1.
a) When faced with a serious problem while running one’s business, there are several approaches that can be used to solve such an issue. One of the most critical undertakings is to review the business’s mission as well as fundamental objectives that the firm aims at accomplishing. The above allows one to establish the problem and how it has resulted in a deviation from the course of actions that are required to accomplish the goals in question. Research and strategizing while tackling the problem would then follow. The decision-making process would involve problem definition which involves the analysis of all the variables connected to the issue, looking at alternative problem resolution techniques, selecting a particular approach, planning on how to implement it and finally executing it.
b) To transfer power and wealth in business as one retires, one of the most important steps is choosing a person who is well experienced and has skills on how to manage the business. Second, a legal procedure to would be followed so that all the agreements made would be legally binding.
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2.
a) The significant differences between strategic planning and strategic implementation mainly regard the undertakings in each stage. In strategic planning, avenues to achieve specific objectives are devised and the resources required to accomplish the same identified. Strategic implementation involves plan execution by the team concerned.
b) The change of organizational structure is essential in strategy implementation since different strategies require a different mechanism that might not be well supported by the current organizational structure.
3.
Trait theory- It proposes that leadership traits are innate rather than acquired as a person develops.
Behavioral theory- It mainly focuses on the behavior that a leader portrays to ensure effective administration or achievement of the objectives he or she has.
Contingency theory – It has that there is no a predetermined course of action that can be used in leadership. It proposes that a response is based on the situation at hand.
Transactional leadership theory-It mainly focuses on how individuals are organized, supervised and the aspects that can influence their performance. Examples of such elements are rewards and punishment.
b) Trait and contingency theories are similar in that regardless of the opposing views of what leadership is, the central focus is the results obtained by utilizing either of them. They hence result oriented. They are different in their approaches since contingency looks at the ability of a leader to react to problems that evolve in an organization while Trait theory looks at the traits a leader has to deal with such problems. Trait theory is hence more of fixed while contingency is dynamic.
4
a) Some primary measures of corporate performance include
Balance scorecard- It is a tool used in the improvement of a variety of business functions.
Stakeholder’s measure- The above involves scrutiny of whether objectives put forward by the stakeholders are satisfied.
b) Control and coordination in strategic management ensure each step that is stipulated in the plan is followed to avoid realizing faults after the completion of a project. Such an occurrence could be costly and time-consuming.
