BBA202 Business Strategy

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SEMESTER 2

                                                                          BBA202 Business Strategy

Question 1- a. Discuss the factors, which impact the organization’s need for having a business strategy.

b. List out the differences between a policy and a strategy.

Answer1- The word, ‘Strategy’ is derived from the ancient Greek word ‘Strategos’, which is a combination of two words – ‘stratos’ meaning ‘army’ (especially across a terrain) and ‘agos’ meaning ‘to lead’. The idea of strategy has its origin in military combat, where it was important to envision and lead large scale operations. The core element of strategy in military operations is rational planning. There is a striking similarity between the use of strategy in military combat and business operations. In both the scenarios, the organizations try to profit from their competitive edge, by optimizing on their strengths.

Question 2-. What are the benefits available to an enterprise which tries to practice strategic management?

Answer 2- In a competitive world, it is very difficult to sustain oneself and also grow at a desired pace. Strategic management allows an organization to be more proactive than reactive in shaping its own future. It allows an organization to initiate and influence activities and thus to exert control over its own destiny. Small business owners, chief executive officers, presidents and managers of many profit and non-profit organizations, have recognized and realized the benefits of strategic management.

In the past, adopting the principles of strategic manag

                                                                                                                                  

Question 3-. Define strategic vision. Explain the role to be played by a strategist in a business organization?

Answer 3- We use the word Vision very often without understanding the real meaning. Perhaps leaders also do not understand what vision is, or why it is important.. One definition of vision comes from Burt Nanus, a well-known expert on the subject.

Burt Nanus defines a vision as a realistic, credible, attractive and futuristic for an organization.

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