The "Comprehensive Exam Review Pack for MNG3701" is designed to equip students with an extensive and focused study resource for their upcoming examinations. This pack includes detailed summaries of key topics, essential concepts, practice questions, and strategic study tips tailored to the MNG3701 ...
MNG3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (620712) - DUE 16 September 2024
Strategic Planning IIIA (MNG3701) Summary: Based on "Practising Strategy" by Graham et al.
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MNG3701 EXAM PACK 2016
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, EXAM TIPS
Strategic Management-MNG3701/3702
1. Knowledge vs. Understanding
Knowledge is when only theory is provided, which will account for 50% mark allocation.
Students are required to demonstrate an understanding the concept by showing how it is/could
be applied in practical context
2. Critical Thinking
There is a difference between “Discuss and Critically discuss”. To be critical entails “the
judgement of the value of the concept, justification of its use in context”.
3. Writing and Self assessments
“Writing is an act of thinking”. The exam is an essay-type, therefore students are required to
practice their writing and not merely rely of “memorising” the theory in the textbook. Ten marks
will be allocated for ten or more full sentences relevant to the question, no bullets points. Use
assignment feedback for reference
Exam Tips:
a) Read the case study twice or thrice if time is on your side, read and understand, highlight
on the key points in the case study.
b) In answering questions in the case study make sure you use examples in the case study
to support your answer and argument.
c) Read, understand the question and highlight the key words to be addressed in the
question.
d) Be precise and answer the question as asked. Avoid waffling.
e) Mark allocation is also critical as it will determine how much information you should
provide. If you have time you are more than welcome to exhaust your answers
f) The use of practical examples is very important, your knowledge on current affairs will
be put to test
g)
LEARNING UNIT 1- INTRODUCTION TO STRATEGIC MANAGEMENT
Define the concept of strategy and briefly explain its relationship to strategic
management.
Strategy:
Its generally seen as the result or outcome of fundamentally important pre-emptive,
innovative management decisions about an organisation‘s strategic direction and
strategic action plans to attain a sustainable competitive advantage and achieve its
long-term objectives in rapidly changing and competitive external business
is the direction provided by the actions and decisions of strategists in pursuit of
organisational goals.
a deliberate choice of activities
coherent narrative about the future direction of the organisation
provides members of the organisation with a framework to guide their decision making
the verbalisation of the organisation‘s aspirations and can inspire, unite and motivate
members of the organisation
Critically differentiate between the concepts of strategy, strategic planning and strategic
management.
Strategy
Strategy is the art of aligning the company’s strategies in order to out-compete one’s
competitors in a rival business market with a view to achieving the desired competitive
advantage by ensuring that all the relevant departments within the firm are receiving
similar information and training.
Strategies are incorporated into the business as the tools to improve the business’s
current plans and adapt to new and vibrant procedures which are guaranteed to take
the business to the next level, where it is rising above its fellow-similar-product-based-
companies and also to ensure that sustainability is incorporated in the new strategic
formulation procedures as it, (sustainability) ensures secured future of a business in a
competitive rival business environment.
Similarly, Leopold and Harris, (2009), define strategy as, ‘the pattern emerging over
time in an organization as actions, (of both planned and unplanned nature), are carried
out to enable the organization as a whole to carry it into the future’.
Also, Quinn, (1990), and Mintzberg, (1994), corroborates that; ‘strategy is seen not as
a pattern and procedure a company follows through, but as a pattern which unfolds over
time in which formal planning can be found to occur to a greater extend’.
Strategic Planning
, Strategic planning is the coordination of all the business units being put together in a
more resourceful manner that encompasses the deliverables and goals and aims of the
organisation. It is about achieving the desired long term goals of the business through
strategic intent.
Strategic planning involves strategic formulation and strategic intelligence for running
the organization and also a view on both internal and external environments within
which the business is or going to operate.
Neil Ritson, (2013:63), maintains that, ‘the purpose of the strategic alternatives
generated by SWOT analysis should be to build on organisation strengths in order to
exploit opportunities and counter threat in order to correct organizational weaknesses’.
Also, Kotler, (1997:89), shares some light by stating that, ‘Market-oriented strategic
planning is the managerial process of developing and maintaining a viable fit between
the organization’s objectives, skills, and resources and its changing market
opportunities.
The aim of strategic planning is to shape and reshape the company’s businesses and
products so that they yield target profits and growth’.
Kotler, below, displays the concept of how the strategic intent helps the organizations
to grow, penetrate the market and as well as how to stay in the game.
Strategic Management
Strategic management is the thinking process of strategy formulation and it involves
spotting the trends and understanding the competitive landscape into which an
organization performance its activities.
It coordinates all the organization’s resources and core-competencies into a ‘chain of
command’ and ‘bureaucracy’.
In the same manner, Ehlers and Lazenby, (2012:3), corroborates, ‘strategic
management can be defined as the process whereby all the organizational functions
and resources are integrated and coordinated to implement formulated strategies which
are aligned with the environment, in order to achieve the long-term goals of the
organization and therefore gain a competitive advantage through adding value for the
stakeholders’.
Explain what is meant by strategic management and discuss the dynamic nature of the
traditional strategic management process. Or Define strategy, strategic planning and
strategic management/ Illustrate and explain the strategic management process
Strategic management: is a rational approach that organisations use to achieve
strategic competitiveness and competitive advantage.
Traditional it draws on the perspective that the management tasks consists of planning,
organising, leading and controlling.
Building on this view, the strategic tasks of top management consist of formulation
strategy (planning), implementing strategy (organising and leading) and control
Strategic management can be looked at from a traditional perspective and in a new
perspective (strategy-as-practice)
The traditional perspective is structured and a process as explained below:
1. Strategy Planning/Formulation - The planning and thinking phase where top
management:
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