Write a summaryof the your reflection of the previous week and how it applies to your career. 1- OBJECTIVE: Evaluate potential generic strategies for an organization. 2- OBJECTIVE: Evaluate potential...

Long-Term Objectives and Strategies Strategic Management. Formulation, Implementation, and Control, Twelfth Edition Chapter Seven: Long-Term Objectives and Strategies ISBN: 9780078137167 Author: John A. Pearce, Richard B. Robinson?copyright © 2011 McGraw-Hill Company After reading and studying this chapter, you should be able to Discuss seven different topics for long-term corporate objectives. Describe the five qualities of long-term corporate objectives that make them especially useful to strategic managers. Explain the generic strategies of low-cost leadership, differentiation, and focus. Discuss the importance of the value disciplines. List, describe, evaluate, and give examples of the 15 grand strategies that decision makers use as building blocks in forming their company’s competitive plan. Understand the creation of sets of long-term objectives and grand strategies options. The company mission was described in  HYPERLINK "javascript:findAnchor('ch02')" Chapter 2 as encompassing the broad aims of the firm. The most specific statement of aims presented in that chapter appeared as the goals of the firm. However, these goals, which commonly dealt with profitability, growth, and survival, were stated without specific targets or time frames. They were always to be pursued but could never be fully attained. They gave a general sense of direction but were not intended to provide specific benchmarks for evaluating the firm’s progress in achieving its aims. Providing such benchmarks is the function of objectives. HYPERLINK "javascript:findAnchor('ch07fn1')" 1 1The terms goals and objectives are each used to convey a special meaning, with goals being the less specific and more encompassing concept. The first part of this chapter will focus on long-term objectives. These are statements of the results a firm seeks to achieve over a specified period, typically three to five years. The second part will focus on the formulation of grand strategies. In...