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MAC2602 EXAMPACK 2022
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Exam pack consists of:
* Study notes
*Exam papers+Solutions(October 2013)
(May 2014)
(October 2014)
(May 2015)
(October 2015)
(May 2016)
(October 2016)
*Assignments(2016 semester 2 ass 1 +2 Questions and Solutions)
(2017 Semester 1 ass 1+2 Questions and Solutions)
(2017 Semester 2 ass 1+2 Questions and Solutions)
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Study Guide One
Part 1 : Strategy and strategic planning
Topic 1 : Development of the organisation’s strategy
Study Unit 1 : Defining concepts – mission,core values,vision,strategy and strategic objectives
Mission - core purpose
Effective mission statement :
Inspire change ,but does not change
Long-term in nature
Easy to understand and easy to communicate
Core values - principles that guide the organisation
Vision - defines direction for the future
Strategy – choosing long-term strategies to achieve purpose set out in mission statement
Three generally accepted competitive strategies :
Cost leadership strategy
Pricing strategy :
Price skimming
Selective pricing
Market pricing
Predatory (penetration) pricing
Differentiation
Elements of strategy :
Choice of activities which provide a competitive advantage
Trade-offs made to choose specific actions
Activities chosen must fit one another
Major structural changes can change strategies,however cannot be constantly
reinvented
Formulation should display a broad conceptual knowledge of the operating
environment of the organisation
Core values are taken into account
Strategic objectives – measures to progress and targets to achieve in a specific time frame
Characteristics :
Precise formulation of goals to be achieved
Contains a measure of progress
Contains a target to be achieved
Contains a time frame for target to be achieved
SMART criteria :
Specific
Measurable
Attainable
Relevant
Time-bound
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