1. In Competitive Strategy, Michael Porter provides a framework to analyse competitive forces in a typical industry. Such analysis would lead managers to choose one of three main strategies; namely: cost leadership, differentiation, and focus, to develop a sustainable competitive advantage. Explain how each of these strategies may be implemented as you prepare to launch your new T-Shirt business.

2. You have recently been hired by a car retailer to take over the management of one of their outlets selling pre-owned vehicles. The previous sales manager and the entire sales team were fired. Following many complaints brought to the Consumer Protection Agency, their investigation concluded that sales reps were engaged in unethical practices including misrepresenting product condition, over-estimating value, and pressure selling. Describe and explain three essential steps you believe you need to take to build your new organization?

3. According to the BCG matrix, businesses are classified according to their growth rate and their relative market share. The classes are dogs, cash cows, question marks, and stars. As a cash rich investor looking to acquire an existing business, which class of companies would you avoid? Why? Which class would you prefer to acquire? Please justify your choice and state and explain your post acquisition strategy.

4. Managers may sometimes adopt a mathematical approach to decision-making, rating alternatives on the basis of differently weighted criteria. List and explain some of the advantages and drawbacks of such approach for the organization, the manager, and employees. Would you prefer a mathematical approach or intuitive approach to decision making? Explain/justify your answer.

5. As the CEO of a company operating in a highly competitive market, you are faced with the choices of following a Red Ocean or Blue Ocean strategy. Compare and contrast these two strategies, identify which of the two you would follow, and justify your choice.

6. Creative work environments invariably have a few key components that encourage the generation of new ideas in the workplace; some of them are: i. Encouragement at all levels ii. Challenging work iii. Removal of impediments to innovation iv. Freedom to create Select three (3) of the above components, explain what they mean, and provide examples that illustrate how they may enhance innovation.