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What is meant by Strategy? Differentiate between goals and objectives. The word strategy is derived from the Geek word strategia, and conventionally used as a military term. It means a plan of action that is designed to achieve a particular goal. Earlier, the managers adopted the day-to-day planning method without concentrating on the future work. Later the managers tried to predict the future events using control system and budgets. These techniques could not calculate the future happenings accurately.
Supplement your answer with real life examples. Contractual agreements: It is the process of agreement with specific terms between two or more organizations which guarantee in performance in specific task in return for a valuable benefit.
B Joint and several. Merger and Amalgamation: To combining two or more organizations to form a single organization and achieve greater efficiencies of scale and productivity.
The function being outsources is considered to be noncore to the organization. Explain the Concept. Abbreviated DSS. Improves personal efficiency Speed up the process of decision making Increases organizational control Encourages exploration and discovery on the part of the decision maker Speeds up problem solving in an organization Facilitates interpersonal communication Promotes learning or training. A properly designed DSS is an interactive software-based system intended to help decision makers compile useful information from a combination of raw data.
DSSs include knowledge-based systems. DSS applications are systems and subsystems that help people make decisions based on data that is culled from a wide range of sources. Projected revenue figures based on product sales assumptions. Comparative sales figures between one period and the next. CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment. CSR policy functions as a built-in. CSR can play a role in building customer loyalty based on distinctive ethical values.
Business service organizations can benefit too from building a reputation for integrity and best practice. Human resources A CSR program can be an aid to recruitment and retention.
It may also contain background information about the organization or team attempting to reach those goals. Risk management Managing risk is a central part of many corporate strategies. CSR can also help improve the perception of a company among its staff. Business plans are decision-making tools. A business plan represents all aspects of business planning process declaring vision and strategy alongside subplans to cover marketing.
Building a genuine culture of 'doing the right thing' within a corporation can offset these risks. License to operate Corporations are keen to avoid interference in their business through taxation or regulations.
These can also draw unwanted attention from regulators. Several major brands. By taking substantive voluntary steps.
A business plan is a formal statement of a set of business goals. CSR has been found to encourage customer orientation among frontline employees. Potential recruits often ask about a firm's CSR policy during an interview.
Brand differentiation In crowded marketplaces. Reputations that take decades to build up can be ruined in hours through incidents such as corruption scandals or environmental accidents.
When the existing business is to assume a major change or when planning a new venture. A business plan is a summary of those disciplinary plans. There is no fixed content for a business plan. Business plans may also target changes in perception and branding by the customer. The Body Shop and American Apparel are built on ethical values. Strategic Management and Business Policy. Flag for inappropriate content. Jump to Page.
Search inside document. Assignment of Semester IV Subject: Strategic Management and Business Policy Question 1: Mayuresh Mulye. Strategic Management Solved 4th sem spring drive Shashank Gupta. Himali Chandwani. Kunal Mhatre. Abhishek Gupta. Abhishek Jain. Ketan Mittal. Rajdeep Kumar. Vihar Khadtare. Pawan Dimri. Pratap Raja Sekhar. Shradha Gaikwad. Pritam D'Souza. Mrinal Kalita. Concentric diversification The organization adopts concentric diversification when it takes up an activity that relates to the characteristics of its current business activity.
The organization prefers to diversify concentrically either in terms of customer group, customer functions, or alternative technologies of the organization. It is also called as related strategy. Conglometric diversification The organization adopts conglometric diversification when it takes up an activity that does not relate to the characteristics of its current business activity. The organization chooses to diversify conglometrically either in terms of customer group, customer functions, or alternative technologies of the organization.
It is also called as unrelated diversification. Concentration Concentric expansion strategy is the first route towards growth in expanding the present lines of activities in the organization.
SMU MBA Semester 4 Spring drive Solved Assignments | Strategic Management | Risk
The present line of activities in an organization indicates its real growth potential in the present activities, concentration of resources for present activity which means strategy for growth. The two basic concentration strategies are: Vertical expansion The organization adopts vertical expansion when it takes over the activity to make its own supplies.
Vertical expansion reduces costs, gains control over a limited resource, obtain access to potential customers. Horizontal expansion The organization adopts horizontal growth when it takes over the activity to expand into other geographical locations.
This increases the range of products and services offered to the current markets. Retrenchment Retrenchment strategy is followed by an organization which aims to reduce the size of activities in terms of its customer groups, customer functions, or alternative technologies.
Example A healthcare hospital decides to focus only on special treatment to obtain higher revenue and hence reduces its commitment to the treatment of general cases which is less profitable.
Different types of retrenchment strategies are: Turnaround Turnaround is a process of undertaking temporary reduction in the activities to make a stronger organization. This kind of processing is called downsizing or rightsizing. The idea behind this strategy is to have a temporary reduction of activities in the organization to pursue growth strategy at some future point.
Turnaround strategy acts as a doctor when issues like negative profits, mismanagement and decline in market share arise in the organization. B Captive company strategy Captive company strategy is a process of tying up with larger organizations and staying viable as an exclusive supplier to the large organizations. An organization may also be taken as captive if their competitive position is irreparably weak. Divestment strategy Divestment strategy is followed when an organization involves in the sale of one or more portion of its business.
Usually if any unit within the organization is performing poorly then that unit is sold and the money is reinvested in another business which has a greater potential. Bankruptcy Bankruptcy is a legal protective strategy that does not allow others to restructure the organizations debt obligations or other payments. If an organization declares bankruptcy with customers then there is a possibility of turnaround strategy. Liquidation Liquidation strategy is considered to be the most unattractive process in an organization.
This process involves in closing down an organization and selling its assets. It results in unemployment, selling of buildings and equipments and the products become obsolete. Hence, most of the managers work hard to avoid this strategy.
Corporate restructuring Corporate restructuring is the process of fundamental change in the current strategy and direction of the organization. This change affects the structure of the organization. Corporate restructuring involves increasing or decreasing the levels of personnel among top level, mid-level and lower level management. It is reorganizing and reassigning of roles and responsibilities of the personnel due to unsatisfactory performance and poor results.
Combination strategies concept of synergy Combination strategy is a process of combining - stability, expansion and retrenchment strategies.
This is used either at the same time in various businesses or at different times in the same business. It results in better performance of the organization. The effect towards the success is greater when there is a synergy between the strategies.
Synergy is obtained in terms of sales, operations, investments and management in the organization. This was due to the manufacture of jeans that did not attract the younger generation. Hence there was a change in strategies laid at the corporate level with diversification of products. This led to the change in acquiring new resources, selling the current resources, changing the personnel at various levels of management and analyzing the competitors in the market.
With these changes the company was able to make profits and achieved success. Business level Business level strategy relates to a unit within an organization. Mainly strategic business unit SBU managers are involved in this level. It is the process of formulating the objectives of the organization and allocating the resources among various functional areas.
Business level strategy is more specific and action oriented. It mainly relates to how a strategy functions rather than what a strategy is in corporate level. The main aspects of business level strategies are related with: Business stakeholders Achieving cost leadership and differentiation Risk factors Business stakeholders. B Business stakeholders are a part of business.
Any operation which is affected in business also affects the business stakeholders along with profit or loss of the business. Business stakeholders include employees, owners and customers. Other indirect business stakeholders are competitors, government etc. They play a very important role in ups and downs of the organization. Cost leadership and differentiation Cost leadership strategy is adopted by the organizations to produce a relatively standardized products or services to the customer.
It must be acceptable to the characteristics as mentioned by customers. Customers value the company if it adopts cost leadership strategy. Differentiation strategy mainly deals with providing the products or services with unique features to the customers. Differentiated products satisfy the customers needs. The unique features of the product attract the customers more when compared to the traditional features of the products.
But cost leadership must be pursued in conjunction with differentiation strategy to produce a cost effective, superior quality, efficient sales and a unique collection of features in the product or services. According to Porters generic strategy, the organization that succeeds in cost leadership and differentiation often has the following internal strengths: The company possesses the skills in designing efficient products High level of expertise in the manufacturing process Well organized distribution channel Industry reputation for quality and innovation Strong sales department with the ability to communicate successfully the real strengths of the product Risk factors Risk is the probability of good or bad things that may happen in the business.
Risk will impact the objectives of the organization. The risk factors in the business strategies include two types - external and internal risks. External risks External risk includes various risks experienced externally like competition with companies, political issues, interest rates, natural hazards etc.
Internal risks Internal risks include issues of employees, maintenance of processes, impact of changes in strategies, cash flows, security of employees and equipments. Tactical of functional level The functional strategy mainly includes the strategies related to specific functional area in the organization such as production, marketing, finance and personnel employees.
Decisions at functional level are often described as tactical decisions. Tactical decision means involving or pertaining to actions for short term than those of a larger purpose. Considering tactical decisions in functional level strategy describes involving actions to specific functional area. The aim of the functional strategy is doing things right whereas the corporate and business level strategy stresses on doing the right thing.
SMU MBA Semester 4 Spring 2012 drive Solved Assignments
The different types of strategies at functional level are: Procuring and managing Monitoring and directing resources towards the goal Procuring and managing. B Procuring basically means purchasing or owning. In the management field procuring is the process of purchasing goods or services which includes ordering, obtaining transport, and storage for organization use.
Most of the individual organizations set procurement strategy to obtain their choice of products, methods, suppliers and the procedures that are used to communicate with their suppliers. Steps involved in procuring strategy are: Identify the need of purchase and the required quantity.
Plan the cost budget of the goods or services being purchased and the procedure of contracting by checking the cost and requirements with various sellers. Select the seller who is matching the cost and requirement criteria as per the organization. Perform the contract deal with selected seller and monitor the contract.
Close the contract once the goods or services are acquired.
Managing is the process of monitoring the strategies that are implemented in the business. Many strategies are implemented at various levels of the business. Hence catering these strategies is termed as managing. Managing includes completing the task effectively in every sector of the organization. It can be managing employees, the external and internal factors of organization, and the equipments. An effective managing process strengthens the critical activities in the business such as marketing, manufacturing, human resource planning, performance assessment, and communications.
Monitoring and directing resources towards the goal Monitoring and directing is the essential part of management. Monitoring means knowing what is going on. Monitoring is also called as measuring. In an organization monitoring includes measuring the performance of the organization to check whether the strategy implemented is achieved or not. Monitoring the resources includes monitoring the employees, the equipments, and the activities being performed in the organization.
It leads to risk if monitoring of the resources show a deviation from the true path as expected by the organization. The directing process will make path to ensure a relevant action is performed to remove the deviation and lay all the resources on the right track. Directing process uses principles and statement of the objectives to solve the problem which was identified during monitoring process.
Monitoring and directing process of resources sets the organization to work on the right track by removing all hurdles and produces effective outcome in reaching the goals of the organization efficiently. Operational level Operational level is concerned with successful implementation of strategic decisions made at corporate and business level.
The basic function of this level is translating the strategic decisions into strategic actions. The basic aspects in operational level are: Achieving cost and operational efficiency Optimal utilization of resources Productivity Achieving cost and operational efficiency. B Achieving cost deals with achieving greater profits by reducing the cost for various resources within the organization to balance the expenditure and investment.
Organizations must implement cost achievement in targeted operational areas like HR, supply chain, and procurement. The operational efficiency comes into picture once the cost reduction is achieved with greater profits. It deals with minimizing the waste and maximizing the resource capabilities. Optimal utilization of resources Optimal utilization of resources includes usage of resources in a planned manner.
The usage of resources must be cost effective. Usually the board of directors ensures that the process of optimal utilization of resources is implemented and monitored on a regular basis. Planning and scheduling activities in business plays a major impact on the utilization of resources.
The systematic planning and scheduling of activities result in utilization of less budgeted resources for greater profits in an organization. Productivity Productivity basically means a relative measure of the efficiency of production in terms of converting the ratio of inputs to useful outputs.
Productivity is a key to success of an organization. Productivity growth is a vital factor for continuous growth of the organization. Michael E. Porter has identified five competitive forces that influence every industry and market. The level of these forces determines the intensity of competition in an industry.
The objective of corporate strategy should be to revise these competitive forces in a way that improves the position of the organization. Forces driving industry competitions are: Threat of new entrants New entrants to an industry generally bring new capacity; desire to gain market share and substantial resources. Therefore, they are threats to an established organization. The threat of an entry depends on the presence of entry barriers and the reactions can be expected from existing competitors.
An entry barrier is a hindrance that makes it difficult for a company to enter an industry. Suppliers Suppliers affect the industry by raising prices or reducing the quality of purchased goods and services. Rivalry among existing firms In most industries, organizations are mutually dependent. A competitive move by one organization may result in a noticeable effect on its competitors and thus cause retaliation or counter efforts.
Buyers Buyers affect an industry through their ability to reduce prices, bargain for higher quality or more services. B Threat of substitute products and services Substitute products appear different but satisfy the same needs as the original product. Substitute products curb the potential returns of an industry by placing a ceiling on the prices firms can profitably charge.
Other stakeholders - A sixth force should be included to Porters list to include a variety of stakeholder groups. Some of these groups include governments, local communities, trade association unions, and shareholders. The importance of stakeholders varies according to the industry. Explain its importance. Business policies are the instructions laid by an organization to manage its activities.
It identifies the range within which the subordinates can take decisions in an organization. It authorizes the lower level management to resolve their issues and take decisions without consulting the top level management repeatedly. The limits within which the decisions are made are well defined. Business policy involves the acquirement of resources through which the organizational goals can be achieved. Business policy analyses roles and responsibilities of top level management and the decisions affecting the organization in the long-run.
It also deals with the major issues that affect the success of the organization. Importance of Business Policies A company operates consistently, both internally and externally when the policies are established.
Business policies should be set up before hiring the first employee in the organization. It deals with the constraints of real-life business. It is important to formulate policies to achieve the organizational objectives. The policies are articulated by the management.
Policies serve as a guidance to administer activities that are repetitive in nature. It channels the thinking and action indecision making.
It is a mechanism adopted by the top management to ensure that the activities are performed in the desired way. The complete process of management is organized by business policies. Business policies are important due to the following reasons: Coordination Reliable policies coordinate the purpose by focusing on organizational activities. This helps in ensuring uniformity of action throughout the organization.
Policies encourage cooperation and promote initiative. Quick decisions Policies help subordinates to take prompt action and quick decisions.
They demarcate the section within which decisions are to be taken. They help subordinates to take decisions with confidence without consulting their superiors every time. Every policy is a guide to activities that should be followed in a particular situation. It saves time by predicting frequent problems and providing ways to solve them. B Effective control Policies provide logical basis for assessing performance. They ensure that the activities are synchronized with the objectives of the organization.
It prevents divergence from the planned course of action. The management tends to deviate from the objective if policies are not defined precisely. This affects the overall efficiency of the organization. Policies are derived objectives and provide the outline for procedures. Decentralization Well defined policies help in decentralization as the executive roles and responsibility are clearly identified.
Authority is delegated to the executives who refer the policies to work efficiently. The required managerial procedures can be derived from the given policies.