Strategic Management and Strategy

Topics: Strategic management, Management, Strategic planning Pages: 49 (16654 words) Published: May 28, 2012
Master of Business Administration
MB0052 – Strategic Management and Business Policy – 4 Credits (Book ID: B1314)
Set - 1
1. What is meant by ‘Strategy’? Differentiate between goals and objectives

Ans - Definition of STRATEGY
a (1) : the science and art of employing the political, economic, psychological, and military forces of a nation or group of nations to afford the maximum support to adopted policies in peace or war (2) : the science and art of military command exercised to meet the enemy in combat under advantageous conditions b : a variety of or instance of the use of strategy 2

a : a careful plan or method : a clever stratagem b : the art of devising or employing plans or stratagems toward a goal 3
: an adaptation or complex of adaptations (as of behavior, metabolism, or structure) that serves or appears to serve an important function in achieving evolutionary success <foraging strategies of insects. Examples of STRATEGY

  1. They are proposing a new strategy for treating the disease with a combination of medications.   2. The government is developing innovative strategies to help people without insurance get medical care.   3. a specialist in campaign strategy

Origin of STRATEGY
Greek stratēgia generalship, from stratēgos
First Known Use: 1810

Goals vs Objectives
When you have something you want to accomplish, it is important to set both goals and objectives. Once you learn the difference between goals and objectives, you will realize that how important it is that you have both of them. Goals without objectives can never be accomplished while objectives without goals will never get you to where you want to be. The two concepts are separate but related and will help you to be who you want to be. Definition of Goals and Objectives

Goals ‘“ are long-term aims that you want to accomplish. Objectives ‘“ are concrete attainments that can be achieved by following a certain number of steps. Goals and objectives are often used interchangeably, but the main difference comes in their level of concreteness. Objectives are very concrete, whereas goals are less structured. Remembering the Differences between Goals and Objectives

When you are giving a presentation to a potential or current employer, knowing the difference between goals and objectives can be crucial to the acceptance of your proposal. Here is an easy way to remember how they differ: Goals ‘“ has the word ‘go’ in it. Your goals should go forward in a specific direction. However, goals are more about everything you accomplish on your journey, rather than getting to that distant point. Goals will often go into undiscovered territory and you therefore can’t even know where the end will be. Objectives ‘“ has the word ‘object’ in it. Objects are concrete. They are something that you can hold in your hand. Because of this, your objectives can be clearly outlined with timelines, budgets, and personnel needs. Every area of each objective should be firm. Measuring Goals and Objectives

Goals ‘“ unfortunately, there is no set way in which to measure the accomplishment of your goals. You may feel that you are closer, but since goals are de facto nebulous, you can never say for sure that you have definitively achieved them. Objectives ‘“ can be measured. Simply phrase your objective in the form of a question. For example, ‘I want to accomplish x in y amount of time’ becomes ‘Did I accomplish x in y amount of time?’ This can easily be answered in a yes or no form. Examples of Goals and Objectives

Goals ‘“ I want to be a better ball player. I want to learn more about Chinese history. I want to maximize my professional performance. Objectives ‘“ I want to memorize the periodic table before my next quiz. I want to increase my sales by 10% this month. I want learn to play ‘Freebird’ on the guitar. Summary:

1. Goals and objectives are both tools for accomplishing what you want to achieve. 2. Goals are long term and objectives are usually...
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