What new insight did you gain after completing this module? What were the most important lessons learned in this module? What was the most difficult point or concept in this lesson? How will you apply the lessons learned in this module in your professiona

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  1. What new insight did you gain after completing this module?
  2. What were the most important lessons learned in this module?
  3. What was the most difficult point or concept in this lesson?
  4. How will you apply the lessons learned in this module in your professional life?

MODULE 4 (LESSON 9 LESSON 10 and LESSON 11)

Lesson 9 – Strategy Review, Evaluation, and Control

Even successful firms can fail quickly as they are the target of all other firms, so evaluating strategies is essential for all firms. Apple is one such example. Apple is struggling as Samsung and other rival firms imitate and duplicate their products and then offer lower prices for similar products. Chapter 9 describes how to effectively evaluate strategies and make timely changes as needed. In this context, Chapter 9 explains how to develop a Balanced Scorecard and utilize contingency planning.

Strategy evaluation consists of three activities: Review Underlying Bases of Strategy, Measure Performance, and Take Correction Action. Review the tables in this chapter of your textbook, that summarize the narrative quite well.

After studying this chapter, you should be able to :

  1. Discuss the strategy-evaluation process, criteria, and methods used.
  2. Discuss three activities that comprise strategy evaluation.
  3. Describe and develop a Balanced Scorecard.
  4. Identify and describe published sources of strategy-evaluation information.
  5. Identify and describe six characteristics of an effective strategy-evaluation system.
  6. Discuss the nature and role of contingency planning in strategy evaluation.
  7. Explain the role of auditing in strategy evaluation.
  8. Identify and discuss three twenty-first-century challenges in strategic management.
  9. Identify and describe 17 guidelines for effective strategic management.

Lesson 10 – Business Ethics, Social Responsibility, and Environmental Sustainability

Ethics, social responsibility, and environmental sustainability issues have become vital in management effectiveness. Go slow and easy through this chapter. Recall that the CEO of Volkswagen was recently fired over that company’s ethical violations in concealing vehicle emission problems. The buck stops at the top regarding responsibility for most ethical problems. Volkswagen , Enron, Turing Pharmaceuticals, FIFA are all examples of companies which have been shaken by serious business ethics issues during the 21 century.

Chapter 10 describes the importance of business ethics, environmental sustainability, and social responsibility in strategic management, including such topics as workplace romance, bribery, pollution abatement, whistleblowing, animal welfare, and philanthropy. Issues related to these topics can significantly bolster or derail the best strategic plan, so Chapter 10 explains how these topics can best be managed.

After studying this chapter, you should be able to do the following:

  1. Explain why good ethics is good business in strategic management.
  2. Explain why whistle-blowing, bribery, and workplace romance are strategic issues.
  3. Discuss why social responsibility and policy are key issues in strategic planning.
  4. Discuss the nature of environmental sustainability and why it is a key issue in strategic planning.
  5. Explain why animal welfare is a strategic issue for firms.

Lesson 11 – Global and International Issues

Chapter 11 explains how to identify and manage global issues in formulating, implementing, and evaluating strategies. Special topics include business culture, business climate, labor unions, protectionism, tax rate variation, and management style variation across countries. Chapter 11 also describes how communication and business practices vary across countries so that strategic planning can be more effective.

After studying this chapter, you should be able to do the following:

  1. Discuss the nature of doing business globally, including language and labor union issues.
  2. Explain the advantages and disadvantages of doing business globally.
  3. Discuss the global challenge facing firms and why this is a strategic issue.
  4. Discuss tax rates and tax inversions as strategic issues.
  5. Compare and contrast American business culture versus foreign business cultures; explain why this is a strategic issue.
  6. Discuss the business culture found in Mexico, Japan, China, and India; explain why this is a strategic issue.
  7. Discuss the business climate in Africa, China, Indonesia, India, Japan, Mexico, and Vietnam; explain why this is a strategic issue.

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