Ticket Pricing Policy for the London 2012 Olympic Games

industry covers services and platforms with a vast variety of focal markets. The portion of the

Pearce, John A. , & Robinson, Richard B. . (2009). Strategic management. formulation, implementation, and control. United States: McGraw-Hill.

2. Your answers to the following questions must show a knowledge of the text and reflect your thoughts about the issues involved. Each question should take at least a paragraph to answer.

Pearce, J. A. & Robinson, R. B. (2013). Strategic Management: Planning for Domestic and Global Competition (13th ed). New York, NY: McGraw Hill.

Pearce, J. A., II, Robinson, R. B. (2011). Strategic management: Formulation, implementation, and control (12th ed.). Boston, MA: McGraw-Hill/Irwin

Based on your readings and discussions in class this week, answer the following multiple choice questions.

Barney, J. (2004). Firm resources and Sustained Competitive Advantage. Strategy: Process Content Context: an international perspective, de Wit & Meyer , 285-292.

Bassham, G., Irwin, W., Nardone, H., & Wallace, J. (2002). Critical Thinking. [University of Phoenix Custom Edition e-text]. New York: McGraw-Hill Companies Publishing. Retrieved August 25, 2004 from University of Phoenix, Resource, MGT/350–Critical Thinking: Strategies in Decision Making Web site: https://ecampus.phoenix.edu/secure/resource/resource.asp

Hitt, M., Ireland, R., Hoskisson, R. (2013) Strategic Management: Competitiveness & Globalisation, 10th edition, Cengage Learning

In a global environment, the strategies that managers pursue have a significant effect on a business performance as compared to the competitors. Hill and Jones define strategy as a set of actions that a company’s managers put in place in order to increase performance of the company (2013). When the strategies lead to a superior performance of a company relative to its competitors, then the company is said to be at a competitive advantage. This is a case study of Federal Express, in the small package express delivery industry. It

Alfred Chandler(1963) defines strategy as ‘ the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals’. And Michael porter(1996) sees it as ‘Competitive strategy is about being different. It means deliberately choosing different set of activities to deliver a unique mix of value’.

Strategy can be defined as being different from one’s competitors, finding the race to operate and accomplished it. According to Michael Porter (1996), while becoming better at what you do is desirable, it will not benefit you in the long run because it is something other competitors can also do. Strategies for organizations are originally developed by Michael E. Porter in 1979 by introducing the five forces model. A company can identify the industry profitability and attractiveness by analyzing the five forces of Porter (Johnson et al., 2008). And then a reasonable strategy can be set up in line with the strengths and the weakness of an organization is able to create a plan for a stronger position for the organization within its

Hitt, Michael, Hoskinsson, Robert, Ireland, D. ( 2011) Strategic Management: Competitiveness & Globalization: Concepts ( 10 ed.) Cengage Learning.

1) Barney, J., (1991). Firm Resources and Sustained Competitive Advantage, Journal of Management, vol. 17 (1991), no. 1, pp. 99–120.

Strategic Thinking can be described as a process which enables senior management to create a strategy, debate relevant issues, evaluate the internal and external environment, create strategic goals for the organisation and carry the strategy through effectively. (Decision Processes International, 2008)