Distinguish between long-range planning and strategic planning. Provide examples to illustrate your point.Identify the pitfalls in strategic planning for which management should watch out, then pick any five and discuss, in detail, the strategic implications of this risk.Compare and contrast vision statements with mission statements. Describe why a mission statement is so important in the strategic-management process.Identify and discuss 10 external forces that must be examined in formulating strategies: economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive. Give examples of each.Define Competitive Intelligence (CI) and discuss three ways that CI can be gathered.Explain Porter’s Five Forces Model and its relevance in formulating strategies. For each competitive force, discuss one condition that is likely to increase the threat of that force.Explain how to develop and use an External Factor Evaluation (EFE) Matrix. Discuss the five steps needed to develop an EFE Matrix.Explain how to develop and use a Competitive Profile Matrix.Identify the five basic functions of management, and describe each function with an emphasis on their relevance in formulating strategies.First, discuss the importance of financial analysis in strategic management. Next, discuss the three separate fronts on which an effective financial ratio analysis is conducted. Then, discuss the limitations of financial ratio analysis.Describe the purpose and importance of an Internal Factor Evaluation (IFE) Matrix. Then, discuss the five steps involved in performing an IFE.What are the characteristics of effective strategic objectives? Discuss why it is important to clearly state objectives.The textbook lists eleven types of strategies. Describe and give examples of each.Define the three types of integration strategies. Give examples and guidelines for when each is strategically appropriate.Define the three intensive strategies. Give examples and guidelines for when each is strategically appropriate.Discuss, in detail, the SWOT Matrix. Describe each component of the matrix and discuss its strategic implication. Discuss the use of the SWOT Matrix in strategic analysis.Compare and contrast the BCG Matrix and the IE Matrix. What are the benefits and limitations of each?Diagram and explain the Quantitative Strategic Planning Matrix (QSPM). Describe the positive features and limitations of this analytic tool.Discuss the differences between strategy formulation and strategy implementation.Compare and contrast the different types of organizational structures: functional, divisional, and matrix. Describe each and discuss the advantages and disadvantages.Although there are many marketing activities that impact the success or failure of strategy-implementation efforts, three activities are indicated in the text as being especially important. What are these three activities? Discuss why they are so important.Discuss the major R&D approaches for implementing strategies. Discuss guidelines used to determine whether a firm should conduct R&D internally or externally.Discuss Rumelt’s four criteria for evaluating strategies. List and describe each of the three strategy-evaluation activities.Discuss the four different perspectives related to the Balanced Scorecard and explain what the Balanced Scorecard attempts to balance. Identify and explain the questions that must be asked when using Balanced Scorecard Analysis.Discuss how business ethics, social responsibility, and sustainability are interrelated.Discuss the reasons why preserving the environment should be a permanent part of doing business. Describe a sustainability report.Discuss the potential advantages to initiating, continuing, and/or expanding international operations.Explain the concept of protectionism. Discuss the role that protectionism plays in global commerce.
Differences of Long Range Planning and Strategic Planning Assignment
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