Way Out Bikes Situation: The owner of Way Out Bikes asked you for advice about acquiring an information system for her business. The company specializes in helping customers select exactly the right bicycle for their needs and lifestyles. Way Out cannot compete on price with mass merchandisers, but it seeks to offer value and expertise for which customers are willing to pay. You ask the owner whether she has long-range plans for the company, and she replies that she has not really thought beyond a one-year time frame.

a. Explain the concept of strategic planning to Way Out’s owner.

b. Decide what else you might want to know about Way Out. Consider the internal and external factors described on pages 58 to 61 of the textbook, and make a list of questions to ask the owner.

c. Draft a mission statement for Way Out.