Assignmen No 2 1. In what way do you think the subject matter in this strategic
ID: 372545 • Letter: A
Question
Assignmen No 2 1. In what way do you think the subject matter in this strategic management-Business policy course will differ from that of previous courses you have undertaken 2. In what ways do you believe the s trategic planning approach of non for profit organizations would differ from that of profit oriented organizations? 3. T hink about your post graduation job search as a strategic decision. How would the strategic management model be helpful to you in identifying and securing the most promising posi List five potentially vulnerable areas of a firm without a stated company mission. How can a mission statement be an enduring statement of values and simultaneously provide a basis of tion? 4. 5. competitive advantage? 6. What are the three basic philosophies of social responsibility that you would find most appealing as the Chief Executive of a large corporation? Explain 7. Develop a competitor for your college and the college geographically closest to yours. Prepare a brief strategic plan to improve the competitive position of the weaker of the two colleges Many firms neglect industry analysis. When does it hurt them? When does it not? Which factors complicate environment analysis at the global level? Which factors arre making 8. such an 9. analysis easier? 10. Describe SWOT analysis as a way to guide internal analysis. How does this approach reflect the basic strategic management process?Explanation / Answer
1.
A BUSINESS FOR OUR PURPOSES CAN BE ANY ACTIVITY CONSISTIONG OF PURCHASE,SALE,MANUFACTURE,PROCESSING AND/OR MARKETING OF PRODUCTS AND/OR SERVICES
WAYS IT IS DIFFRENT FROM PREVIOUS YEARS ARE IN TERMS OF :
(a)NOW A DAYS,BUSINESS ARE CONDUCTED THROUGH INTERNET AND HAVE LEAD TO VIRTUAL SHRINKING OF PHYSICAL BOUNDRIES BETWEEN NATIONS
(B) AND THE DEVELOPMENT IN TECHNOLOGY AND FASTER COMMUNICATION HAVE LEAD TO EVOLVEMENT OF NEWER KIND OF BUSINESSES.THE CONCEPT OF BUSINESSES SUCH AS E-BAY,REDIFF WERE NON EXISTENT IN PREVIOUS YEARS.
(c)IN THE NEW ECONOMY THE FACETS OF BUSINESSES ARE RAPIDLY CHANGING AS COMPARED TO EARLIER YEARS
(2)
as we know business exists for profit for its survival,
One significant place they differ is strategic planning. Although both use the same kinds of processes, the way they use planning tools to establish goals is different. Boards of directors have different expectations from nonprofits than they do from commercial businesses. Also, there are different people involved in the for-profit strategic planning process as opposed to the nonprofit planning process.
There are many approaches an organization might use to jumpstart its planning process. When it comes to strategic planning, for-profit and nonprofit organizations benefit from the same tools. For example, both types of organization might use a SWOT analysis to determine strengths, weaknesses, opportunities and threats and establish goals and objectives for the organization. There are many other planning tools, but both for-profits and nonprofits choose a step by step process that helps them analyze corporate operations and establish long and short-term goals and objectives.
Different Participant Makeup
One of the most striking differences between for-profit and nonprofit corporations is where each gets its input. For-profit corporations rely on employees and consultants, people in the company's employ, to help do the analyses and create the visions. Nonprofits usually invite outside stakeholders, those who support or benefit from the organization's work, to participate in strategic planning.
Review by Board
While the participation in the strategic planning process varies by board of directors, nonprofit board members often have a different role from for-profit board members. In a for-profit corporation, the board of directors establishes general policy and the management and staff fill in the particulars along with recommendations about how the goals should be accomplished. Nonprofit board members often have a larger role to play. Whether the organization is for-profit or nonprofit, the board of directors has the final say in adopting a strategic plan.
(3)
the strategic management help in identififying and securing most promising position in following steps:
(a) first determine in what field jopb is to be taken
(b) then study possible alternatives
(C)choose the best option
(d) take and have it
this is the decision management model,passes throgh diffrent p[hases as described above.
(4)
five potential vulnerable areas of a firm without a stated company mission are as follows:
(1)identification of competitors because of lack of definition of basic product or service
(2)identification of competitors because of lack of definition of primary market
(3)no common agreement among employees regarding growth and profitability
(4)no sense of the basic philosophy – beliefs, values, etc.
(5)confusion about the public image that the company wants to project
(5)
THE PRINCIPAL ESTIMATION OF A STATEMENT OF PURPOSE IS ITS PARTICULAR OF THE ORGANIZATION'S EXTREMER POINTS.IT CLARIFIES WHY THE ASSOCIATION EXISTS AND WHAT IS ITS PRIMARY BUSINESS AND WHICH CLIENT SECTION DOES THE ORGANIIZATION SERVES.
A VALUE IS A STANDARD GUIDERLINE OR QUALITY THAT BIS VIEWED AS ADVANTEGEOUS ALL BY ITSELF.IT PROVIDES MANYT ADVANTAGES BECAUSE IT PROVIDES A AWAY TO THE VISION.MISSION IS THE OUTCOME OF VISION STATEMENT
AS PEOPLE LIVE ON THEIR VALUES SO DO THE ASSOCIATIONS.ANY ASSOCIATIONS WHICH IS NOT BASED ON ANY WORTH FRAMEWORK,CANT GET BY FOR A LONG.IT IS ON THE GROUNDS THAT IT IS THE MAIN WORTH FRAMEWORKRK THAT AIDES ANY ASSOCIATION TO THINK IN AN UNEXPECTED WAY,CARY ON CONTRASTINGLY AND WORK UNIQUELY IN CONTRAST TO OTHERS.SUCH VALUES MAY BE DISTINCTIVE,FOR INSTANBCE,HONESTY,COOPERATION,ORGANISATION ,TRUSTWORTHINESS,OPEN-CORRESPONDENCE,REGARD,WELL BEING AND SO ONM ARE A PERCENTAGE OF REGULAR QUALITY FRAMEWORK THAT NUMEROUS ASSOCIATIONS RECIEVE.
AS MISSION PROVIDES VALUE TO THE ORGANISTATION AND IT ACT AS AA BASE TO THE COMPETITIVE ORGANISATION.THAT HGELPS IN ENDURING QUALITY AND PROVIDES COMPETITIVE ADVANTAGE
(6)
THREE BASIC PHILOSOPHIES ARE AS FOLLOWS:
(1) CORPORATE RESPONSIBLITY TO SOCIETY :STRIVE TO ENRICH SOCIETY,BOTH MATERIALLY AND SPIRITUALLY,WHILE CONTRIBUTING TOWARDS THE PRESERVATION OF THE GLOBAL ENVIORNMENT
(2) INTEGRITY AND FAIRNESS :MAINTAIN PRINCIPAL OF TRANSPARENCY AND OPENESS,CONDUCTING BUSINESS WITH INTEGRITY AND FAIRNESS
(3)GLOBAL UNDERSTANDING THROUGH BUSINESS:EXPAND BUSINESS,BASED ON AN ALL ENCOMPASSING GLOBAL PRESPECTIVE
(7)
IT IS AS PER STUDENT COLLEGE,OR BASED ON STUDENTS ON THERE OWN COLLEGE
(8)
ACCORDING TO THE TEXT,THERE ARE FOR REASONS WHY INDUSTRY ANALYSIS IS IMPORTANT.
(A) INDUSTRY ANALYSIS HELP IN DETERMINING THE COMPETITION AREA.IT WOULD HURT THE COMPANY IF THE COMPETITIVE AREA IS NOT DEFINED BECAUSE THE COMPANY WOULD NOT REALLY KNOW WHO IS ITS CUSTOMERS ARE AND BE ABLE TO EVALUATE RELEVANT TRENDS
(B)INDUSTRY ANALYSIS HELP IN DEFINING A FIRM'S COMPETITORS.NEGLECTING INDUSTRY ANALYSIS MAY LEAD TO IGNORING IMPORTANT COMPETITORS AND SUBSITUTES
(C)INDUSTRY HELPS IN IDENTIFYING KEY SUCESS FACTORS IN THE INDUSTRY AND MEASURES HOW THE FIRM STACKS UP ON THESE FACTORS.
(D)INDUSTRY ANALYSIS HELPS IN DETERMINING TRIGGER OF CHANGE
WHILE THE ABOVE FOUR ARE TYPICALLY REASONS WHY IDENTIFYING FIRM BOUNDRIES IS IMPORTANT,IT ALSO HOLDS GOOD FOR INDUSTRY ANALYSIS IN GENERAL.IT MAY NOT HURT A FIRM IN THOSE RARE CASES WHEN A PARTICULAR INDUSTRY IS VERY STABLE WITH VERY FEW CHANGES EITHER IN PRODUCTS,CUSTOMERS OR COMPETITORS
(9)
FACTOR MAKING ENVIORNMENT ANALYSIS COMPLICATED AT GLOBAL LEVEL:
(1)
the following areas could be vulnerable:
•
identification of competitors because of lack of definition of basic product or service
identification of competitors because of lack of definition of primary market
no common agreement among employees regarding growth and profitability
•no sense of the basic philosophy – beliefs, values, etc.
•confusion about the public image that the company wants to project
(10)
SWOT IS TERMED AS STRENGTH,WEEKNESS,OPPURTUNITY AND THREAT
.AN OPPURTUNITY IS A FAVOURABLE CONDITION IN THE ORG ENVIORNMENT
.AN THREAT IS AN UNFAVOURABLE CONDITION I THE ORG
.A STRENGTH IS INHERENT CAPACITY WHICH AN ORG CAN USE TO GAIN STRATEGIC ADVANTAGE
.A WEEKNESS IS INHERENT LIMITATION
IT IS CRUCIAL FOR THE EXISTENCE, GROWTH AND PROFITABILITY OF ANY ORG
IT HELPS TO UNDERSTAND INTERNAL AND EXTERNAL ENVIORNMENT
THROUGH SUCH AN ANALYSIS THE STRENGTH AND WEEKNESSES EXISTING WITHIN AN INDUSTRY CAN BE MATCHED WITH THE OPPURTUNITY AND THREAT OPERATING IN THE ENVT.SO THAT AN EFFECTIVE STRATEGY CAN BE FORMULATED