BBA202- BUSINESS STRATEGY

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ASSIGNMENT

 

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Q.1 Define business policy. Explain the importance of business policy. Differentiate between business policy and Strategy.

 

Ans: Definition of business policy:

 

Business Policy is “the study of the functions and responsibilities of senior management, the crucial problems that affect success in the total enterprise and the decisions that determine the direction of the organisation and shape its future. The problems of policy in business, like those of policy in public affairs, have to do with the choice of purposes, the moldings of organizational identity and character, the continuous definition of what needs to be

 

 

 

Q.2 What are the objectives of Strategic Management? What are the causes for failure of Strategic Management?

 

Ans : Objectives of Strategic Management:

 

In strategic management, there are strategic objectives and financial objectives. Additionally, all objectives are either short-run or long-run types. When planning a firm’s strategy it is important to have objectives in mind and to understand the differences between the types of objectives.

 

Strategic Objectives:

 

Q.3 Write a brief note on the following:

a) Core competencies and their importance

b) Strategic leadership.

 

Ans : a) Core competencies and their importance:

 

A core competency is a concept in management theory originally advocated by two business authors, C. K. Prahalad and Gary Hamel. In their view a core competency is a specific factor that a business sees as central to the way the company or its employees work. It fulfils three key criteria:

• It is not easy for competitors to imitate.
• It can be reused widely for many products

 

 

b) Strategic leadership:

 

Strategic leadership provides the vision and direction for the growth and success of an organization. To successfully deal with change, all executives need the skills and tools for both strategy formulation and implementation. Managing change and ambiguity requires strategic leaders who not only provide a sense of direction, but who can also build ownership and alignment within their workgroups to implement change.

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