods of transport are being considered: (i) air, (ii) sea, (iii) road and ferry and (iv) rail and ferry. The company’s distribution manager has identified four relevant attributes for the
(3) A chemical company is expanding its operations and a disused woolen mill is to be converted into a processing plant. Four companies have submitted designs for the equipment which will be installed in the mill and a choice has to be made between them. The manager of the chemical company has
(2) You need a word-processing package for the personal computer in your office. Because your employer will pay for the package you are not concerned about the cost, but you would like a package which is as easy to use as possible and which also has a wide range of functions such as a thesaurus,
(1) Formulate a value tree to identify the attributes which are of concern to you when choosing a vacation.
(3) After her examinations a student decides that she needs a holiday. A travel agent supplies the following list of last-minute holidays that are available. The student works down the list, considering the holidays in the order that they appear until she comes across one that is satisfactory,
(2) A manager is ordering 40 inkjet printers for staff working in the company’s main office. Details of the available models are given below. The print quality score has been produced by an independent magazine. The score ranges from 1 = very poor to 5 = excellent .Use the above information to
(3) A team of scientists is due to spend six months in Antarctica carrying out research. One major piece of equipment they will be taking is subject to breakdowns caused by the sudden failure of a particular component. Because a failed component cannot be repaired, the team intend to carry a stock
(4) You are a contestant on a television game show and you have won $5000 so far. You are now offered a choice: either you can keep the money and leave or you can continue into the next round, where you have a 70% chance of increasing your winnings to $10 000 and a 30% chance of losing the $5000
(6) A publisher is considering launching a new magazine for women in the 18–25 years age group. It is thought to be vital to the long-term success of the magazine that its sales should reach break-even point within its first year. When asked to make an estimate of the risk of this target not
(5) The managers of a chemical company have to decide whether to extend their existing plant or replace it with completely new equipment. A simulation of the two alternatives gives the following probability distributions of net present value:(a) Compare the two distributions and, stating any
(4) (This exercise is really designed to be carried out by a group of people, with each individual using a different set of random numbers. The individual results can then be combined by using the table at the end of the question.)An equipment hire company has to decide whether to buy a specialized
(3) Trentware plc is a medium-sized pottery manufacturer which is based in the English Potteries. The company has fared badly over the last 10 years, mainly as a result of Japanese competition, and recently this has led to major changes at the senior management level. The new managing director is
(2) The managers of a food company are about to install a number of automatic vending machines at various locations in a major city. A number of types of machine are available and the managers would like to choose the design which will minimize the profit that will be lost because the machine is
(1) A small retail store sells a particular brand of monochrome and color television sets. Each monochrome set that is sold earns a profit of $100, while each color set earns $200 profit. The manager of the store estimates that the weekly demands for each type of set follow the probability
(7) (a) Use an influence diagram to represent the following decision problem, stating any assumptions you have made.ABC Chemicals are planning to start manufacturing a new pharmaceutical product. Initially, they must decide whether to go for large-scale or small-scale production. Having made this
(6) The Bonsante Drug Company is aiming to develop a new drug which will alleviate the symptoms of arthritis with few side effects. The earlier the company can develop, test and market the drug, the greater will be the returns they will earn in a market which it is thought will be worth billions of
(5) An engineering company is about to undertake a major overhaul of a factory’s machinery for a customer. The overhaul will be carried out on a Saturday and Sunday but, if it is not completed by the Monday morning, the factory will experience serious production losses. In this event, the
(5) A building contractor is submitting an estimate to a potential customer for carrying out some construction work at the customer’s premises. The builder reckons that if he offers to carry out the work for $150 000 there is a 0.2 probability that the customer will agree to the price, a 0.5
(6) (a) Use the following questions to assess your own utility function for money values between $0 and $5000. You should assume that all sums of money referred to will be received immediately.(i) You are offered either a sum of money for certain or a lottery ticket that will give you a 50% chance
(7) A company is planning to re-equip one of its major production plants and one of two types of machine, the Zeta and the Precision II, is to be purchased. The prices of the two machines are very similar so the choice of machine is to be based on two factors: running costs and reliability. It is
(1) A company has to decide whether to invest money in the development of a microbiological product. The company’s research director has estimated that there is a 60% chance that a successful development could be achieved in 2 years. However, if the product had not been successfully developed at
(2) A large machine in a factory has broken down and the company that owns the factory will incur costs of $3200 for each day the machine is out of action. The factory’s engineer has three immediate options.Option 1: He can return the machine to the supplier who has agreed to collect, repair and
(3) Westward Magazine Publishers are thinking of launching a new fashion magazine for women in the under-25 age group. Their original plans were to launch in April of next year, but information has been received that a rival publisher is planning a similar magazine. Westward now have to decide
(4) The risk of flooding in land adjacent to the River Nudd has recently increased. This is because of a combination of high spring tides and the development by farmers of more efficient drainage systems in the nearby hills, which means that, after heavy rainfall, water enters the river more
=+■ understand the purpose of strategy and why we study it
=+– what is strategy?
=+■ draw up a model for a crisis-averse organization.
=+■ revisit the key strategic paradoxes introduced in Part One and debated throughout the book
=+■ evaluate the relative significance of various strategic competencies for individual organizations
=+■ list the ten key determinants of strategy
=+■ whether and how to send in a new management team
=+■ reporting relationships and the degree of independence allowed to the acquired company, particularly where the business is unrelated
=+■ how quickly to move in merging organizational parts and sorting out problems
=+■ how to maintain momentum and interest in both companies after a successful offer
=+■ how to maintain good relationships with key managers during negotiations to try to ensure that they stay afterwards
=+■ how to value a proposed acquisition and how much to pay
=+■ what degree of risk it is appropriate for the company to take
=+3. Since its demerger, has MFI also proved to be‘better-off’?
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