MS - 11 Strategic Management

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ASSIGNMENT

Course Code                                                               :                            MS - 11

Course Title                                                                 :                            Strategic Management

Assignement Code                                                    :                            11/TMA/SEM-I/2017

Coverage                                                                     :                            All Blocks

Note: Attempt all the questions and submit this assignment on or before 30th April, 2017 to the coordinator of your study center.

Question.1. Select a specific type of business that you may wish to start.

a) Develop a written mission statement for that business.

b) Formulate a set of goals for the business

c) Formulate specific and verifiable objectives in the lines of the goals.

d) Devise a statement of social responsibility for the business.

Answer:Let's assume you end up with three potential businesses: towing service used car sales and auto repairs. You can now make a comparative evaluation using the following checklist (or better still your own checklist) with a 1-10 scoring system. This kind of analysis can help you gain objectivity in selecting your business.

Question.2. Explain the three generic strategies for a Small Business Unit (SBU). Also give an example of a business unit that competes with each strategy.

Answer:An organization's core competencies should be focused on satisfying customer needs or preferences in order to achieve above average returns. This is done through Business-level strategies. Business level strategies detail actions taken to provide value to customers and gain a competitive advantage by exploiting core competencies in specific, individual product or service markets. Business-level strategy is concerned with a firm's position in an industry, relative to competitors and to the five forces of competition.

Customers are the foundation or essence of a organization's business-level strategies. Who will be served, what needs have to be met, and how those needs will be satisfied are determined by the senior management.

Question.3. Assume that an airline company has changed its strategy from low-cost to low-cost-differentiation strategy. Describe an appropriate organization cultures for that company.

Answer:Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself along dimensions valued by customers to command a higher price. A company also chooses one of two types of scope, either focus (offering its products to selected segments of the market) or industry-wide, offering its product across many market segments. The generic strategy reflects the

Question.4. Differentiate between leadership and management. Support your answer with the help of examples.

Answer:leadership vsmanagementSo far we have discussed Leader and Manager, now we take a turn towards the Leadership and Management, which are quite distinct concepts, but they are linked together. Leadership is a quality which influences people, while Management is a discipline of managing things in the best possible manner. In can be found in all the fields, like education, hospitality, sports, offices etc. Due to the inter-connectivity between the two terms, many people have confusions in understanding the two terms. So, here we start the differences between Leadership and Management.

Question.5. Explain the concept of balanced scorecard (BSC)? As a strategist what challenges will you face while developing and implementing a BSC? Discuss.

Answer:There is really nothing wrong with the concept of Balanced Scorecard. The main problem is that it does not provide practical guidance for deployment, and some executives view it as a "quick fix" that can easily be installed in their organizations. Implementing a balanced metrics system is an evolutionary process, not a one-time task that

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