Strategic Management

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ENTROLLMENT NO. ………….

Strategic Management

Each assignment carries 25 marks

Answer any 2 questions from the following :

Q1 ) Describe the primary components of a strategic management process and indicate why a strategic management process is needed for the company.

Answer : The strategic management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.

Components of a strategic management process :

Q2 ) Identify two companies that have recently merged and read the published information about these two companies and based on the study, identify the issues and challenges the two companies are currently facing in combining their respective organization culture.

Q3 ) " Too much formality and emphasis on the planning process will slow down the ability of an organisation to respond to change." In the light of this statement you are required to answer practically that does an emphasis on formality in strategic planning process necessarily mean that an organisation automatically limits it s ability to think and act in a creative manner.

Answer : There are three frequently cited reasons why top managers pursue changes in strategy. First, a change in strategy may appear attractive is that desired performance levels are not being attained by the organization. In many cases, top managers may believe that a change in strategy will improve the ability of the business to generate revenues or profits, increase market share, and/or improve return on assets or investment.

Second, an environmental shift may necessitate strategic change to maintain alignment. Such shifts may result from changes in either the macroenvironment (e.g., new regulations, social forces, demographic changes, etc.) or the industry environment (e.g., new competitors, changes in competitor strategies, etc.). Changes in competition and technology necessitate a change in the knowledge base within the organization if it is to survive.

Third, strategic change can enhance effective resource utilization Proponents of the resource-based perspective have noted that competitive advantage often occurs from such organizational attributes as informational asymmetries, culture, resource accumulation, and the minimization of transaction costs. Hence, as organizational human and capital resources evolve, changes in strategy become necessary to fully utilize the resources available to the organization

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