Mb0052 Strategic Management and Business Policy Assignment Mba Sem 4
Master of Business Management
Semester IV
MB0052 – Strategic Management and Business Policy - 4Credits
(Book ID: B1314)
Assignment
Set- 1 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
1. What is meant by ‘Strategy’? Differentiate between goals and objectives.
Answer:
Strategy:- The method by which an organization systematically achieves its future objectives. A business cannot progress for a long term without a reliable strategy. its conceptual evolution, scope and its importance, distinction between goals and objectives, analyzing strategic intent through vision and mission statements and finding out the significance of core competencies of business and critical success factors.
Difference between Goals and Objectives of Business
|Goals |Objectives |
|Are long term |Are usually meant for short term |
|Are general intentions with broad outcome |Are precise statements with specific outcome |
|Cannot be validated |Can be validated |
|Are intangible can be qualitative as well as quantitative |Are tangible are usually quantitative and measurable |
|Are abstract |Are concrete |
2. Define the term “Strategic Management”. What are the types of strategies?
Answer:
Strategic Management
Strategic management is a systematic approach of analyzing, planning and implementing the strategy in an organization to ensure a continued success. Strategic management is a long term procedure which helps the organization in achieving a long term goal and its overall responsibility lies with the general management
Semester IV
MB0052 – Strategic Management and Business Policy - 4Credits
(Book ID: B1314)
Assignment
Set- 1 (60 Marks)
Note: Each Question carries 10 marks. Answer all the questions.
1. What is meant by ‘Strategy’? Differentiate between goals and objectives.
Answer:
Strategy:- The method by which an organization systematically achieves its future objectives. A business cannot progress for a long term without a reliable strategy. its conceptual evolution, scope and its importance, distinction between goals and objectives, analyzing strategic intent through vision and mission statements and finding out the significance of core competencies of business and critical success factors.
Difference between Goals and Objectives of Business
|Goals |Objectives |
|Are long term |Are usually meant for short term |
|Are general intentions with broad outcome |Are precise statements with specific outcome |
|Cannot be validated |Can be validated |
|Are intangible can be qualitative as well as quantitative |Are tangible are usually quantitative and measurable |
|Are abstract |Are concrete |
2. Define the term “Strategic Management”. What are the types of strategies?
Answer:
Strategic Management
Strategic management is a systematic approach of analyzing, planning and implementing the strategy in an organization to ensure a continued success. Strategic management is a long term procedure which helps the organization in achieving a long term goal and its overall responsibility lies with the general management