1.Q. What do you mean by Strategy?

Ans: A Companys Strategy consists of the combination of competitive moves and business approaches that managers employ to please customers complete successfully and achieve organizational objectives.

A Strategy is the determination of the basic long-term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources to carryout these goals -A.D Chandler Strategies are general programs of action and development of resources to attain comprehensive objectives - H.Koontz and H Weihrich

Strategy means large scale action plans for interacting with the environment in order to achieve long-term goals - K.M Bartol and David C Martin

2.Q. What does a companys strategy consist of? Ans: In the business world, companies have a wide degree of strategic freedom. The pattern of actions and business approaches define a companys strategy. Planned actions and initiatives to outcompete rivals. Move to react and respond to changing external circumstances. Actions to alter geographic coverage. Actions to merge with or acquire a rival company to strengthen the companys business positi on. Actions to form strategic alliance and collaborative partnerships. Actions to capitaliza on new opportunities to defend against threats to the companys well -being. Actions and approaches that define hoe the company manages R&D, production, sales and marketing, finance, and other key functions. Actions to strengthen the companys resource base and competitive capabilities. Actions to diversify the companys revenue base and enter altogether new industries or business.

3.Q. What do you mean by Strategic Management? Describe the five tasks of strategic management. Ans: The term strategic management refers to the managerial process of forming a Strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy.

Strategic Management is a stream of decisions and actions which leads to the development of an effective strategy or strategies to help, achieve corporate objectives -Glect and Jaunch

Strategic Management is the decision process that aligns the organ izations internal capability with the opportunities, threats, if faces in its environment -Rowe et al

There are 5 tasks of strategic management. These are:

1. Formatting a strategic vision of where the organization is headed so as to provide long term direction, delineate what kind of enterprise the company is trying to become and infuse the organization with a sense of purposeful action.

2. Setting objectives converting the strategic vision into specific performance outcomes for the company to achieve.

3. Crafting a strategy to achieve the desired outcomes.

4. Implementing and executing the chosen strategy efficiently and effectively.

5. Evaluating performance, monitoring new developments and initiating corrective adjustments.

4.Q. What is the most trustworthy signs of good management? Ans: Among all the things managers do, nothing affects a companys ultimate success or failure more fundamentally than how well its management team sets the companys long-term direction, develops competitively effective strategic moves and business approaches, and implements what needs to be done internally to produce good day in, day out strategy execution.

Excellent execution of an excellent strategy is the best test or signs of managerial excellence and the most reliable recipe for organizational success.

5.Q. Why is a strategic vision important? Ans: A strategic vision is a road map of a companys future providing specifics about technology and customer focus, the geographic and product markets to be pursued, the capabilities it plans to develop and the kind of company that management is trying to create. Strategic vision is important for some reasons. Reasons are given below:

i-/ Change of customer needs and expectations: Theres an ever-present managerial interactive to look beyond today and think strategically about the change of customer needs and expectations with the change of modern world.

ii-/ Impacts of new technologies: A strategic vision helps to think strategically about the impact of new technologies on the horizon.

iii-/ Competition with competitors: A strategic vision is important to complete with the competitors. This strategy helps to overtake or outrun competitors successfully.

iv-/ How to capture promising market opportunities: To capture promising market opportunities is very important to achieve the organizational goals. Through following the strategic vision we can capture promising market opportunities.

v-/ Consideration of internal and external factors: A strategic vision also considered the internal and external factors that drive company to perform necessary actions for future preparation.

vi-/ Probable change and fundamental choice of strategic paths: Through the strategic vision we can get knowledge about the organizational probable change and we can take proper strategic paths against those changes. In conclusion, we can say that for these reasons strategic vision is very important for an organization.

6.Q. Why is Entrepreneurship important in developing vision of a company? Ans: Strategy making is fundamentally a market-driven and customer-driven entrepreneurial activity. The essential qualities are a talent for capitalizing on emerging market opportunities and

evolving customer needs, a bias for innovation and creativity, an appetite for prudent risk taking and a strong sense of what needs to be done to grow and strengthen the business. Crafting strategy is partly an exercise in astute entrepreneurship actively searching for opportunities to do new things or to do existing things in a new way. To pick up on happenings in the external environment that signals either opportunities for the enterprise or threats to its present way of doing business. To dictate new market conditions and customer preferences. To strengthen the firms competitive capabilities by new product development or technological development or studying market trends or listening to customers choice and anticipating their needs. To adapt with market conditions and pursue to new business opportunities and fortifying its market position and capabilities. To take prudent risk and initiate trailblazing strategies.

Good strategy making is therefore inseparable from good business entrepreneurship.

7.Q. Why strategic management is an ongoing process, not a start-stop event? Ans: The choice of whether to continue or change the companys vision, objectives, strategy, and implementation approaches always presents itself. Strategic management is an ongoing, neverending process, not a start-stop event that, once done, can be safely put aside for a while. Managers have an ever-present responsibility for detecting when new developments require a strategic response and when they dont. Their job is to track progress, spot problems and issues early, monitor the winds of market and customer change, and initiate adjustments as needed. This is why the task of evaluating performance and initiating corrective adjustments is both the end and the beginning of the strategic management cycle.

8.Q. Who do perform the five tasks of strategic management? Ans: The five tasks of strategic management is performed by the i-/ The chief executive officer (CEO) ii-/ Managers iii-/ Functional area managers iv-/ Managers of major operating units

i-/ The chief executive officer (CEO): The chief executive officer and other senior corporate-level executives who have primary responsibility and personal authority for big strategic decisions

affecting the total enterprise and the collection of individual business into which the enterprise has diversified.

ii-/ Managers: Managers who have profit and loss responsibility for one specific business unit and who are delegated a major leadership role in crafting and executing a strategy for that business.

iii-/ Functional area managers: Functional area managers whit in a given business unit who have direct authority over a major piece of the business and whose role it is to support the business units overall strategy with strategic actions in their own business. For example: manufacturing, marketing, R&D managers. iv-/ Managers of major operating units: Managers of major operating units who have on the scene responsibility for developing the details of strategic efforts in their areas and for executing their piece of the overall strategic plan at the grassroots level. For example: plants, sales distributors, local officers.

9.Q. Describe the stages/steps of strategic management? Ans: Strategic planning is the process of determining how to peruse the organizations long term goals with the reassures expected to be available. - Robert Kreitner

Strategic plans are broad plans developed by top managers to guide the general directions of the organization. - D. D. Van Fleet

There are three stages of strategic planning. These are: i-/ Planning elements ii-/ Plan components iii-/ Key questions

Planning Elements --Strategic analysis

Plan Components --Vision --Mission

Key Question --What should we be doing? --Where are we going? --What routes/ ways have we selected?

--Strategic choice

--Strategy

--Strategic implementation

--Policy --Decision

--How do we guide our collective decision to get? --What choice do we have? --Shall we do it?

--Action plan