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COM2602 ASSIGNMENT 1 ANSWERS-SEMESTER 2 (2024) STUDY GUIDE & BOOKS USED) //wa.me/
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COM2602 ASS 1 2024 S2Name
, QUESTION 1
1.1.1 The Concept of Strategy and its Extensions
What is Strategy?
Strategy is more than just a plan; it's a long-term roadmap that guides an
organization towards its desired future. It's about making conscious decisions about
how to achieve goals and objectives, taking into account both internal and external
factors.
Beyond the Plan
Strategy involves a comprehensive approach
Understanding the Landscape: It requires a deep understanding of the
organization's strengths and weaknesses, as well as the competitive
landscape, market trends, and customer needs.
Setting Clear Goals-Clear, measurable goals must be established, aligned
with the organization's overall mission and vision.
Smart Resource Allocation- Strategic planning involves allocating resources –
money, people, and technology – efficiently to support the chosen actions.
Putting the Plan into Action- Successful strategy requires meticulous
implementation, with clear timelines, responsibilities, and progress monitoring.
Adapting to Change- Strategies are not static. They must be regularly
reviewed and adapted based on changing circumstances and feedback.
Different Levels of Strategy
Strategy can be applied at different levels within an organization
Corporate Strategy-This sets the overall direction for the entire organization,
defining its mission, vision, and core values.
Business Strategy-Focuses on how individual business units will compete in
their respective markets, considering factors like target customers and
competitive advantages.
Functional Strategy- Outlines how specific departments or functions will
contribute to the overall strategy, ensuring alignment across the organization.
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