Concepts of Strategic Management
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Exercises

Part 3: Solution

Let's see how well you answered the questions.

1. Now that you have identified and described the steps in the strategic management process, help Liz and CanGo's management team create a plan by selecting the order of the following activities.
  1. Determine whether CanGo is achieving its objectives and long-term goals.

  2. Write a statement that identifies where CanGo wants to be in the future.

  3. Conduct an analysis of CanGo's strengths and weaknesses and the challenges presented by its external environment.

  4. Create the outcomes that CanGo wants to achieve by selecting a specific strategy.

  5. Create tactical and operation plans and objectives for CanGo's various operations.

  6. Select a strategy for CanGo that maximizes what it does well, takes advantage of opportunities, and minimizes exposure to threats.

  7. Write a statement that clarifies what CanGo does, who it serves and how.

  8. Revisit the strategic management process to determine what needs to change so that CanGo's vision can be achieved.
  Your Answer:
 
  Our Answer:
  The order for the strategic management process is:

b. CanGo's strategic management process begins with a vision statement.

g. CanGo's next step is to write a mission statement that identifies the firm's target market, products, services, processes, and philosophy.

c. Liz and her staff then need to conduct a SWOT analysis of CanGo's strengths, its environmental opportunities and external challenges in order to minimize their exposure to threats.

d. Next Liz needs to set the long-term goal(s) for CanGo.

f. Then a strategic choice is made that reflects the mission, follows the SWOT analysis, and has the potential to achieve long-term goals.

e. Liz and her senior staff identify how to implement their strategy. They create short-term objectives for the different functions in the organization and develop tactical plans to achieve those objectives.

a. Liz and her staff identify time periods for evaluating whether short-term objectives and long term goals are being achieved through their chosen strategy.

h. If the evaluation process reveals that CanGo's objectives and goals are not being achieved, then the strategic management process is reviewed and necessary revisions are made.
   

Now that you've thought about how these ideas apply to the crisis in the Introductory Video, proceed to the next page to see how things turned out at CanGo.


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