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Qus:1 (a) Define “Strategic
Management” and “Strategic Planning”.
(b) Discuss the benefits of
Strategic Management.
Answer:
(a) “Strategic Management”
and “Strategic Planning”
“Strategic Management”
Strategic
Management is all about identification and description of the strategies that
managers can carry so as to achieve better performance and a competitive
advantage for their organization. An organization is said to have competitive
advantage if its profitability is higher than the
Qus:2 Discuss the difference
between defensive strategies and pre-emptive strategies. Give examples to
support your answer.
Answer:
Difference between defensive
strategies and pre-emptive strategies:
Defensive Strategies:
The
classic form of retaining existing (civil) territory is to mount a position
defence by constructing strong ramparts to keep out the enemy. In business,
position defence is typically built by
Qus: 3 (a) Why ‘Turnaround
strategy’ is sometimes called as an extension of restructuring strategy?
(b) Differentiate between surgical
and non-surgical turnaround. Give examples.
Answer:
(a) Reason for calling
turnaround strategy as extension of restructuring strategy
Corporate
turnaround may be defined as organizational recovery from business decline or
crisis. Business decline for a company means continuous fall in turnover or
revenue, eroding profit, or accrual or accumulation of losses. So, business or
organizational decline, like business performance, is understood in relative terms,
that are, compared with the past. But, some strategy analysts describe business
decline in terms of current comparisons also; for example, relative to industry
Qus: 4 Write short notes on the
following expansion strategies:
(a) Penetration strategy for growth
in existing markets
(b) Expansion through
Diversification
Answer:
(a) Penetration
strategy for growth in existing markets
Market
penetration is one of the four alternative growth strategies in the An
off Matrix. A market penetration strategy involves focusing on selling your
existing products or services into your
Qus: 5 discuss the competitive
strategy in:
(a) Emerging industry
(b) Declining industry
Explanation of competitive strategy
in:
(a) Emerging industry
(b) Declining industry
Answer:
(a) Emerging industry
An
emerging industry is a developing or newly formed industry in which market for
products initially exists in latent form, and, becomes visible later. An industry
producing one or more
Qus:6 “Benchmarking is the process
by which companies look at the ‘best’ in the industry and try to imitate their
styles and processes”
Evaluate the rationale for
benchmarking exercises and discuss the features and types of benchmarking.
Please ensure to include an example to support your answer.
·
Reasons
of benchmarking
·
Features
of benchmarking
·
Types
of benchmarking
·
One
or two examples of benchmarking
Answer:
Reasons of benchmarking
An
organization’s strategic capability or strategic choice is to be always
understood in relative terms because it involves comparison with competitors or
industry norms. This implies that organizations need to understand and analyses
performance standards, i.e., what constitutes good
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