Lecture 11

Question 1

What s strategic management

Answer 1

Strategic Management refers to the process of setting objectives, analysing both internal and external environment

Question 2

What does strategic management involve planning

Answer 2

It involves planning, organizing, leading, and controlling resources in a way that aligns with a firm’s mission, vision, and strategic goals

Question 3

What is strategic planning

Answer 3

Defining an organization’s long-term goals and deciding on the actions required to achieve them

Question 4

What is environmental analysis

Answer 4

Evaluating external factors as well as internal factors

Question 5

What is strategy formulation

Answer 5

Developing specific strategies to achieve objectives, including corporate, business, and functional strategies

Question 6

What s strategy implementation

Answer 6

Translating strategies into actions through resource allocation, policy creation, and establishing structures and systems

Question 7

What s strategy evaluation and control

Answer 7

Monitoring progress and making adjustments to strategies as needed

Question 8

How does strategic management help create a competitive advantage

Answer 8

How Strategic Management Helps Create a Competitive Advantage:
- Enhances Focus
- Identifies Opportunities and Risks
- Improves Decision-Making
- Develops Core Competencies
- Drives Innovation and Adaptation
- Facilitates Competitive Positioning

Question 9

How does strategic management enhance focuses

Answer 9

Enhances Focus: By setting clear objectives, strategic management helps organizations focus on core competencies and align resources efficiently

Question 10

How can strategic management help identify opportunities and risks

Answer 10

strategic management helps firms anticipate market changes and adapt strategies to leverage opportunities while mitigating risks

Question 11

How can strategic management improve decision making

Answer 11

strategic management supports more informed, long-term decisions

Question 12

How can strategic management develop core competencies

Answer 12

Strategic management focuses on developing unique capabilities that competitors cannot easily replicate

Question 13

How does strategic management drive innovation and adaptation

Answer 13

strategic management allows firms to respond to changing market demands and evolving industry trends

Question 14

How does strategic management facilitate competitive positioning

Answer 14

Through well-crafted strategies, firms can position themselves uniquely in the market

Question 15

What is the balance scorecard

Answer 15

The Balanced Scorecard (BSC) is a strategic performance management tool that provides a framework for organizations to translate their vision and strategy into actionable objectives and measures

Question 16

What does the balance scorecard align

Answer 16

It aligns business activities with an organization’s vision and strategy

Question 17

What perspectives does the balance scorecard typically include

Answer 17

The Balanced Scorecard typically includes four key perspectives:
- Financial Perspective
- Customer Perspective
- Internal Process Perspective
- Learning and Growth Perspective

Question 18

What does the financial perspective of the balance scorecard focus on

Answer 18

Focuses on traditional financial metrics such as revenue, profitability, and shareholder value

Question 19

What does financial perspective evaluate

Answer 19

This perspective evaluates how well the organization is achieving its financial goals

Question 20

What does customer perspective assess

Answer 20

Assesses how well the organization is meeting customer needs and expectations

Question 21

What are some metrics for the customer perspective

Answer 21

Metrics in this area include customer satisfaction, market share, and customer retention

Question 22

What does the customer perspective help ensure

Answer 22

This perspective helps ensure that strategies enhance customer loyalty and market competitiveness

Question 23

What does the internal process perspective focus on

Answer 23

Focuses on the internal processes and operations required to deliver value to customers and shareholders

Question 24

What does the internal process perspective help identify

Answer 24

It helps identify areas for improvement in business processes

Question 25

What does learning and growth perspective examine

Answer 25

Examines the organization’s ability to innovate, improve, and grow

Question 26

What does learning and growth perspective include

Answer 26

It includes metrics such as employee training, knowledge management, and technological improvements

Question 27

What does learning and growth perspective highlight

Answer 27

This perspective highlights how human capital, infrastructure, and organizational culture contribute to long-term success

Question 28

What does the balance scorecard aligning with business strategies ensure

Answer 28

ensures that day-to-day operations contribute to achieving long-term objectives

Question 29

What type of view does the balance scorecard provide of an organisations performance

Answer 29

BSC provides a more comprehensive view of an organization’s performance by incorporating non-financial aspects

Question 30

How does the balance scorecard improve communication

Answer 30

It facilitates better communication between departments by translating strategic goals into clear, actionable metrics

Question 31

What type of culture does the balance scorecard promote

Answer 31

BSC promotes a culture of continuous improvement and innovation

Question 32

How does the balance scorecard drive accountability

Answer 32

they are measured against relevant performance metrics tailored to their roles