13 Jun WHAT ARE 3 STRATEGIC MANAGEMENT TOOLS YOU CAN THINK OF THAT WOULD BE USEFUL IN MAKING THE DECISION TO ENTER THE INDUSTRY?
uestion 1(25 Possible Points)
Suppose that you are a strategy consultant and are being paid $150 per hour. You have been hired a young entrepreneur who want to enter what appears to be attractive. Restaurant industry.
a) what general active would you give the entrepreneur before entering the restaurant industry?
b) what are some forces you would analyze under the macro environment/ external environment?
c) What are 3 strategic management tools you can think of that would be useful in making the decision to enter the industry? Please explain each tool and how it can be used.
d) What would you suggest to the entrepreneur about which Business-Level strategy to use?
Note: Please explain the strategic tools as best as possible. You can use diagrams/drawings to support some of your points if necessary.
Question 2(25 Possible Points)
Suppose that you have been hired to be the manager of a soft-drink company. The company has been losing money during the last couple of years. The company is facing financial problems. However, the soft-drinks (products) your company produces taste delicious and have been well received by consumers.
a) What are some general strategic management steps you would take to analyze the existing challenges the company is facing?
b) What are some economic concepts you would use to analyze the current state of the company?
c) What would you consider doing with respect to the company’s value chain?
What are some other strategic options you could consider so as to improve the company’s performance?
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