Why annual, short term objectives are essential for effective strategy implementations.

I. Discuss the purpose of and reasons why annual, short term objectives are essential for effective strategy implementation, and how they are related to long term objectives (Include how GOST applies). Who and how should 1) Long Term objectives, and 2) annual objectives be set?

II. Read the text Ch 7 mini case on Hilton, and respond fully to these questions:

1. Do you think the benefits will offset the costs of the new Hilton cancellation policy? Why?
2. Do you think the new Hilton cancellation policy is ethical? Is it legal? Is it practical?
3. What would be a more effective cancellation policy for Hilton?
4. How should a company such as Hilton decide on new policies?