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MNB3701 ASSIGNMENT 2[ COMPLETE ANSWERS] 2024 SEMESTER 2 [195080]
MNB3701 ASSIGNMENT 2[ COMPLETE ANSWERS] 2024 SEMESTER 2 [195080]
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:MNB3701 ASSIGNMENT2[ COMPLETE ANSWERS] 2024
SEMESTER 2 [195080]
Question 1:
Discuss the role of strategic management in an organization.
Answer: Strategic management involves the formulation and implementation of major goals
and initiatives taken by an organization's top management on behalf of the owners. It is based
on the consideration of resources and an assessment of the internal and external environments
in which the organization competes. The role of strategic management includes:
● Defining the company's direction and scope: It helps in determining the long-term
vision of the company and the allocation of resources.
● Environmental scanning: Identifying external opportunities and threats as well as
internal strengths and weaknesses.
● Strategy formulation: Developing strategies to achieve organizational goals.
● Strategy implementation: Executing the formulated strategies effectively and
efficiently.
● Evaluation and control: Continuously monitoring performance and making necessary
adjustments.
Question 2:
Explain the concept of competitive advantage and its importance.
Answer: Competitive advantage refers to the attributes that allow an organization to outperform
its competitors. These attributes can include access to natural resources, such as high-grade
ores or inexpensive power, highly skilled labor, geographic location, high entry barriers, and
other factors. The importance of competitive advantage lies in its ability to:
● Create superior value: Provide products or services that are valued by customers more
than those offered by competitors.
● Sustain profitability: Maintain long-term profitability and market share.
● Enhance brand reputation: Build and sustain a strong brand reputation in the market.
● Facilitate growth: Allow for business expansion into new markets or product lines.
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