Program - MBA - SEM 4

Subject code & name - MB0052- Strategic

Management and Business Policy
1. Briefly discuss concept of strategy? Explain the
various levels of strategy in an organization.
Meaning of strategy
The word strategy comes from Greek strategies, which refers to a military general
and combines stratus (the army) and ago (to lead). The concept and practice of
strategy and planning started in the military, and, over time, it entered business
and management. The key or common objective of both business strategy and
military strategy is the same, i.e., to secure competitive advantage over the rivals
or opponents. We will discuss the similarity between business and military
strategies in detail later.
Definitions of Strategy
Chandler (1962): The determination of the basic long-term goals and objectives of
an enterprise and the adoption of the courses of action and the allocation of
resources necessary for carrying out these goals.

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2. How
strategic
planning
management are interrelated
Which comes first?

and
strategic
to each other?

Plan or planning should precede action. And, strategic planning should precede
strategic management. Strategic planning (also called corporate planning)
provides the framework (some call it a tool) for all major decisions of an
enterprisedecisions on products, markets, investments and organizational
structure. In a successful organization, strategic planning or strategic planning
division acts as the nerve centre of business opportunities and growth. It also acts
as a restraint or defence mechanism that helps an organization foresee and avoid
major mistakes in product, market, or investment decisions.
A strategic plan, also called a corporate plan or perspective plan, is a blueprint or
document which incorporates details regarding different elements of strategic
management. This includes vision/mission,

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3.
What is a mission statement? Differentiate
between a mission statement and a vision
statement.
Mission Statement
The mission statement of a company is variously called a statement of philosophy, a
statement of beliefs, a statement of purpose and, a statement of business
principles. A mission statement is many in one. It embodies the business philosophy
of a companys decision makers, implies the image the company wishes to project
for itself, reflects the companys self-concept; indicates the companys principal
product or service areas and, the customer needs the company seeks to satisfy. In
short, it describes the companys product, market and technological focus; and it

does so in a way that reflects the values and priorities of the companys strategic
decision makers.

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4. What is SWOT analysis in terms of Internal &

External Analysis? Explain SWOT analysis in the
form of a matrix?
SWOT ANALYSIS
ETOP and EFEM focus only on the opportunities and threats from the environment.
But, to exploit an opportunity or to consider a threat, a company should have
required strengths or competence. A company also needs to know its weaknesses in
terms of competence, because weaknesses may affect its capability to take
advantage of an opportunity or negotiate a threat. So, simultaneously with
environmental analysis or appraisal, organizations also need to assess their internal
strengths and weaknesses. This is done through SWOT analysis.
Companies have been using SWOT analysis for long, whether for general business
strategy or for marketing strategy. In SWOT, S and W relate to internal
competence factors, and O and T pertain

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5.
Define corporate turnaround? Distinguish
between surgical and nonsurgical turnaround.
Explain with some examples?
Corporate turnaround
Corporate turnaround may be defined as organizational recovery from business
decline or crisis. Business decline for a company means continuous fall in turnover
or revenue, eroding profit, or accrual or accumulation of losses. So, business or
organizational decline, like business performance, is understood in relative terms,
that is, compared with the past. But, some strategy analysts describe business
decline in terms of current comparisons also; for example, relative to industry rates
or averages or even relative toeconomic growth of the country. Corporate crisis
means deepening or perpetuation of a decline.
Turnaround strategies are usually required for crisis situations. If organizational
decline is not continuous or severe, corporate restructuring can provide the
solutions. That is why turnaround strategy

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6.
What are the major characteristics of an
effective strategy evaluation system? Analyze
these characteristics.
Characteristics of an Effective Evaluation System
Too much or too rigorous evaluation and control may be expensive and, sometimes
counterproductive alsoauthority and flexibility may be challenged, minimized or
even eliminated. Too little or no evaluation may create the opposite effectlack of
responsibility and accountability. In some companies, strategy evaluation simply
means performance appraisal of the organization. This is also not correct. The
evaluation system should be balanced and follow some norms and standards.
Strategic analysts have laid down certain basic requirements which evaluation
should comply with to be effective.
First, strategy evaluation process or measures should be meaningful. These should
specifically relate to the objectives/targets and the plan. There should be clear focus
and no ambiguity.

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