ASSIGNMENT No.

1. Discuss the extent to which strategic-planning concepts would be applicable to

individuals managing their own lives.

Strategic planning concepts to a large extent is applicable to individuals managing their

own lives for example, as managers amass experience, they may rely less on formalized
planning, a result of overconfidence; or when a person has achieved status, privilege, or
self-esteem, he/she often sees a new plan as a threat.

2. Explain Drucker’s statement “I believe in intuition only if you discipline it.” Do you
agree with it? Give reasons for your answer.

Strategic planning concepts to a large extent is applicable to individuals managing their

own lives for example, as managers amass experience, they may rely less on formalized
planning, a result of overconfidence; or when a person has achieved status, privilege, or
self-esteem, he/she often sees a new plan as a threat.

3. In order of importance, list six benefits of a firm engaging in strategic management.

identifies opportunities and threats that influence organizational performance

ensure that the company performs very well and generates profits for its owners.

predicts future changes that can take place.

identifies the critical factors that are strategically important to the organization.

sets the direction so that everyone in the organization knows where are they heading
towards

identifies the competitive advantages that can generate strengths of the organization
and take the necessary steps to effectively obtain it.
 4. What is the most important activity in the strategic-management process?

Meeting structures - Determining how "the strategy" will integrate with the current
structures in your firm is one of the most crucial things you need to undertake when
setting up an efficient strategy implementation process.

5. Create a diagram illustrating how to gain and sustain competitive advantages.

Capabilities

↓
Lesson Learned → Core Competencies → Sustainable Competitive Advantage → Superior Value
Customers
↑

Skills