第三次作业宋子瑶 经济1503 415076632. Describe in detail the six-step strategic management process.The strategy management process is a six-step process that encompasses strategy planning, implementation and evaluation. The first step is identifying the organization s current mission, goals and strategies. Every organization needs a mission-a statement of its purpose. Defining the mission forces managers to identify what it s in business to do. It s also important for managers to identify the current goals and strategies for managers have a basis for assessing whether they need to be changed.The second step is doing an external analysis. Analyzing that environment is a critical step in the strategic management process. Once the managers ve analyzed the environment, managers need to pinpoint opportunities that the organization can exploit and threats that it must counteract or buffer against. And opportunities are positive trends in the external environment and threats are negative trends.The third step is doing an internal analysis. The internal analysis provides important information about an organization s specific resources and capabilities. After completing an internal analysis, managers should be able to identify organizational strengths and weakness. The combined external and internal analyses are called the SWOT analysis, which is an analysis of the organization s strengths, weakness, opportunities, and threats.The forth step is formulating strategies. As managers formulate strategies, they develop and evaluate strategic alternatives, select appropriate strategies for all levels in the organization that provide relative advantages over competitors, match organizational strengths to environmental opportunities, and correct weaknesses and guard against threat.The fifth step is implementing strategies. Once strategies are formulated, they must be implemented. No matter how effectively an organization has planned its strategies, performance will suffer if the strategies arent implemented properly.The sixth step is evaluating results. There are many problems managers can meet with, such as how effective the manager have been at helping the organization reach its goal, what adjustments are necessary and so on.5. Under what circumstances do you believe MBO would be most useful? Discuss. From my point, MBO would be most useful under the circumstances where departmental, team and individual goals are vital to planing and directing. Whats more, MBO would be also most useful under the circumstances where communication and efficiency are necessary.Management by objectives (MBO) is a process of setting mutually agreed-upon goals and using those goals to evaluate employee performance. MBO programs have four elements: goals specificity, participative decision making, an explicit time period, and performance feedback.If a manager were to use this approach, he or she should sit down with each member of the team and set goals and periodically review whether progress was being made toward achieving those goals. That is exactly the biggest difference from traditional goal setting. This way lays emphasis on specific goals. What more, instead of using goals to make sure employees are doing what theyre supposed to be doing, MBO uses goals to motivate them as well. Studies also have shown that it can increase employee performance and organizational productivity. We can see that when communication and efficiency are necessary, MBO plays an important role.6. Find examples in current business periodicals of each of Porter s genetic strategies. Name the company, describe the strategy being used, and explain why it s an example of that strategy. Be sure to cite your sources.As for the cost leadership strategy, I choose XiaoMi Tech from the periodical Wired. When an organization competes on the basis of having the lowest costs in its industry, it is following a cost leadership strategy. As we all know, XiaoMi is famous for its reasonable and acceptable prices for mobile phones with the same configuration. The firm does everything it can to cut costs. For example, its unique phone system called MIUI, is an innovation as well as an important factor related with the price of single phone. What more, the use of hunger marketing is the outcome of low costs.As for the differentiation strategy, I choose Haier from the periodical Fortune Magazine. Haier competes by offering unique products that are widely valued by customers. Once Haier produced a kind of the washing machine specially designed for rural areas and mountain areas. This kind of machine not only has the function of twin-tube washing machine, but also meet the need of people in mountain areas that is cleaning vegetables and fruits with sand. This is a typical example of innovation and differentiation.As for the focus strategy, I choose Coco Cola from the periodical Fortune Magazine. The two strategies above are aimed at the broad market,