Exam (elaborations)
MNG3702 Assignment 1 Semester 2 2024 (605474) - DUE 25 July 2024
- Institution
- University Of South Africa
MNG3702 Assignment 1 Semester 2 2024 (605474) - DUE 25 July 2024 QUESTIONS WITH ANSWERS
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MNG3702Assignment 1
Semester 2 2024
(605474) - DUE 25
July 2024
QUESTIONS WITH COMPLETE ANSWERS
[School]
[Course title]
,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)
To effectively apply the process perspective of strategic management to
the Michelin company, particularly focusing on the history of the Michelin
Guide, it's crucial to understand the stages of strategic management and
how they align with Michelin's efforts to maintain its competitive advantage.
The strategic management process typically consists of the following
stages:
1. Environmental Scanning
2. Strategy Formulation
3. Strategy Implementation
4. Evaluation and Control
, ### 1. Environmental Scanning
**Definition**: Environmental scanning involves analyzing the internal and
external environments of the organization to identify opportunities and
threats. This stage includes evaluating the competitive landscape, market
trends, regulatory changes, and internal capabilities.
**Application to Michelin**:
- **External Analysis**: In the early 20th century, Michelin noticed that the
automobile industry was rapidly growing, and with it, the need for reliable
travel information was becoming essential. This was an opportunity to
promote their tire products by encouraging more travel.
- **Internal Analysis**: Michelin had a strong brand reputation and expertise
in producing high-quality tires. They recognized that they could leverage
this reputation to promote travel and indirectly boost tire sales.
### 2. Strategy Formulation
**Definition**: Strategy formulation involves developing long-term plans to
achieve organizational objectives. This stage includes setting goals,
determining the resources required, and creating a roadmap to navigate
through identified opportunities and threats.
**Application to Michelin**:
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