Final Mb0052-Strategic Management and Business Policy
SIKKIM MANIPAL UNIVERSITY
INTERNAL ASSIGNMENT
MBA (MB0052– Strategic Management and Business Policy)
|NAME |: |Kunal Mhatre |
|ROLL NO. |: |581111279 |
|LEARNING CENTER CODE |: | |
|DATE OF SUBMISSION |: | |
|1) Define the term “Strategic Management”. Explain the importance of 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 team. It focuses on building a solid foundation that will be subsequently achieved by the combined efforts of each and every employee of the organization.
Types of Strategies
1. Corporate level
The board of directors and chief executive officers are involved in developing strategies at corporate level. Corporate level strategies are innovative, pervasive and futuristic in nature.
The four grand strategies in a corporate level are:
— Stability and expansion strategy
— Retrenchment
— Corporate restructuring
— Combination strategies – concept of synergy
Stability strategy
The basic approach of the stability strategy is to maintain the present status of the organization. In an effective stability strategy, the organization tries to maintain consistency by concentrating on their present resources and rapidly develops a meaningful competitiveness with the market requirements.
Further classifications of stability strategy
INTERNAL ASSIGNMENT
MBA (MB0052– Strategic Management and Business Policy)
|NAME |: |Kunal Mhatre |
|ROLL NO. |: |581111279 |
|LEARNING CENTER CODE |: | |
|DATE OF SUBMISSION |: | |
|1) Define the term “Strategic Management”. Explain the importance of 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 team. It focuses on building a solid foundation that will be subsequently achieved by the combined efforts of each and every employee of the organization.
Types of Strategies
1. Corporate level
The board of directors and chief executive officers are involved in developing strategies at corporate level. Corporate level strategies are innovative, pervasive and futuristic in nature.
The four grand strategies in a corporate level are:
— Stability and expansion strategy
— Retrenchment
— Corporate restructuring
— Combination strategies – concept of synergy
Stability strategy
The basic approach of the stability strategy is to maintain the present status of the organization. In an effective stability strategy, the organization tries to maintain consistency by concentrating on their present resources and rapidly develops a meaningful competitiveness with the market requirements.
Further classifications of stability strategy