Reference no: EM131851119

Please give feedback to question 1-3

1. Having management develop a company's goals and objectives is a common way of handling this issue. This ensures that the company is moving in the direction management wants it to. The question is, is this the best way to handle this? Other company's use guidance provided by management for staff and lower level management to develop goals for senior management to approve. The benefit here is that the lower levels have more direct contact with what is going on and usually have a better idea of what needs to be done to move the company in the right direction. Thinking about the benefits to the different methods, which would you recommend or use? Why?

2. You present some nice thoughts here, though it does help to realize that when it comes to strategic planning, it's not all about the money. In fact, in today's world, we see all sorts of strategic goals and objectives that have little if any financial benefit. To give you an example, a common one recently has been for companies to improve their carbon footprint by introducing recycling programs for all waste they generate. Some have gone as far as adding waste collection and sorting facilities, something that requires both capital and operational budgeting.  

3. As stated in our reading there are advantages and disadvantages to each of the 5 generic competitive strategies. Based on these, what are your thoughts on these strategies. Are some better than others? Which one would you choose if you opened a business and why?