NIBM – Strategic Management

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NIBM GLOBAL

Chennai

SECOND SEMESTER EMBA/MBA

Subject : Strategic Management

Attend any 4 questions. Each question carries 25 marks

(Each answer should be of minimum 2 pages / of 300 words)

1.What is Strategic thinking and Strategic Management? Explain.

Answer: Strategic management is the ongoing planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Changes in the business environment require organizations to constantly assess their strategies for success. The strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies

Strategic thinking is defined as a mental or thinking process applied by an individual in the context of achieving a goal or set of goals in a game or

2. Discuss the benefits of Strategic Management.

Answer: Successful companies understand that in order to stay in the game and achieve profitability they need to constantly innovate. The development of an effective innovation strategy provide organizations with a framework to successfully create innovative products and services that surprise and delight customers and exceed market expectations.

Lack of innovation increases customer dissatisfaction and defections, as customers will give their business to those organizations that have the most up-to-date products and services.

3. The essence of strategic planning is to help a company develop and sustain advantage in the marketplace through unique resources, agility, superior products and/or superior service. Discuss.

Answer: What is strategic business management?

Strategic management is an essential component of businesses. It refers to the formulation and implementation of the goals and initiatives involved in the strategies, laid out by the stakeholders of an organisation. In simpler words, to ensure wise decision-making processes, it is important that strategies are in place to support the business functions and operations. Strategic management therefore entails evaluating business goals, the

4. Discuss the sponsor’s role in formulating and implementing a plan.

Answer: Successful initiation of a new project is always based upon project sponsorship. If the project is well funded by the project sponsor (investor), it has the required financial foundation to carry out works, achieve objectives and produce deliverables. The sponsor authorizes the necessary resources and makes decisions related to finances and cash flows of the project. Let’s briefly talk about the role and responsibilities of project sponsor.

Who is Project Sponsor?

5. How will you relate operating plan to business strategy? Explain.

Answer: The process of business planning is made up of several steps. A strategic plan is used to outline company objectives and to identify the methods in which those objectives can be reached. An operational plan is the comprehensive way in which each department or division will use its resources to achieve company goals. Strong links between the strategic plan and the operational plan are needed to allow the company to operate efficiently.

Budgets

The primary financial link between a strategic plan and

6. Explain the factors that contributes to the ambiguity of measuring performance in operating systems?

Answer: A strategic plan must specify goals, strategic objectives and actions, and the final performance measures by which management and the stockholders will gauge success. Top management’s performance can usually be measured in terms of sales volume, market share, cash flow, profit, ROI, dividends and market value.

For operating management, however, there is often a big disconnect from the strategic plan. The disconnect is due to the lack of alignment and proper measurement of the business processes and activities that drive financial results.