Business Policy and Strategy Unit 1

Read Chapter 1 & How to Prepare and Present a Case Analysis, pp. 357-361 at https://online.vitalsource.com/#/books/9780134167947/cfi/6/28!/4/2/4/2/2@0:0 then complete the six tasks below:

1. Some who study business may not become chief executive officers (CEOs) or work in upper management, so it is important to understand why strategic management matters to all members and layers of an organization. Considering this, why might strategic management be important to your field of study or chosen profession? Your journal entry must be at least 200 words. No references or citations are necessary.

2. What is the difference between long-range planning and strategic planning? Explain your answer. (At least 75 words in length)

3. Do you feel an organization should maintain their original mission and vision statement(s), or do you feel these statements should be periodically updated? Please explain your answer. (At least 75 words in length)

4. Describe the strategic management process, and include how it is used by organizations. (At least 75 words in length)

5. Within this unit, we discussed how businesses may need to adapt to changing times in order to stay competitive. Their initial practices may have worked well previously, but may not serve them well in the long term. The newspaper industry is one that may face extinction. Explain why they may need to rethink their business strategy, and provide some advice on possible strategic management changes. Be specific to include goals/objects, strengths, and weaknesses. (At least 200 words in length)

6. Colleges and universities, like all business, have strengths, weaknesses, and competitors. What would you consider to be an online university’s internal strengths and weaknesses? Why? Also, who would you say are the competitors to online universities? What are three external opportunities and three external threats? (At least 200 words in length)

If anything is referenced or cited follow attached APA guidelines

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