Homework assignment (BGMT 304), management homework help

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Hi ..

this is a short assignment in my Intro to management class

the assignment called (building effective decision-making skills) in chapter 4 the textbook: Ricky W. Griffin. Management. 12th Edition, Mason, Ohio: South-Western, Cengage Learning, 2015.


(Has 4 questions .. so the answers has to be very short like just key points)

See the file attached .. gonna also send the chapter lecture we used in case you need it

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Building Effective Decision-Making Skills Exercise Overview Decision-making skills refer to the ability to recognize as part of the strategy-formulation process. This exer- and define problems and opportunities correctly and cise will help you better understand both how manag- then to select an appropriate course of action for solving ers obtain the information they need to perform such an problems or capitalizing on opportunities. As we noted analysis and how they use it as a framework for making in this chapter, many organizations use SWOT analysis decisions. 234 PART 3 Planning and Decision Making Exercise Background SWOT is an acronym for Strengths, Weaknesses, At one time, the firm was successful in part because it Opportunities, and Threats. The idea behind SWOT is that was able to charge premium prices for top-quality products. a good strategy exploits an organization's opportunities and In recent years, however, management has tried cutting strengths while neutralizing threats and avoiding or correct- costs as a means of bringing prices in line with those of new ing weaknesses. competitors in the market. Unfortunately, the strategy hasn't You've just been hired to run a medium-size company worked very well, with the effect of cost cutting being primar- that manufactures electric motors, circuit breakers, and simi- ily a fall-off in product quality. Convinced that a new strategy lar electronic components for industrial use. In recent years, is called for, you've decided to begin with a SWOT analysis. the firm's financial performance has gradually eroded, and your job is to turn things around. Exercise Task Reviewing the situation, you take the following steps: (Note: When using the Internet, be sure to provide spe- cific websites or URLs.) 1. List the sources that you'll use to gather information about the firm's strengths, weaknesses, opportunities, and threats. 3. Next, rate each source that you consult in terms of prob- able reliability 2. Then ask yourself: For what types of information are data readily available on the Internet? What categories 4. Finally, ask yourself how confident you'd be in basing of data are difficult or impossible to find on the Internet? decisions on the information that you've obtained.
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Explanation & Answer

Attached.

SWOT Analysis Information - Outline
Thesis Statement: Analyzing competitor performances can provide insight on the potential
opportunities and the level of competition that is causing threats to the company. It also allows
one to understand how the strengths of the company can be utilized against competitor
weaknesses.
I. Sources of information
II. Information on the Internet
III. Reliability of the Internet sources
IV. Confidence in information application


Running head: SWOT ANALYSIS INFORMATION

SWOT Analysis Information
Name
Institution

1

SWOT ANALYSIS INFORMATION

2

SWOT Analysis Information
1. Sources of Information
The planning of a SWOT analysis requires the collection of information from varied
sources. The information can be obtained from financial resources. The review of financial
records reveals information such as the value of infrastructure and financial resources from sales
activities. Secondly, market research can show the opportunities and threats that are present in
the company. Unexploited electronic goods markets can be revealed by conducting an intensive
market research. Performance indicators allow the managers to understand the achievements of
the company through its history (Griffin, 2015). Such indicators include information such as
return on investment, turnover rates, production rates and stock dividends. Also, analyzing
competitor performances can provide insight on the potential opportunities and the level of
competition that is causing threats to the company. It also allows one to understand how the
strengths of the company can be utilized against competitor weaknesses.
2. Information on the Internet
Most of the information required in the SWOT analysis ...


Anonymous
Very useful material for studying!

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