IM411 Introduction to Management

Assignment# 2

Individual Activity
1. Do a personal SWOT analysis. Assess your personal strengths and weaknesses (skills, talents,
abilities). What are you good at? What are you not so good at? What do you enjoy doing? What
dont you enjoy doing? Then, identify career opportunities and threats by re- searching job
prospects in the industry youre interested in. Look at trends and projections. You might want to
check out the Bureau of Labor Statistics information on job prospects. Once you have all this
information, write a specific career action plan. Outline five-year career goals and what you need
to do to achieve those goals.
2. Using current business periodicals, find three examples of each of the corporate and competitive
strategies. Write a description of what these businesses are doing and how it represents that
particular strategy. Pick five companies from the latest version of Fortunes Most Admired
Companies list. Research these companies and identify their (a) mission statement, (b) strategic
goals, and (c) strategies being used.
3. Self-knowledge can be a powerful learning tool. Go to mymanagementlab.com and complete
these self- assessment exercises:
a. How Well Do I Handle Ambiguity?
http://www.prenhall.com/divisions/bp/app/sal_custom/wam/q7.html
b. What Type of Organizational Structure Do I Prefer? -
http://www.prenhall.com/divisions/bp/app/sal_custom/lio/q35.html
c. How Willing Am I to Delegate? -
http://www.prenhall.com/divisions/bp/app/sal_custom/lio/q36.html
Using the results of your assessments, identify personal strengths and weaknesses. What will you
do to reinforce your strengths and improve your weaknesses? (Screen capture your results
printout)
 ANSWERS

1. Strengths Weaknesses Opportunities Threats (SWOT analysis)

What are you good at?
What are you not so good at?
What do you enjoy doing?
What dont you enjoy doing?

2.
Business Periodicals
Bloomberg Businessweek
- an American weekly business magazine published by Bloomberg L.P.
- the magazine was created to provide information and interpretation about what was happening
in the business world.
Fortune
- a Multinational business magazine, published and owned by Time Inc.
The Wall Street Journal
- an American business-focused, English-language international daily newspaper based in New
York City.
- Wall Street Journal is the largest newspaper in the United States

Five companies from the latest version of Fortunes Most Admired Companies list.
Apple (Computers )
a. Mission Statement
Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and
professional software. Apple leads the digital music revolution with its iPods and iTunes online
store. Apple has reinvented the mobile phone with its revolutionary iPhone and App store, and is
defining the future of mobile media and computing devices with iPad.
b. Strategic Goals
To provide the best and upgraded product.
To maintain investor support.
To ensure that the company has a long-run profitability, production and service.
c. Strategies being used

Amazon.com (Internet services and retailing)

a. Mission Statement
We strive to offer our customers the lowest possible prices, the best available selection, and the
utmost convenience.
b. Strategic Goals
Improve customer relationships
Expand products and services
Expand overseas
 Expand partnerships
Profitability in every Amazon.com business

c. Strategies being used

Starbucks (Food services)

a. Mission Statement
To inspire and nurture the human spirit one person, one cup and one neighborhood at a time.
b. Strategic Goals
Making coffee the worlds first sustainable product by doing our part to improve the lives of at
least One Million people in coffee communities around the world
building and operating the worlds largest green retail business
creating pathways to employment for 1 million people
strengthening communities by welcoming all and creating impact on issues that matter
c. Strategies being used

Berkshire Hathaway (Insurance: Property and Casualty)

a. Mission Statement
" Deliver the right parts exactly on time, exceed our internal and external customer requirements
through continuous improvement, and provide a place for hard-working, dedicated,
knowledgeable and ethical people who believe in the company. "
b. Strategic Goals
Maintain Berkshire's financial position: No matter what happens, Berkshire maintains
modest to minimal debt levels, lots of liquidity, few near-term obligations, and lots of income
streams.
Widen the moats: A "wide economic moat" is a Buffett term that essentially means a durable
competitive advantage that should allow a company to prosper in good times and bad for the
foreseeable future, and that makes it relatively immune to competition.
Acquire and develop new and varied streams of earnings: Berkshire is always on the lookout
for new acquisitions and investments, in good times and bad.
Focus on good management: I can't emphasize enough how much value Buffett places on
good management.
c. Strategies being used

Walt Disney (Entertainment)

a. Mission Statement
"The mission of The Walt Disney Company is to be one of the world's leading producers and
providers of entertainment and information. Using our portfolio of brands to differentiate our
content, services, and consumer products, we seek to develop the most creative, innovative and
profitable entertainment experiences and related products in the world."
b. Strategic Goals
To be one of the worlds leading producers and providers
of entertainment and information
 Maximize earnings.
Allocate capital to growing businesses to drive long term share-holder value

c. Strategies being used

3. Self-knowledge can be a powerful learning tool. Go to mymanagementlab.com and complete

these self- assessment exercises:
a. How Well Do I Handle Ambiguity?
b. What Type of Organizational Structure Do I Prefer? -

c. How Willing Am I to Delegate? -

Using the results of your assessments, identify personal strengths and weaknesses. What will you
do to reinforce your strengths and improve your weaknesses?