List and describe the different types of competitors that organizations must consider when analyzing their competitive environment.

This Exam consists of the following essay questions. You may work at your own pace as long as it is finished during the period when it is open – between July 16th and July 19th. Please write as if this will go to a client – so it is well written using good grammar and punctuation. Please make sure to use size 11 font and SINGLE spacing.
1. Describe each of the four key management functions. (20 pts) ½ page
2. List and describe the different types of competitors that organizations must consider when analyzing their competitive environment. (20 pts) ½ – 1 page
3. A. Provide two examples of businesses that practice low-cost strategies and two examples of businesses that practice differentiation strategies. (20 points) ½ – 1 page
B. Which strategy does a commodity type business follow? A boutique elite type product? (10pts) one paragraph or less
C. Is it harder to move from a low-cost strategy to a differentiation strategy or vice versa? Explain why. 10 pts ½ page
4. You have an idea for a new product and your current firm will not let you pursue it.
A. What should you consider when deciding if you want to go off on your own and start a business producing and selling this product? Include in your answer listing several pros and cons of staying with existing firm and missing the opportunity versus starting a business. Include risk and return in your analysis. 1 page 40 points
B. You decide to try to give your product idea one more shot at your current firm. You had proposed it to your direct manager as your idea and he/she shot it down. What can you do differently to try to get it accepted and explain how you would go about that? Important to address the concepts of “ownership of the idea” and also making sure others are not threatened – will it adversely impact another existing product – and how to get those people impacted by that on board with your idea. One page 40 points
5. What is an organizational chart and why is it useful? 20 points ½ to 1 page

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