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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
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
- 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
Dear students get fully solved SMU MBA Fall 2014 assignments
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