Mba Assignment Iv
MB0052- Strategic Management and Business Policy
Assignment – Set1
Q1.What is meant by ‘Strategy’? What are the levels of strategy? Differentiate between goals and objectives.
Answer: The word strategy is derived from the Geek word “strategia”, and conventionally used as a military term. It means a plan of action that is designed to achieve a particular goal. Earlier, the managers adopted the day-to-day planning method without concentrating on the future work. Later the managers tried to predict the future events using control system and budgets. These techniques could not calculate the future happenings accurately. Thus, an effective technique called strategy was introduced in business to deal with long term developments and new methods of production.
The different concepts of strategy are: * It is defined as a plan to direct or guide a course of action * It is a pattern to improve the performance over time * It is a fundamental way to view an organisation’s performance * It is a scheme to out-maneuver competitor
Levels of strategy
Strategy exists at different business levels. The different levels of strategies are as follows: * Corporate Strategy – This is regarding the general function and scope of the business to meet the stakeholder’s expectations. As it is significantly influenced by the investors in the business, it is also called the critical level strategy.
* Business Strategy – This is regarding how a business competes effectively in a particular market. It includes strategic decisions about the selection of products and meeting customer requirements.
* Operational Strategy – This is regarding how each part of the business is organised and delivered to the corporate and business level. Operational strategy focuses on issues of resources and practices of an organisation.
Difference between Goals and Objectives of Business
Goals are statements that provide an overview about what the project should
Assignment – Set1
Q1.What is meant by ‘Strategy’? What are the levels of strategy? Differentiate between goals and objectives.
Answer: The word strategy is derived from the Geek word “strategia”, and conventionally used as a military term. It means a plan of action that is designed to achieve a particular goal. Earlier, the managers adopted the day-to-day planning method without concentrating on the future work. Later the managers tried to predict the future events using control system and budgets. These techniques could not calculate the future happenings accurately. Thus, an effective technique called strategy was introduced in business to deal with long term developments and new methods of production.
The different concepts of strategy are: * It is defined as a plan to direct or guide a course of action * It is a pattern to improve the performance over time * It is a fundamental way to view an organisation’s performance * It is a scheme to out-maneuver competitor
Levels of strategy
Strategy exists at different business levels. The different levels of strategies are as follows: * Corporate Strategy – This is regarding the general function and scope of the business to meet the stakeholder’s expectations. As it is significantly influenced by the investors in the business, it is also called the critical level strategy.
* Business Strategy – This is regarding how a business competes effectively in a particular market. It includes strategic decisions about the selection of products and meeting customer requirements.
* Operational Strategy – This is regarding how each part of the business is organised and delivered to the corporate and business level. Operational strategy focuses on issues of resources and practices of an organisation.
Difference between Goals and Objectives of Business
Goals are statements that provide an overview about what the project should