Strategic Management
Q1- Strategy is the pattern of activities followed by an organisation in pursuit of its long-term purposes.
Strategy is the direction and scope of an organisation over the long-term: which achievesadvantage for the organisation through its configuration of resources within a challengingenvironment, to meet the needs of markets and to fulfil stakeholder expectations".
First, strategy is concerned with the broad pattern of an organisation's activities, not the day-to-day detail. Second, strategy is concerned with the long term. Finally, strategy is concerned with organisational purposes: these may have a commercial focus, such as market penetration, profitability and growth; or, for some organisations, they may concern political or social goals.
Q2. Do you view Vision and Mission as distinct guidelines for strategic planning? If so, discuss the subtle differences with examples.
Ans : Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Various business analysis techniques can be used in strategic planning, including SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) and PEST analysis (Political, Economic, Social, and Technological analysis).
Strategies are different from tactics in that:
1. They are proactive and not re-active as tactics are.
2. They are internal in source and the business venture has absolute control over its application.
3. Strategy can only be applied once, after that it is process of application with no unique element remaining.
4. The outcome is normally a strategic plan which is used as guidance to define functional and divisional plans, including Technology, Marketing, etc.
In business strategic planning, the third question is better phrased "How can we beat or avoid competition?".
In many organizations, this is viewed as a process for determining where an organization is
Strategy is the direction and scope of an organisation over the long-term: which achievesadvantage for the organisation through its configuration of resources within a challengingenvironment, to meet the needs of markets and to fulfil stakeholder expectations".
First, strategy is concerned with the broad pattern of an organisation's activities, not the day-to-day detail. Second, strategy is concerned with the long term. Finally, strategy is concerned with organisational purposes: these may have a commercial focus, such as market penetration, profitability and growth; or, for some organisations, they may concern political or social goals.
Q2. Do you view Vision and Mission as distinct guidelines for strategic planning? If so, discuss the subtle differences with examples.
Ans : Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Various business analysis techniques can be used in strategic planning, including SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) and PEST analysis (Political, Economic, Social, and Technological analysis).
Strategies are different from tactics in that:
1. They are proactive and not re-active as tactics are.
2. They are internal in source and the business venture has absolute control over its application.
3. Strategy can only be applied once, after that it is process of application with no unique element remaining.
4. The outcome is normally a strategic plan which is used as guidance to define functional and divisional plans, including Technology, Marketing, etc.
In business strategic planning, the third question is better phrased "How can we beat or avoid competition?".
In many organizations, this is viewed as a process for determining where an organization is