Reference no: EM133574562

Questions:

Systems (10)

What is a succinct explanation of the iceberg model of systems theory? Thinking back to the podcast on NUMMI, how would you diagnose the situation at GM with the iceberg model?

Systems (5)

Your readings quote management as simply being as "series of balancing processes." What is a balancing process and why do the authors make this assertion?

Industry Analysis (10)

According to a study from Ohio State University, over 70% restaurants fail within 5 years of opening. Obviously this suggests that something about the industry (task environment) is unfavorable. Utilizing details about the industry (E.G. barriers to entry and switching costs) why do you think most restaurants are likely to fail?

Industry Analysis (5)

Let's say you're managing a taxi company in an industry environment where there is a very high threat of substitutes. What might happen if you try to raise prices?

Strategy (10)

In class we discussed two major strategies for competing in the marketplace. You live in a small town and the only major shopping center is the local Wal-Mart. Your dream has been to open your own shoe store but are worried that Wal-Mart will outcompete you. Given what you know about how Wal-Mart's low cost strategy, what would you do to be successful? Be specific. What would be a potential risk of pursuing this strategy?

Strategy (10)

Suppose in your town there is only one hairstylist that usually charges around $60 for a woman's haircut. While that is considered expensive in the area, the business has great reviews because the stylists are well-trained, are very creative, and they have great customer service. After doing some market research you determine that there is room in the market for another styling shop in the area. How would you compete with this other shop using a low-cost strategy? Try to be specific and highlight the factors that drive your chosen strategy.