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DRIVE FALL 2014
Semester - IV
MB0052 – STRATEGIC MANAGEMENT
AND BUSINESS POLICY
Q1. Describe the role of five major participants in
the Strategic Management Process (SMP) of a company. (Description of the role
of 5 participants (BoD, CEO, corporate planning staff, senior managers and
Consultants)
Answer:
Participants in
SMP
The fact that
the strategic management process involves strategy making at the corporate
level, SBU level and functional level also implies that managers at different
levels—top, senior and middle—participate in the strategic planning and
management process. In addition to the managers, the board of directors also
play a definite role. Many times, management consultants also play important roles
in the strategic planning and management of a company. So, there may be five
major participants in the strategic management process of a company although
they may play quite different roles. The five participants are:
Q2. Differentiate between mission and vision of a
company? Explain with examples. (Meaning and explanation of mission statement
with examples, Meaning and explanation of vision of a company with examples) 5,
5
Answer:
Vision and Mission statements
A
well-articulated strategic intent guides the development of goals and helps in
inspiring the employees to achieve targets. It also facilitates in utilizing
the intent to allocate resources and in encouraging team participation. It
comprises of the vision and mission statements.
Vision statement
A vision
statement defines the purpose and principles of an organization in terms of the
values of the organization. It is a concise and motivating statement that
guides the employees to select the procedures to attain the goals. Vision
statement is the framework of strategic planning. A vision statement describes
the
Q3.
Explain in detail Porter’s four generic strategies.
Explanation of Porter’s generic strategies
(Cost leadership, Focuses cost leadership, differentiation, focused differentiation)
Answer: Porter's Generic Strategies
Explanation of Porter’s generic strategies
(Cost leadership, Focuses cost leadership, differentiation, focused differentiation)
Answer: Porter's Generic Strategies
If the primary determinant of a firm's
profitability is the attractiveness of the industry in which it operates, an
important secondary determinant is its position within that industry. Even
though an industry may have below-average profitability, a firm that is
optimally positioned can generate superior returns.
A firm positions itself by leveraging
its strengths. Michael Porter has argued that a firm's strengths ultimately
fall into one of two headings: cost advantage and differentiation. By applying
these strengths in either a broad or narrow scope, three generic strategies
result: cost leadership, differentiation, and focus. These strategies are applied
at the business unit level. They are called generic strategies because they are
not firm or industry
Q4.
Differentiate between core competence and distinctive competence. (Explanation
of core competence with examples, Explanation of distinctive competence with
examples) 5, 5
Answer: Core competence
Core competence
is a management tool that enables an organization to deliver a unique value to
its customers. Building up core competency becomes essential to gain
competitive advantage because advantages originating from the
product-price-performance-tradeoffs are almost short-term especially when
technology keeps on changing. The profits earned by the various business units
can only last through competencies. Core competencies are now more applicable
than before. It depends on how the organizations take advantage of the
Q5.
Define the term ‘industry’. List the types of industries. How do you conduct an
industry analysis? (Definition of ‘industry’ , Mentioning the types of industries,
Explanation on conducting industry analysis (including steps to be followed) 3,
2, 5
Answer: Industry
Answer: Industry
1.
The manufacturing or technically productive enterprises in a particular field,
country, region, or economy viewed collectively, or one of these individually.
A single industry is often named after its principal product; for example, the
auto industry. For statistical purposes, industries are categorized generally
according a uniform classification code such as Standard Industrial
Classification (SIC).
Q6.
What is meant by ‘structure of an organisation’? Describe the five major
structural types or forms of an organisation. (Meaning of
‘structure of an organisation’, Description of the 5 structural types) 2, 8
Answer:
Structure of an
Organization
Structure of an
organization defines the levels and roles of management in a
hierarchical way. One can also say that an organizational structure spells out
the way tasks, functions and responsibilities are allocated for implementing a
policy or strategy. These also imply that an organizational structure facilitates
or constrains how processes and relationships work. An organizational structure
is presented through the organizational
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