Exam (elaborations)
MNG3702 Assignment 1 Semester 2 2024 (605474) - DUE 25 July 2024
- Course
- Institution
MNG3702 Assignment 1 Semester 2 2024 (605474) - DUE 25 July 2024 QUESTIONS WITH ANSWERS
[Show more]
Seller
Follow
omoka11
Reviews received
Content preview
[Date]MNG3702 Assignment 1
Semester 2 2024
(605474) - DUE 25 July
2024
QUESTIONS WITH COMPLETE ANSWERS
,MNG3702 Assignment 1 Semester 2 2024 (605474) - DUE 25 July 2024
Question 1
“The aim of strategic management is to ensure that an organisation achives a
competitive advantage and sustains its competitive advantage over competitors.” Apply
the process perspective of strategic management process to the Michelin company,
focusing on the ‘History of the Michelin Guide’. In your answer, you need to explain
each stage in the process perspective of strategic management and apply it to Michelin
and the development of the Michelin Guide as an effort of the company to sustain its
competitive advantage. (21 marks, of which 7 marks will be awarded to each of the
stages correctly explained and applied to the case)
Strategic management involves a series of steps that organizations follow to achieve
and sustain a competitive advantage. When applied to the Michelin company,
particularly focusing on the history and development of the Michelin Guide, we can
observe how these stages have been executed to maintain Michelin’s competitive edge.
1. Strategy Formulation
Explanation: Strategy formulation involves defining the company’s mission, setting
objectives, and deciding on the approaches to achieve these goals. It’s about
determining the long-term direction and scope of an organization.
Application to Michelin: Michelin’s mission has always been about enhancing mobility
and providing high-quality products. In the early 20th century, André and Édouard
Michelin identified a need to increase the demand for automobiles, which would, in turn,
, boost tire sales. They formulated a strategy to provide valuable information to drivers,
thereby encouraging more travel.
The creation of the Michelin Guide in 1900 was part of this strategy. Initially, the guide
provided practical information such as maps, tire repair instructions, and lists of hotels
and petrol stations. This initiative was meant to enhance the travel experience, indirectly
promoting car travel and, consequently, increasing the demand for tires.
2. Strategy Implementation
Explanation: Strategy implementation is the process of putting the formulated strategy
into action. It involves allocating resources, developing structures, and ensuring that the
strategy is effectively communicated and carried out.
Application to Michelin: Implementing the strategy involved creating and distributing
the Michelin Guide. The company invested in the production and widespread
distribution of the guide, initially offering it for free. They ensured that the guide was
comprehensive and user-friendly, thus making it a valuable resource for travelers.
To further embed the guide in the travel culture, Michelin continuously updated it,
adding new sections and information based on feedback and evolving travel needs.
This required a dedicated team and resources to maintain the guide’s relevance and
accuracy.
3. Strategy Evaluation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller omoka11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.50. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
49051 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now