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1、ISSUESFORREVIEWANDDISCUSSION1.ExplainwhyStrategicManagementofteniscalleda"capstonecourse•”Answer:Businesspolicyiscommonlycalledacapstonecoursebecausestudents9majorresponsibilityinthisclassistouseallknowledgegainedinpriorcoursestochartthefuturedirectionofdiff
2、erentorganizations.2.Whataspectofstrategyformulationdoyouthinkrequiresthemosttime?Why?Answer:Importantaspectsofstrategyformulationincludedevelopingabusinessmission,performinganexternalaudit,conductinganinternalaudit,generatingalternativestrategies,andchoosin
3、gamongalternativestrategies.Perfbnninganexternalauditgenerallytakesthemosttime.Forexample,identifyingcompetitorsstrengthsandweaknessesisanessentialaspectoftheexternalaudit.EffectiveuseoftheInternetcanreducethetimerequiredforperforminganexternalaudit.3.Whyiss
4、trategyimplementationoftenconsideredthemostdifficultstageinthestrategic-managementprocess?Answer:Strategyimplementationisoftenconsideredtobethemostdifficultstageinstrategicmanagementbecauseitrequiresdiscipline,sacrifice,commitment,andhardworkfromallemployees
5、andmanagers.Itisalwaysmorediflficulttodosomethingthantosayyouregoingtodoit.4.Whyisitsoimportanttointegrateintuitionandanalysisinstrategicmanagement?Answer:Neitherintuitionnoranalysisaloneissufficientformakinggoodstrategicdecisions.Intuition,basedononepastex
6、periences,judgment,and“gut"feelings,doesnotineludetheuseofanalyticalstrategic-managementconceptsthathavebeendevelopedandsuccessfullytestedinthebusinessworld.Toignorethesetechniquesthatarebasedonhistoricallearningisliketryingtoreinventthewheel.However,noanaly
7、ticaltoolscancaptureallaspectsofagivenorganization^cultureandsituation.Norcananalyticaltoolsassimilateallthesubjectiveinformationthatmustbeconsideredinstrategicmanagement,suchaspersonalities,emotions,values,beliefs,customs,andethicalfactors-Thus,itisveryimpo
8、rtanttointegrateintuitionandanalysisinstrategicmanagement.5.ExplaintheimportanceofavisionandmissionstatementAnswer:Reachingagreementonformalvisionandmissionstatementscangreatlyfacilitatetheproce
