Strategic Management
Section A: Objective Type (30 marks)
•This section consists of multiple choice questions & Short notes type questions.
•Answer all the questions.
•Part one questions carry 1 mark each & Part two questions carry 5 marks each.
Part One:
Multiple choices:
1. A plan of action designed to achieve a particular goal is:
b. Strategy
2. It is important to develop mission statement for:
a. Allocating organizational resources
3. The five forces model was developed by:
c. Michael E. Porter
4. How many elements are involve in developing in an organizational strategy:
a. Six
5. The three important steps in SWOT analysis are:
b. Opportunities, Threats, Strengths
6. GE matrix consists of how
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4. Future- oriented: Strategic management encompasses forecasts, what is anticipated by the managers. In such decisions, emphasis is placed on the development of projections that will enable the firm to select the most promising strategic options. In the turbulent environment, a firm will succeed only if it takes a proactive stance towards change.
5. Multi-functional or Multi-business consequences: Strategic management has complex implications for most areas of the firm. They impact various strategic business units especially in areas relating to customer-mix, competitive focus, resources that result from these decisions.
6. Non-self-generative decision: While strategic management may involve making decisions relatively infrequently, the organization must have the preparedness to make strategic decision at any point of time. That is why Ansoff calls them “non-self-generative decision.”
2. Critically analyze the concept of BCG Matrix.
Answer:
Boston Consulting Group (BCG) Matrix: is a four celled matrix (a 2 * 2 matrix) developed by BCG, USA. It is the most renowned corporate portfolio analysis tool. It provides a graphic representation for an organization to examine different businesses in its portfolio on the basis of their related market share and industry growth rates. It is a two dimensional analysis on management of SBU’s
"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are
This report demonstrates the evaluation of current performance of JD Sports Company. Method of Analysis includes Ansoff’s matrix and Porter’s generic growth strategies to discuss the nature of the market which JD Sports invest in. The financial methods are including the flexibility and stability of JD sports which judged by the liquidity, current ratio, operation capital, gearing and profit margin of this company. These figures could be collected from the annual report or balance sheet. This report analyzed the JD sport’s position in the market, and used generic and external growth method to expand market size. Such as acquired a lot stores to improve business profitability. Obviously, JD has expanded to the European
STRATEGIC MANAGEMENT: CONCEPTS AND CASES Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic
Healthy Place is a therapy store focused upon relaxation as an aid in healthy living. Healthy Place provides a variety of products, tools, and techniques for customers to practice at home relaxation therapy. These products include body and cosmetic services, aroma therapy products, reflexology, perfumes, and candles. The achievement of a healthy balance of mind, spirit, and body is Healthy Place’s focus. Herein, an SWOTT analysis will be conducted and explained, internal/external analysis of Healthy Place in relation to forces and trends which are; Economic, Legal/Regulatory, Technological, Innovation, Strategy, Structure, Resources, and
Throughout the business industry the people who are most associated with the business process has found strategic planning and management development "requires constant shifting back and forth between long-run and short-run thinking" (Dess and Miller, 5). Planning is a business process that involves one or more people (depending on the type business) whom decide where the business 's objectives lie and how to initially accomplish them over a period of time. Strategic management development is a business process that also involves one or more people (again depending on the type of business). This particular process essentially allows the "application of the basic planning process at the
How do you conduct your strategic planning? Strategic planning is a joint endeavor that involves field operations, headquarters and mission support. The agency’s strategic planning practices entail brainstorming new ideas, implementing innovations and reflecting on past practices in developing action plans to improve daily functions, upcoming operations and immediate response actions to crisis situations. The operational plan or warning order provides mission critical information regarding equipment, personnel and objective, it also denotes the time frame to fulfill mission requirements. The agency’s human capital strategy is based on comprehensive research methods to identify activities and operating costs which are key in driving risk mitigation factors.
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According to Pearce and Robinson 2004, a company should select long-term objectives and grand strategies that will achieve the most desirable options. Strategic management involves the planning, directing, organizing and controlling of a company 's strategy-related decisions and actions. (Pearce, Robinson 2004)
Understandably, organizations with diverse operations due to multiple products, markets or technologies also tend to use more complex strategic management systems. Despite differences in detail and degree of formalization, the basic components of the models used to analyze strategic management operations are very similar.
1. Compare and contrast the characteristics of the operational, managerial, and executive levels of an organization.
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What advice would you give to management concerning the best way to implement strategic choices in an organization?
A successful strategic management system has to focus on company 's external environment, and to synchronize the company 's internal environment as well. Strategy is seen as primarily determined not only by market conditions external to the company but by organization-specific factors such as the way that information flows and the communication vehicle inside an organization and how new knowledge is created, developed and shared.
There should also be significant evidence of secondary based research in relation to the organisation and its related strategic context. Full reference details must be included in respect to the academic literature and all other sources of information used (reference to and use of material from such sites as Wikipedia are NOT acceptable). This is worth 15% of the total marks.