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Smu
Summer 2015
mb0052
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,
Q2.
Differentiate between mission and vision of a company? Explain with examples.
(Meaning
and explanation of mission statement with examples-5 marks, Meaning and
explanation of vision of a company with examples-5 marks) 10 marks
Answer.
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 outlines WHERE you want to be. Communicates both the purpose and
values of your business. 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 future ambition of an organization. A vision is
the ability to view what the organization wants to be in future. It is prepared
for the
Q3.
Explain in detail Porter’s four generic strategies. Explanation of Porter’s
generic strategies.
(Cost
leadership, Focuses cost leadership, differentiation, focused differentiation)
10 marks
Answer.
Porter's
Generic Strategies
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
Q4.
Differentiate between core competence and distinctive competence.
(Explanation
of core competence with examples-5 marks, Explanation of distinctive competence
with examples-5 marks) 10 marks
Answer.
Core
competence
The
starting point for understanding core competences understands that businesses
need to have something that customers uniquely value if they're to make good
profits. Core competence is a management
tool that enables an organization to deliver a unique value to its customers.
Building up core competency becomes
Q5.
Define the term ‘industry’. List the types of industries. How do you conduct an
industry analysis?
(Definition
of ‘industry’- 3 marks, Mentioning the types of industries-2 marks, Explanation
on conducting industry analysis (including steps to be followed-5 marks) 10
marks
Answer.
Industry
Many
people think of industry as the collective large-scale Manufacturing of goods
in well-organized plants with a high degree of automation and
specialization. Although this is a
common example of industry, it can also include other commercial activities
that provide goods and services such as agriculture, transportation,
hospitality, and
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 chart. The
organizational
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