Management Fundamentals 5th Edition by Robert Lussier

Exercise 11

This exercise is an extension of Skill Builder 4 in Chapter 1; if you have not completed that Skill Builder, do so now. You are now going to develop a strategic plan for your new venture by completing the strategic planning steps that follow.
Objective
To develop your entrepreneurial strategic planning skills.
Skills
The primary skills developed through this exercise are:
1. Management skill - decision making (setting objectives is the first step to planning)
2. AACSB competencies - communication abilities, analytic skills, and reflective thinking skills
3. Management function - planning (strategic)
Step 1. Developing the Mission
Write a mission statement for your new venture.
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Step 2. Analyzing the Environment
A. Develop a five-force competitive analysis.
B. Complete a company situation analysis.
1. SWOT analysis

2. Determine your company's competitive advantage (if any). You may wish to do a competitive strength assessment.
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3. What conclusions did you come to concerning competitive position?
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4. Determine the issues and problems that need to be addressed through the strategic planning process.
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Step 3. Setting Objectives
List three objectives for your new venture.
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Step 4. Developing Strategies
Being in a single line of business, you do not need to develop a grand strategy or conduct a portfolio analysis. However, you should have an adaptive and competitive strategy based on the product life cycle.
Stage of the product life cycle: __________________________________________
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Adaptive and competitive strategies (explain each briefly):
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Step 5. Implementing and Controlling Strategies
List a few major controls you will use after implementing each strategy.
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Apply It
What did I learn from this experience? How will I use this knowledge in the future?
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Your instructor may ask you to do this Skill Builder in class in a group. If so, the instructor will provide you with any necessary information or additional instructions.