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1 Assignment 1 (ASM)

This document contains a student assignment response on strategic management. It includes responses to three questions about strategic management. The student defines strategic management as involving formulation and implementation of major goals and initiatives by top managers based on resources and assessments of internal and external environments. The student also discusses the differences between business environment and strategic management, outlines the phases of strategic management as formulation, implementation, evaluation, and modification, and explains how strategic management typically evolves in corporations through an ongoing process of refinement, analysis, and adaptation.

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Ab Id Khan
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75 views

1 Assignment 1 (ASM)

This document contains a student assignment response on strategic management. It includes responses to three questions about strategic management. The student defines strategic management as involving formulation and implementation of major goals and initiatives by top managers based on resources and assessments of internal and external environments. The student also discusses the differences between business environment and strategic management, outlines the phases of strategic management as formulation, implementation, evaluation, and modification, and explains how strategic management typically evolves in corporations through an ongoing process of refinement, analysis, and adaptation.

Uploaded by

Ab Id Khan
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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HAZARA UNIVERSITY OF MANSEHRA DHODIAL

Assignment 01

Subject: Advance strategic management

Submitted to: Dr. Rizwana


Submitted by: abidullah
Semester: (MS)1
Submission date: 24 june 2020
Q no.1 what is strategic management?

Ans: strategic management involves the formulation and implementation of the major goals and
initiatives taken by an organization's top managers on behalf of owners based on consideration of
resources and an assessment of the internal and external environments in which the organization
operates.
Strategic management provides overall direction to an enterprise and involves specifying the
organization's objectives developing policies and plans to achieve those objectives and then
allocating resources to implement the plans. Academics and practicing managers have developed
numerous models and frameworks to assist in strategic decision making in the context of
complex environments and competitive dynamics.
Strategic management is not static in nature; the models often[quantify include a feedback loop
to monitor execution and to inform the next round of planning.
Michael Porter identifies three principles underlying strategy
1. creating a "unique and valuable market position.
2. making trade-offs by choosing "what not to do".
3. creating "fit" by aligning company activities with one another to support the chosen strategy.

A) How it is different from business environment?

Ans: Business Environment is sum or collection of all internal and external factors such as
employees, customers needs and expectations, supply and demand, management, clients,
suppliers, owners, activities by government, innovation in technology, social trends, market
trends, economic changes etc.
Business Functions encompasses a lot more than one may think. From the resources to the
management of the resources, all comes under the study of business functions.
 Strategy

 Supply Chain management

 Financial Management

 Marketing Management
 Human Resource management

 Other Services

While strategic management provides overall direction to an enterprise and involves specifying
the organizational objectives, developing policies and plans to achieve those objectives and
goals. It also involves the related concepts of strategic planning and strategic thinking. Strategic
planning is analytical in nature and refers to formalized procedures to produce the data and
analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy.

B) Discuss the phases of phases of strategic management?

Ans: Formulating the strategy


Formulation is the process of choosing the most profitable course of action for success. This is
the phase for setting objectives and identifying the ways and means of achieving them. An
analysis of corporate strengths, weaknesses, opportunities and threats reveals critical areas
surrounding the products and services that need attention.
Take, for example, a company's objective to expand sales into the internet market. If research
shows that competitors in that market are not seeing a return on their investment, company
decision-makers may explore other alternatives. By contrast, if competitors are seeing increased
sales, the business may decide to launch its online store and start a social media marketing
campaign to drive traffic to the website.
Implementation of Strategy
Implementation is the execution of the necessary strategies to meet the objectives that have been
set. To ensure success, all employees should understand their roles and responsibilities.
Appropriate activity measures provide necessary feedback with facts that identify positive
impacts and areas for change.
In this phase, companies pay attention to details and monitor processes to implement quick
changes as required. For example, if a common customer complaint is that products take too long
to arrive, an analysis of the shipping process may reveal ways to expedite delivery, such as using
pre-printed shipping levels to streamline packaging and carrier pickup of shipments at the store.
Evaluation of the Strategy
Evaluating strategies used in the implementation phase serve as performance feedback. Some
companies use a gap analysis to compare how the company performed to set goals. Analyzing
present state compared to desired future state identifies the need for new products or additions to
existing products. One example is a company comparing its anticipated consumer purchase
response with the actual number of sales or comparing old shipping times to the delivery time
frame after new procedures were implemented.
Modification and Amplification of strategy
The modification phase is essential in correcting any weaknesses or failures found during
evaluation. Strengths identified can lead to implementation in other areas. One example is a
strategy to sell a selected number of products on the internet and sales data shows a significant
profit. A decision to add more products and refine the process can result in a new lucrative
endeavor. An amplified marketing plan including search engine ads may also be examined in an
effort to draw additional customers to the website.

C) How does strategic management typically evolve in corporation?

Ans: Strategic management changes companies via a collective system of processes, plans and
strategies that a company uses to order and coordinate resources and actions and align them with
its missions and goals.
The main purpose of strategic management is to transform the static aspects of goals, missions
and aims into a practical, sustainable plan, while still allowing for flexibility and evolution based
on an ever-changing market environment. Another term for this is strategy execution, focusing
on a company's ability to internally digest feedback and strategically evolve appropriately.
Most methodologies for strategic management follow the same series of steps. First, the
company audits itself, developing a complete understanding of its current scenario.
Next, the directors or an external company develop a high-level strategy, focusing on the goals
of the company.
Third, this high level-plan is translated into actionable steps, rules and policies that are applicable
across the company.
Finally, an evaluation or sustained phase begins. This is an ongoing phase where continuous
refinement, analysis, auditing and evolution takes place, in order to adapt to a changing market
or changing goals within the company. This phase focuses on the company's culture,
performance and communication, among other aspects.

***______________THANK YOU_____________***

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