BBA202- BUSINESS STRATEGY

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ASSIGNMENT

DRIVE	FALL 2014
PROGRAM	BBA
SUBJECT CODE & NAME	BBA202- BUSINESS STRATEGY
SEMESTER	2
BK ID	B1519
CREDITS	2
MARKS	30

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q1. Give the meaning of the following:

(a) Business strategy

Answer : Business (or Strategic) management is the art, science, and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. Strategic

(b) Business Policy

Answer : Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions. Business policies are the guidelines developed by an organization to govern its actions. They define the limits within which decisions must be made. Business policy

(c) Strategic Analysis

Answer :  A strategic analysis for a business is one of the most basic and useful tools for strategic business planning. Often, a strategic analysis will be referred to as a SWOT analysis; this is an acronym for the major divisions of the analysis: Strengths, Weaknesses, Opportunities, and Threats. Within these four areas, you will define your organization’s position relative to the competition and operational environments. While many believe it is best used at the organizational level, when properly implemented, a SWOT analysis

d) Strategic Planning

Answer : Strategic Planning is a management tool that helps an organization focus its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization's direction in response to a changing environment. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future.

The process is strategic because it involves preparing

2 Define strategic management. What are the causes for failure of Strategic Management?

Answer : Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.

Strategic management provides overall direction to the enterprise and involves specifying the organisation's objectives, developing policies and

Q.3 Write a brief note on the following:

a) Core competencies and their importance

b) Strategic leadership.

Ans : a) Core competencies and their importance:

A core competency is a concept in management theory originally advocated by two business authors, C. K. Prahalad and Gary Hamel. In their view a core competency is a specific factor that a business sees as central to the way the company or its employees work. It fulfils three key criteria:

• It is not easy for competitors to imitate.
• It can be reused widely for many products and markets.
• It must contribute to the

b) Strategic leadership:

Strategic leadership provides the vision and direction for the growth and success of an organization. To successfully deal with change, all executives need the skills and tools for both strategy formulation and implementation. Managing change and ambiguity requires strategic leaders who not only provide a sense of direction, but who can also build ownership and alignment within their workgroups to implement change.

When you operate a business, many different leadership styles can be used. A strategic leader is one who carefully weighs available options and positions the company for growth by taking action. This leadership style is dynamic by nature

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