Exam (elaborations)
MNG3702 ASSIGNMENT 1 SEMESTER 2 2024 (605474) - Due 25 July 2024
- Course
- Institution
complete and elaborate answers.
[Show more]
Seller
Follow
AnnaWilliams
Reviews received
Content preview
MNG3702 ASSIGNMENT 1SEMESTER 2 2024
(605474)
sucCess
, MNG3702 Assignment 1 Semester 2 2024 (605474) - COMPLETE ANSWERS
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)
Introduction
Strategic management is a structured approach to achieving and maintaining competitive
advantage. The process perspective of strategic management encompasses goal setting, analysis,
strategy formulation, strategy implementation, and evaluation. Michelin's development of the
Michelin Guide illustrates the application of this process to enhance and sustain their competitive
advantage.
Goal Setting
Explanation: Setting clear and strategic goals is the foundation of the strategic management
process, guiding the organization's efforts and resources.
Application to Michelin: Michelin's primary goal was to boost tire sales by encouraging more
road travel. The Michelin Guide was conceived as a tool to provide valuable travel information,
thereby motivating people to travel more frequently and use more tires.
Analysis
Explanation: This stage involves conducting a comprehensive analysis of the organization's
internal capabilities and external environment.
Application to Michelin: Michelin conducted a market analysis and identified a gap in reliable
travel information for motorists. They assessed their internal resources, such as their expertise in
travel and strong brand reputation, to ensure they could create a high-quality guide. External
analysis included studying travel trends and consumer behavior to tailor the guide to meet market
needs.
Strategy Formulation
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 AnnaWilliams. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.82. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now