Principals of Managment

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MGT 2021-Principles of Management

1. Firms may be classified according to the mix of businesses owned by the firm. List and describe the major types of business mix.

Four major types of business mix are:
a. Concentration strategy
A form of diversification strategy that focuses on a single business operating in a single industry segment.
b. Vertical Integration Strategy
A form of diversification strategy in a which a firm integrates vertical by acquiring business that are supply channels or distributors to the primary business , producing its own inputs is backwards integration, and distributing its own outputs is forward integration.
c. Concentric diversification strategy
Strategy in which the firms expands by creating or acquiring new business that are related to the firms core business.
d. Conglomerate diversification
Strategy that involves managing a portfolio of business that are unrelated to each other.

2. What are the components of the strategic management process?

The components of the strategic management process consist of:

a. Analyze external and internal environments
One commonly used strategic tools is SWOT , the objective is to analyze factors from both within and outside the organization that may influences success. The internal and external factors to be considered in the SWOT analysis are:
Strengths
Weakness
Opportunities
Threats

b. Strategic Intent and Mission

Strategic Intent is the firm’s internally focused definition of how the firm intends to use the resource, capabilities, and core competencies to win competitive battles.
Strategic mission is the firm externally focused definition of what it plans to produce and market, utilizing its internally base core competence.

c. Formulate Strategy

It’s the design of an approach to achieve the firm’s mission.

d. Implement Strategy To implement formulated strategies successfully, companies’ executives must consider strategic leadership,

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