Strategic management has 2 processes: 1) identifying specific goals for a firm and designing strategies to achieve those goals, 2) implementation of those strategies. Strategic Management involves strategic planning which starts when the goals are clearly defined but it takes place before the strategy is put into practice. Strategy success completely depends on the firm’s competitive advantage. The strategies to develop a competitive advantage are : cost leadership and differentiation. Cost leadership means offering the lowest prices in order to draw in customers and Differentiation is a strategy that makes the product or service unique to stand out from the competition to a target market.
Here we present Strategic Management Practice Question Paper Set 3:
Q.1) Define the following concepts: (Any 5) – 15 marks
1) Corporate Strategy
2) Functional Strategy
3) Strategic Planning Process
4) Strategic Business Unit (SBU)
5) Environmental Scanning
6) Competitive Advantage
7) Differentiation Strategy
8) Creating Synergy
9) Integration Strategies
10) Strategic Evaluation
Q.2) Illustrate and explain the importance of McKinsey’s 7S Framework in strategic management. – 8 marks
Q.3) Explain the competitive advantage 5 force model of Michael Porter. – 7 marks
Q.4) State the importance of strategic management for business organization. Briefly discuss the benefits of strategic management for business organization. – 8 marks
Q.5) What is PESTLE Analysis and how does it help to achieve corporate objectives? – 7 marks
Q.6) Critically examine the usefulness of BCG matrix as a tool of strategic management. – 15 marks
Q.7) Explain in brief any 2:
1) Organization structure of a multi-product company
2) Product Life Cycle Strategies
3) Examples of Growth and diversification strategies
4) Role of leadership in strategic management.
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