Assignment Unit - 1 Strategic Management and Business Policy Submitted To Alfishaman Submitted by Bhavna Pathak

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Assignment

Unit -1
Strategic management
and business policy
Submitted to
Alfishaman
Submitted by
Bhavna pathak
Q1).explain what is
vision mission and
objectives .with
examples
Vision: A vision statement focuses on
tomorrow and what an organization wants to
ultimately become.
Mission: A mission statement focuses on
today and what an organization does to
achieve it. Both are vital in directing goals.
Objectives: Objectives are the ends that state
specifically how the goals shall be achieved
therefore they are quantitative in
nature. Objectives refer to the end results which
are to be accomplished by an organization
through their plan or strategy over a specific
period of time.
Q2).what is” business definition” in strategic
managment
The definition of business strategy is a long term
plan of action designed to achieve a particular
goal or set of goals or objectives. ... It states
how business should be conducted to achieve
the desired goals. Without a strategy
management has no roadmap to guide them.
Q3).what is goal? define it with example?

A goal is an idea of the future or desired result


that a person or a group of people
envision, plan and commit to achieve.[1] People
endeavour to reach goals within a finite time by
setting deadlines.
A goal is roughly similar to a purpose or aim, the
anticipated result which guides reaction, or
an end, which is an object, either a physical
object or an abstract object, that has intrinsic
value.
An observable and measurable end result having
one or more objectives to be achieved within a
more or less fixed timeframe.
Q4).write for what work they are responsible for
in the organization and who are they?
a).ceo: CEO stands for chief executive officer
role (its role is for making decisions,managing
the overall oprations of company)
b).COO: COO stands for chief operating officer
role(its role is for maintain control of diverse
business oprations.
c).CFO: CFO stands for chief financial officer
role(managing the financial actions of company)
d).CIO:CIO stands for chief information officer
role(directing chief exective team,
recommending software updates)
e).CTO: CTO stands for chief financial officer
role(managing the organization research and
development, implementing technology strategy)
f).CRO: CRO stands for chief revenue officer
role: assessing and mitigating significant
competitive regulatory and technological threats
to enterprise captail and earning.
e).CVO: CVO stands for chief vigilance officer
role(reduce corruption)
Q5).write difference between
a).polices and procedures
s.no basis polices procedues
1 change Change Continuously
frequently change and
improve
state Who,what,when What.how,when
2 or why or who
3 activities Are broad and Offer a detailed
genral description
b).strategy vs policies
s.no Basis Strategy Policies
1 Meaning Strategy is a Policy is the guiding
comprehensive principle that helps
plan made to the organization to
accomplish the make logical
organization decisions
goal
2 What is it Action plan Action principle

3 nature flexible Fixed but they allow


it
4 orientation action Thought and
decisions
5 approach extroverted introveted
C).strategy vs tactics
What is Strategy?
A strategy is a specific approach that you will
take to achieve a set of goals that you have
defined.

What are Tactics?


You'll note that in our above definition of
strategy, there is no mention of what we will
actually do specifically to achieve our goals.
That's where tactics come into play.

Q6).write short notes on:

a).dimension of strategy

there are various dimension of strategy

Strategic issues require top-management decisions

Strategic issues involve the allocation of large amounts of


company resources

Strategic issues are likely to have significant impact on the long-


term prosperity of the firm

Strategic issues are future oriented

Strategic issues usually have major multifunctional or


multibusiness consequences

b) hireachy of strategy

Business level

Funvtional level

Coprate level
C).Mintersberg 5’p of strategy

* Strategic issues involve the allocation of large amounts of company


resourcescc

* Strategic th5 Ps of Mintzberg strategy

Plan: It’s probably the first thing that naturally


comes to mind when thinking about strategy
development. Simply put, plan is the course of
action you are going to take or a guideline on
how to deal with various situations. Its goal is to
get from where you are now to where you want
to be in the future.
Ploy: Competition in business is inevitable. Your
competitor’s activities will always have a huge
effect on your enterprise as you evolve in the
same market. In order to stay afloat in such environment you
need a ploy – specific tactics to outsmart other business players and gain huge
competitive advantage.

Pattern: Mintzberg’s definition of strategy also


implies using the right patterns, the kind of
actions that worked for you in the past. Once the
working patterns are analyzed, it is then about
figuring out which of them to continue or
enhance and where to implement totally new
patterns.
Position: The aspect of position focuses on how
the organization wants to portray itself in the
market, what niche to take, how to be perceived
by
consumers to gain the so desired competitive
edge.
e).approaches to strategic management
THE CLASSICAL APPROACH
1. A comprehensive analysis of external
and internal enviorment
THE EVOLUITNARY APPROACH
1)Strategy is made to an informal
evolutionary in which managers depends
less upon top managers to plan and act
rationally
2)Compared with natural law of jungle
The processual approach
I. Need to take approach of
pshycological,political behavioural
relationship which contribute strategy.
II. Organization and markets as
sticky,messa phenomena from which
strategy emerge with confusion in small
steps
III. Cognitive limitations of human action
and influenced by bounded rationality
THE SYSTEMATIC APPROCH
A. Strategy is shaped by
Social system
Cultural instituons
a)Organization depend according to
social economic system
Q7).define framework of strategic
management?
Framework of strategic management
. Competitive Advantage
An organization may achieve either lower cost of
production or product differentiation as an
advantage against its rivals. It is important to
look at the market positioning of the brand and
company and also pinpoint all the competitive
advantages the company has over its
competitors.

#2. Corporate Strategy and Portfolio Theory


The Modern Portfolio Theory provides a
framework for allocating assets so that for a
given level of risk, the expected return is
maximized. Portfolio Theory allows corporations
to perform a cost-benefit analysis on the
deployment of resources and view the merit of
individual resource placement to the company in
totality.

#3. Core Competence


Businesses should seek to develop expertise in
areas of relative excellence and eliminate or
outsource the remainder of business activities. By
being able to do so, an organization can provide
a unique and unparalleled product, service, or
perspective to the market and consumers.

ikely to have significant impact on the long-term


prcosperity of the firm
* Strategic issues are future oriented
* Strategic issues usually have major process
involves the entire range of decisions. Typically,
strategic issues#4. Experience Curve
The experience curve expresses the proposition
that whenever the output produced doubles,
the value-added costs decline by a consistent
percentage.

have six identifiable dimensions:

* Strategic issues require top-management decisions

* Strategic issues involve the allocation of large amounts of company


resources

* Strategic issues are likely to have significant impact on the long-term


prosperity of the firm
* Strategic issues are future oriented

* Strategic issues usually have major multifunctional or multibusiness


consequences

* Strategic issues necessitate considering factors in the firm's external


environment.

ional or multibusiness consequences

* Strategic issues necessitate considering factors in the firm's external


environment.

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