Question & Answer

1.    : TikTok, a Chinese video-sharing social networking service, was founded in 2012 and became available in the United States in 2018. TikTok is wildly popular, with a global reach mostly among 16- to 24-year-olds. Why and how might a company such as TikTok want to use contingency planning? Scenario planning? Discuss.

1.    : Assume that Southern University decides to raise its admission standards. What plan might it develop to achieve this goal?

1.    : How do you think planning in today’s organizations compares to planning 25 years ago? Do you think planning becomes more important or less important in a world where everything is changing quickly and crises are a regular part of organizational life? Why?

1.    : A new business venture must develop a comprehensive business plan if it hopes to acquire start-up funding. Companies such as FedEx and Nike say they did not follow their original plans closely. Does this mean that developing the plan was a waste of time for these eventually successful companies?

1.    : The MBO technique has been criticized for putting too much emphasis on achieving goals (ends) and not enough on the methods that people use to achieve them (means). Do you think this is a flaw in the technique or in the way managers apply it? How might you achieve a balanced emphasis on ends and means?

1.    : One of the benefits of a strategy map is that it clearly communicates goals and how they are linked to everyone in the organization. Does a minimum-wage maintenance worker in a hospital really need to understand any goals beyond keeping the place clean? Discuss.

1.    : What strategic plans could the college or university at which you are taking this management course adopt to compete for students in the marketplace? Would these plans depend on the school’s goals?

Explain the importance of contingency planning, scenario building, stretch goals, and crisis planning for managers today.

: Identify specific benefits and limitations of planning.

Explain the characteristics of effective goals.

: Describe how managers can use the organizational mission and other techniques to manage goal conflict.

: Explain the relationship between goals and plans and the types of goals an organization should have.

: Do you think Kevin could make a go of the business alone? Should he try? Discuss.

1.              : What does this case illustrate about the risks of starting a business with a partner? How might those risks be minimized? Explain.

1.              : If you were Kevin how would you initiate a conversation with Jeremy? What would you want to learn? What would you say?

1.              : Take swift action to notify the venture capitalists of the truth of the situation—and start cleaning house to get rid of people who would knowingly lie to close a deal.

1.              : Go ahead and close the deal, but come clean later. Explain that the controller had been on an extended leave of absence and because you had been on the job for only a few days, you had not had time to analyze the numbers yourself.

1.              : Say nothing about the false numbers. Of course, the company will miss the projections and have to come up with a good explanation, but, after all, isn’t that par for the course among fledgling high-tech companies? Chances are the whole thing will blow over without a problem.

1.    : Describe the benefits of using social media to help a start-up gain traction during the early stages of its life. What are some possible disadvantages of using social media?

1.    : How does starting an online business differ from starting a small business such as a local auto repair shop or delicatessen? Is it really possible for businesses that operate totally in cyberspace to build close customer relationships? Discuss.

1.    : Many people who are successful at the start-up stage of a business are not the right people to carry the venture forward to middle age. How do you decide whether you are better suited to be a serial entrepreneur (start a business and then move on to start another) or whether you can guide your venture as it grows and matures?

1.    : What personal skills do you need to keep your financial backers feeling confident in your new business? Which skills are most useful when you’re dealing with more informal financial sources, such as family and friends, versus receiving funds from stockholders, a bank, or a venture capital firm? Would these considerations affect your financing strategy?

1.    : Many successful entrepreneurs say that they did little planning, perhaps scratching notes on a legal pad. How was it possible for them to do well, even so?

1.    : By the time an online or mobile business starts noticeably losing customers, it is often too late to turn things around. If you were the creator of a successful game app, such as Fortnite Battle Royale or League of Legends, how might you know when it was time to pivot so as to keep thriving?