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DRIVE-
SPRING 2014
PROGRAM-
Bachelor of Business Administration- BBA
SEMESTER-
2
SUBJECT
CODE & NAME- BBA202: BUSINESS STRATEGY
Q1.
What is business strategy? Explain the need for business strategy? (Meaning of
business strategy, Explanation of the need for business strategy) 3, 7
Answer:
Business
strategy can be defined as the process of long range planning for executing
ideas into action. You will also learn why it is important for an organization
to have a clear focus on its strategy for its functioning.
The word, ‘Strategy’
is derived from the ancient Greek word ‘Strategos’, which is a
Q2.
Define strategic management. What are the causes for failure of Strategic
Management? (Definition of Strategic Management, Causes for failure of
Strategic Management) 3, 7
Answer:
Definitions
provided by some of the eminent authorities on the subject:
According to Gluek
W F – “Strategic management is a stream of decisions and actions which lead
to the development of an effective strategy or strategies to help achieve corporate
objectives”.
Mr. Ansoff H L defines
strategic management “as a systematic approach to a major and increasingly
important responsibility of general management to position and relate the firm
to the environment in a way which will assure its continued success and make it
secure from surprises”.
Q3. Write short notes on the following:
a)
Core competencies and their importance
b)
Strategic leadership. 5, 5
Answer: Core
Competencies and their Importance in Strategy Formulation
The term “Core
Competency” has its origin in an article titled “The Core Competence of the
Corporation”, written by C. K. Prahalad and Gary Hamel for the Harvard Business
Review in 1990. In this article, core competency has been defined as “The
collective learning and coordination skills behind the firm's product lines”.
The authors illustrated that the core competencies of an organization led to
the development of core products, which in turn, can be
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