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Strategic Management Quiz Essay

1751 words - 8 pages

Strategic Management (BUSM 3200) – Oct 2013
Exam Questions Review – Key Points and References (Part A)
(Prepared by Geoffrey da Silva)
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Note: this set of notes is provided as guidelines as to how you should go about to prepare YOUR OWN set of study notes for exam revision. Remember these are just GUIDELINES or short bullet points advising you what could be the approach to answering the questions and the sources you can extract the information from – BOTH the text and the lecture notes (GDS version only). You have ALREADY been advised by the course coordinator that these questions are just samples and are NOT to be construed as spotted ...view middle of the document...

Clearly explain the differences between the two
f. Can you show some examples/cases of how a strategy could be made using the two different approaches (lenses)
g. Then you must link it to strategy development. Briefly take a look at Lecture 9(B) and Chapter 12 – Strategy Development. Mention briefly how the different approaches of how strategy emerges – the intended strategy and the emergent strategy
h. Is there a connection between design and experience lenses and intended and emergent strategies?

2. Describe the concept of strategic group. What are the advantages of undertaking a strategic group analysis? What criteria can be used for grouping firms within an industry? Give example to support this.

Approach:

a) Strategic groups is a method of clustering competitors within a market or industry
b) Read the text pages 69-71
c) Lecture slides : Lecture 2 Slides 2.55 to 2.65
d) When answering such a question, make sure you cover all issues asked in the question. You should convert each sub-section as your “headings” Example:
i. Definition of the concept of strategic group
ii. Advantages/benefits of conducing strategic group analysis
iii. Criteria for grouping (this means you show a sample diagram and indicate the two axes – which are in fact the criteria. See the text and lecture notes for examples)

3. Achieving and continually improving cost efficiency has been regarded as a threshold strategic capability in any organisation in today’s competitive environment. Why? In your opinion, how organisations can improve their cost efficiency?
Approach:
a) This question appears to look like a question on cost leadership but it’s not directly speaking
b) Its asking about cost efficiency
c) And it is talking about “threshold strategic capability”
d) Go and find out what threshold capability means – Text page 87 to 89
e) So firms would need to manage costs – irrespective if they do follow cost leadership, differentiation or focus strategies
f) Does not mean just because a firm pursues differentiation strategy it does not pursue cost efficiency!
g) Show which are the areas in which a firm can achieve cost efficiencies. Can use the material from Business Strategy and Cost Leadership to discuss some of the cost drivers
a. Lecture Five slides 5.22 to 5.5.29.
b. Also be able to draw a VC showing CL strategy and show where the firm achieves cost efficiencies – slide 5.63 to 5.64
c. Text – pages 200 to 203

4. Stakeholder mapping is a useful technique for stakeholder management. Describe the process of stakeholder mapping and explain how its outcomes can help in understanding the political priorities in managing its relationships with stakeholders.

Approach:

a) Not a straight forward question
b) First you need to explain stakeholder mapping
c) Then show how outcomes link to the political process in...

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