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|course CODE & NAME
|dcm7101 Strategic management
Set – 1st
- (a). Explain the fundamentals of strategy.
Ans:a. Fundamentals of Strategy:
- Definition: Strategy refers to a comprehensive plan of action designed to achieve a specific goal or set of objectives. It involves making choices about where to compete, how to compete, and what resources to allocate to achieve the desired outcomes. Strategic decisions are fundamental to an organization’s success and guide its overall direction.
- Vision and Mission: A clear vision and mission are the foundation of strategy. The vision outlines the organization’s long-term aspirations, while the mission defines its purpose, target audience, and the Its Half solved only
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- Identify the scope, need for and importance of strategic management. Highlight the limitations of strategic management.
Ans: Scope of Strategic Management:
Environmental Analysis: Strategic management involves analyzing the external environment, including industry trends, competitive forces, and market dynamics. This enables organizations to identify opportunities and threats.
Internal Analysis: Assessing internal capabilities, resources, and competencies is a key aspect. This helps
- (a). Elaborate the process of strategy formulation.
Ans: a. Process of Strategy Formulation:
The process of strategy formulation involves several steps that organizations follow to develop a clear and effective strategic plan.
Here are the key stages:
External Analysis: Evaluate the external environment by conducting a PESTEL analysis (Political, Economic, Social, Technological, Environmental, and Legal factors) and assessing industry dynamics using tools like Porter’s Five Forces. This helps in understanding opportunities and threa
Set – 2nd
- Discuss the concept of Business Policy and its types. Determine the influence of corporate culture on policy formulation.
Definition: Business policy refers to the guidelines, principles, and directives formulated by an organization’s top management to guide its actions and decisions. It provides a framework for decision-making and serves as a foundation for the development of specific strategies and plans. Business
- Discuss the significance of Business Continuity Plan for an organization. What is the impact of business continuity plan on Strategic management?
Ans:Significance of Business Continuity Plan (BCP) for an Organization: A Business Continuity Plan (BCP) is a comprehensive strategy outlining how an organization will continue its critical functions during and after a significant disruption, such as a natural disaster, cyber-attack, or any unforeseen event. The significance of a BCP lies in its ability to ensure the
- Describe Strategic Alliance. Discuss the various types of Strategic Alliances.
Ans:Strategic Alliance: A strategic alliance is a collaborative relationship between two or more organizations that involves sharing resources, capabilities, and risks to achieve common strategic objectives. These alliances are formed to enhance competitiveness, foster innovation, access new markets