MB0036 STRATEGIC MANAGEMENT AND BUSINESS POLICY
Q 1.Imagine you are running a leather garment unit for export. What data flow in terms of ratios as part of the decision support system would you install, in order to monitor and manage the key aspects of the activity? Explain how you would use them for managerial decisions and actions.
(10 marks)
Answer: Decision Support Systems (DSS) are a specific class of computerized information systems that supports business and organizational decision-making activities. A properly-
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designed DSS is an interactive software-based system intended to lv help decision makers
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th compile useful information from raw data, documents, personal ra knowledge, and/or business models to identify and solve problems and make decisions.
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by y t om For a running a leather garment unit for export Support System will rsi thel.cDecision e v > ai i gives an added advantage. Typical information Un 0that 09 agmdecision support application might l a gather and present would be: ip 05/2 84@ n a / a M une alv • An inventory of all of your current assets (including legacy and relational th im <J information raand data marts), a kk data sources, cubes, data iwarehouses, S sh : o l t ai one week and the next, • Comparative sales figures between d e m t it E m figures based • Projected revenue on new product sales assumptions; b u S •
The consequences of different decision alternatives, given past experience in a context that is described.
DSS components may be classified as: 1. Inputs: Factors, numbers, and characteristics to analyze, these are managed by the administrative cadre. 2. User Knowledge and Expertise: Inputs are requiring manual analysis by user. It is solved by appointing an experienced person, who can handle the analysis of the inputs successfully. Page 1 of 17
MB0036 STRATEGIC MANAGEMENT AND BUSINESS POLICY
3. Outputs: At the end of analysis expert will give the output. Transformed data from which DSS "decisions" are generated. 4. Decisions: Results generated by the DSS based on user criteria.
DSSs which perform selected cognitive decision-making functions and are based on artificial intelligence or intelligent agentsâ&#x20AC;&#x2122; technologies are called Intelligent Decision Support Systems (IDSS). Benefits of DSS 1. Improves personal efficiency
4. 5. 6. 7. 8.
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y sit om r c e . l Facilitates interpersonal communication niv > ai 9 m U l 00 g Promotes learning or training pa 5/2 84@ i an e/0 a Increases organizational controlM un alv im <J rath k a a decision k Generates new evidenceSin i supportshof : to ail over competition d Creates a competitive advantage e m itt Em Encourages exploration and discovery on the part of the decision maker b Su
2. Expedites problem solving 3.
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9. Reveals new approaches to thinking about the problem space
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Q.2). What are the elements of a Marketing Plan? List the steps necessary to implement, monitor and control it to achieve its objectives.
(10 marks)
Answer: Concepts addressed include 'generic' strategies and strategies for pricing, distribution, promotion, advertising and market segmentation. Factors such as market penetration, market share, profit margins, budgets, financial analysis, capital investment, government actions, demographic changes, emerging technology and cultural trends are also addressed.
There are two major components to your marketing strategy:
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ha S • How you will implement and support your y bday to day operations. y m sit thatcoinsures In today's very competitive marketplace a strategy a consistent approach r e . l v > ai i to offering your product or service in a wayUnthat09willmoutsell the competition is critical. l 0 @g pa 5/2strategy However, in concert with defining the marketing you must also have a well defined 4 i an e/0 lva8 M ofn implementing it. It is of little value to have a methodology for the day to day process m <Ju atha i strategy if you lack either the resources ar expertise to implement it. kk or hthe Si s to il: a d In the process of tcreating a-mmarketing strategy you must consider many factors. Of e it E those many factors, some bm are more important than others. Because each strategy must address u S •
some unique considerations, it is not reasonable to identify 'every' important factor at a generic level. However, many are common to all marketing strategies. You begin the creation of your strategy by deciding what the overall objective of your enterprise should be. In general this falls into one of four categories: •
If the market is very attractive and your enterprise is one of the strongest in the industry you will want to invest your best resources in support of your offering.
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If the market is very attractive but your enterprise is one of the weaker ones in the industry you must concentrate on strengthening the enterprise, using your offering as a stepping stone toward this objective. Page 3 of 17
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•
If the market is not especially attractive, but your enterprise is one of the strongest in the industry then an effective marketing and sales effort for your offering will be good for generating near term profits.
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If the market is not especially attractive and your enterprise is one of the weaker ones in the industry you should promote this offering only if it supports a more profitable part of your business (for instance, if this segment completes a product line range) or if it absorbs some of the overhead costs of a more profitable segment. Otherwise, you should determine the most cost effective way to divest your enterprise of this offering.
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Shbe most effective in the market. the next step is to choose a strategy for the offering that will by
y This means choosing one of the following 'generic'itstrategies m(first described by Michael o rs ve > ail.c i Un 009 gm l a A COST LEADERSHIP STRATEGY 4@ on the concept that you can produce ip 05/is2 based 8 n a / lva M unore service and market a good quality product at a lower cost than your competitors. m <J atha i These low costs should itranslate toarprofit margins that are higher than the industry kk h S s : o l t average. Some of the conditions ai that should exist to support a cost leadership strategy d e m t it include an on-going of operating capital, good process engineering skills, E m availability b management Su of labor, products designed for ease of manufacturing and low cost
Porter in his work, Competitive Advantage). •
distribution. •
A DIFFERENTIATION STRATEGY is one of creating a product or service that is perceived as being unique "throughout the industry". The emphasis can be on brand image, proprietary technology, special features, superior service, a strong distributor network or other aspects that might be specific to your industry. This uniqueness should also translate to profit margins that are higher than the industry average. In addition, some of the conditions that should exist to support a differentiation strategy include strong marketing abilities, effective product engineering, creative personnel, the ability to perform basic research and a good reputation.
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•
A FOCUS STRATEGY may be the most sophisticated of the generic strategies, in that it is a more 'intense' form of either the cost leadership or differentiation strategy. It is designed to address a "focused" segment of the marketplace, product form or cost management process and is usually employed when it isn't appropriate to attempt an 'across the board' application of cost leadership or differentiation. It is based on the concept of serving a particular target in such an exceptional manner, those others cannot compete. Usually this means addressing a substantially smaller market segment than others in the industry, but because of minimal competition, profit margins can be very high.
Pricing
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A COMPARABLE PRICING STRATEGY: If you are not the market leader in your industry then the leaders will most likely have created a 'price expectation' in the minds of the marketplace. In this case you can price your offering comparably to those of your competitors.
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Promotion To sell an offering you must effectively promote and advertise it. There are two basic promotion strategies, PUSH and PULL. •
The PUSH STRATEGY maximizes the use of all available channels of distribution to "push" the offering into the marketplace. This usually requires generous discounts to achieve the objective of giving the channels incentive to promote the offering, thus minimizing your need for advertising.
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The PULL STRATEGY requires direct interface with the end user of the offering.
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Use of channels of distribution is minimized during the first stages lv of promotion and a
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th major commitment to advertising is required. The objective ra is to "pull" the prospects a
Shchannels cannot ignore. into the various channel outlets creating a demand the
by y t i om include: There are many strategies for advertising an offering.rsSome ofcthese e . l v ni 9> mai U g • Product Comparison advertising: In aal market your offering is one of several 00 where p 5/2 84@ i providing similar capabilities, aifn your stacks up well when comparing a /0 offering M une alv h be beneficial. m J ad can features then a product comparison ki < arat k Si sh : l • Product Benefits advertising: When you want to promote your offering without to ai d e m itt comparison to competitors, E- the product benefits ad is the correct approach. This is m b especially beneficial when you have introduced a new approach to solving a user need Su and comparison to the old approaches is inappropriate. •
Product Family advertising: If your offering is part of a group or family of offerings that can be of benefit to the customer as a set, then the product family ad can be of benefit.
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Corporate advertising: When you have a variety of offerings and your audience is fairly broad, it is often beneficial to promote your enterprise identity rather than a specific offering.
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Distribution: You must also select the distribution method(s) you will use to get the offering into the hands of the customer. The Environment: Environmental factors positively or negatively impact the industry and the market growth potential of your product/service. The Prospect: It is essential to understand the market segment(s) as defined by the prospect characteristics you have selected as the target for your offering. The Product/Service: You should be thoroughly familiar with the factors that establish products/services as strong contenders in the marketplace.
a lv A The Competition: It is essential to know who the competitionh is and to understand their t ra a strengths and weaknesses. Each of your competitor's experience, staying power, market Sh y market must be evaluated. position, strength, predictability and freedom to abandon bthe y t om rsi c e . l Development: A review of the strength and viability of the product/service development v ni 9> mai U g program will heavily influence the direction aofl your 00strategy. p 5/2 84@ i an e/0 lva Production: Marketer should review, M the uenterprise's production organization with respect to n m <J atha i r services. their ability to cost effectively produce kk products/ ha Si s to il: a d Marketing/Sales: The marketing e m sales organization is analyzed for its strengths and -and itt E current activities. bm u S Customer Services: The strength of the customer service function has a strong influence on long term market success.
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Q.3 What are the preparatory actions necessary for Strategy formulation and which functionaries of the organization should be involved in shaping them? (10 marks)
Answer: Strategy refers to the course of action desired to achieve the objectives of the enterprise. Formulation, together with its implementation, constitutes aan integral part of the
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r the employees to provide competition, to increase sales, to increase production, to motivate ha S
y their best, and so on. Implementation of a strategy is a bcrucial task as the formulation of it. ty
om There may be a lot of resistance during the implementation It is necessary for the rsi cprocess.
e il. iv l 00 g pa 5/2 84@ to implementation process. i an /0 a M une alv m <J ath Stages in Strategy Formulation and ki Implementation: r k ha Si s a) Identification of mission to and objectives: il: a d e m itt Em Mission statement is ba formal document that describes the organizationâ&#x20AC;&#x2122;s overall purpose and Su > a manager to be very tactful to involve the members Un of9 his mgroup in the formulation of strategy
what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted. Then, the strategy should have certain specified objectives. b) Environment scanning
Environmental factors positively or negatively impact the industry and the market growth potential of your product/service. Factors to consider include: â&#x20AC;˘
Government actions - Government actions (current or under consideration) can support or detract from your strategy. Consider subsidies, safety, efficacy and operational regulations, licensing requirements, materials access restrictions and price controls. Page 8 of 17
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•
Demographic changes - Anticipated demographic changes may support or negatively impact the growth potential of your industry and market. This includes factors such as education, age, income and geographic location.
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Emerging technology - Technological changes that are occurring may or may not favor the actions of your enterprise.
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Cultural trends - Cultural changes such as fashion trends and life style trends may or may not support your offering's penetration of the market.
c) Generic strategy alternatives:
a lv A After the nature of the business of the firm is defined, the next task is to focus on the type of ath r a are four strategy alternatives strategic alternative, in general, the firm should pursue. There Sh available to a firm or business: by y t om rsi c e . l i To expand v ni 9> mai U l 00 g ii To stabilize pa 5/2 84@ i an e/0 lva iii To wind up or retrench,M and n m <Ju atha i r iv To continue its operations pertaining to its products, markets or functions. kk ha Si s to il: a d d) Strategy variationste m it Em b There can be a number Su of variations of the generic strategy alternatives. For instance, if the strategy is to expand, then the alternatives are internal expansion or external expansion. Strategy variations can attain the following forms: •
Internal or external
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Related or unrelated
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Horizontal or vertical
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Active or passive
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e) Strategic choice: It involves the decision to select from among alternatives, the best strategy which effectively contributes to the business objectives. The spade work before making a strategic choice consists of: •
Identifying the few viable alternative courses of action.
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Considering the parameters for selection of best alternative.
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Evaluating each alternative on its own merits and in relation to other alternatives.
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Making the final choice.
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Keeping the next best alternative as stand by.
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y m sit r co set of choices and activities. e integrated . l The process of strategy implementation calls forivan n 9> mai U These include allocating resources, organizing, l assigning 00 g appropriate authority to the key pa 5/2 84@ i managers, setting policies and developing A good strategy with effective a an /0procedures. M une alv h implementation has a higher probability There source allocation decisions, such m Jof success. ki < arat k as, which department is sanctioned how Si sh much of money and resources, in the name of : l to ai d budget, and so on- set theteoperative strategy of the firm. m it E bm g) FormulationSuof plans, policies, programmes and administration: The implementation of plans and policies is designed in accordance with the strategy chosen. The firm creates plans and policies to guide managerial performance, and these make the chosen strategies work. The corporate success lies ultimately in the ability to convert corporate strategy into plans and policies that are compatible and workable. h) Evaluation and control: It is at the stage that the success of the programmes can be assessed. There should be a builtin mechanism to examine the deviations and initiate corrections as and when required. This assures that the chosen strategies will be implemented properly.
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Q. 4). What are the types of capital needed by a business and explain their purposes. (10 marks)
Answer: When implementing a new business concept, only one definition captures the real essence of capital: "It takes money to make money." From the aspiring entrepreneur designing new software in a home office to the executive of a multinational corporation looking to expand foreign distribution channels, launching any new business concept requires
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capital, or money, as a basis to execute the business plan. One of the lv most common reasons
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e il. iv l 200 @g pa critical the company's formation, and countless other i 5/ 4business functions. an e/0 lva8 M un a J just m <as Capital should not be perceived i ath the amount of "cash on hand" but rather the k r a k amount of financial resources available to Si shsupport the execution of a business plan. : l to ai d e m t t While financial iresources Ecome in countless forms, types, and structures, two basic m b types of financial resources are available to most businesses: debt and equity. Debt represents Su > a needs financial resources for product development, Un 9sales,mmarketing, administrative support,
a liability or obligation of a business. Debt is generally governed by mutually agreed upon terms and conditions as provided by the party extending credit. For example, a bank lends $2 million to a company to purchase additional production equipment to support expansion. The bank establishes the terms and conditions of the debt agreement, including the interest rate, repayment term, collateral required, and other elements. These terms and conditions must be adhered to by the company, or it runs the risk of default. Equity represents an investment in the business, usually doesn't have set repayment terms, but the owners of the equity investments do have a right to future earnings they may be paid dividends or distributions if profits and cash flows are available. For example, a software technology company requires $2 million in capital to develop and launch a new software Page 11 of 17
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solution. A venture capitalist group invests the required capital under the terms and conditions present in the equity offering, including what their percentage ownership in the company will be, rights to future earnings, representation on the board of directors, conversion rights, and so on. The company isn't required to remit any payments to the capital source per a set repayment agreement but has given up a partial right to ownership (which can be even more costly). Of course, many variations, alternatives, subtypes, and classifications are present for each type of capital. If it were as easy as debt versus equity, there wouldn't be much need for bankers, accountants, venture capitalists, and the like (which would be a welcomed change to most business owners).
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Q.5). Which are the main functionaries in a business? How do they share responsibility for the Business Plan, in terms of key result areas, and how do they coordinate with each other?
(10
marks)
Answer: Planning for the future is the key to prosperity. Business planning is an ongoing a
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ar managers at all levels to Planning identifies and builds on a firmâ&#x20AC;&#x2122;s strengths, and ithhelps S
make informed decisions in a changing business environment. by
y sit om r c e . l Business plans are decision-making tools. v There is no fixed content for a business ni 9> mai U g is determined by the goals and plan. Rather the content and format of thealbusiness 00 plan p 5/2 84@ i audience. A business plan should contain /0 a information is needed to decide whether an whatever M une alv m J h or not to pursue a goal. ki < arat k h Si : s a non-profit might discuss the fit between the For example, a business to planailfor ed m itt business plan and the organizationâ&#x20AC;&#x2122;s E- mission. Banks are quite concerned about defaults, so a m b business plan for aSubank loan will build a convincing case for the organizationâ&#x20AC;&#x2122;s ability to repay the loan. Venture capitalists are primarily concerned about initial investment, feasibility, and exit valuation. A business plan for a project requiring equity financing will need to explain why current resources, upcoming growth opportunities, and sustainable competitive advantage will lead to a high exit valuation. Preparing a business plan draws on a wide range of knowledge from many different business
disciplines:
finance,
human
resource
management,
intellectual
property
management, supply chain management, operations management, and marketing, among others. It can be helpful to view the business plan as a collection of sub-plans, one for each of the main business disciplines.
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While preparing your business plan, you may follow: 1. Company and Product Description: In describing your company be sure to include what type of business you are planning and the legal structure. 2. Product or Service: after describing your company and its industry context, describe the products or services you plan to provide. Focus on what distinguishes your product or service form the rest of the market. 3. Price: Provide a realistic estimate of the price for your product or service, and discuss the rationale behind that price. An unrealistic price estimate may undermine the
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th sufficient quality or that you will not be able to maintainraprofitability in the long run. a
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e il. iv l 00 g pa 5/2 84@ service. i an /0 a M une alv h plan, you will describe the customer base m yourJ business 5. Customers: In this section of ki < arat k or market of your product Si or service. sh : l to ai d e m t it 6. Competition: Discuss how E people identified in your target market currently meet m b u your product or service. Briefly describe what differentiates your their need Sfor
a location via public transportation could 9> the m marketability of your product or Unaffect
proposed venture from the existing businesses and discuss why you are entering this market. 7. Sales Projections: Present an estimate of how many people you expect will purchase your product or service. Your estimate should be based on the size of your market, the characteristics of your customers and the share of the market you will gain over your competition. 8. Market Description: In this section, you will describe how you plan to operate the business.
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9. Production Description: Describe the steps for creating your product, from the raw material or initial stage to the finished product, packaged and ready for distribution and sale. 10. Staffing: Describe the staff required to operate your business; how many people you need; tasks they will carry out; and skills they will need. Provide information on how you will recruit staff and provide initial and ongoing training of employees, outline of the salaries and benefits you will provide them. 11. Facility: Describe the type of facility you will house your business. Indicate the amount of building space you will need for production and administration. a
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by y t i otheromfor the smooth flow of the All of the steps discussed above are inter-related rseach e v > ail.c i operations of the proposed business venture. Each 9 every m point is an important factor for Un 00and g l a the purpose. ip 05/2 84@ n a / a M une alv m J h ki < arat k Si sh : l to ai d e m t it E m b u S
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Q.6). Explain with any real or imaginary example, the four generic Strategy Alternatives for Products.
(10 marks)
Answer: With the advent of generic strategies the task of the executive suddenly became much simpler. Rather than by slogging through a structured analytical process, success could be achieved by following the checklist in the latest airport book. So the search for unique strategies has been replaced by a simplistic choice between a prescribed and limited set of generic alternatives.
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organized around products or brands. These self-contained by divisions are called strategic
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e il. iv l 00 g pa 5/2 84@ managers, and competitors. i an /0 a M une alv h planning. m inJstrategic Listed below are typical steps followed ki < arat k Si sh : l 1. Define the Mission to ai d e m t it E m in this stage Questions asked include: What business are we in? What customers b u S > ma business objectives, resources, firm that are each different enough to have their Unown9 mission,
should we serve? How should we develop the firm’s capabilities and focus its efforts?
Answers to these questions become part of the mission statement, a formal document that describes the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted. 2. Evaluate the Internal and External Environment This is referred to as a situation analysis, environmental analysis, or sometimes a business review. The analysis includes a discussion of the firm’s internal environment, which can identify a firm’s strengths and weaknesses, as well as the external environment in which the firm does business so the firm can identify opportunities and threats. Page 16 of 17
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The internal environment is all controllable elements inside a firm that influence how well the firm operates. Examples include the firm’s technologies, physical facilities, financial stability, and relationships with suppliers. The external environment consists of elements outside the firm that may affect it either positively or negatively. The external environment includes consumers, government regulations, competitors, the overall economy, and trends in popular culture. Both threats and opportunities can come from any part of the external environment. A SWOT analysis is the outcome of the analysis of a firm’s internal and external environments. A SWOT analysis allows managers to focus clearly ona meaningful strengths
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(T) coming from outside the firm (the external environment). har
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y sit om r c e . l v i ni 9> ofmathe Organizational objectives are a direct outgrowth mission statement and broadly U 0 g l 0 a /2 the4@general time frame of the firm’s longidentify what the firm hopes to accomplishipwithin 5 n a e/0 lva8 range business plan. Objectives need M to ben specific, measurable, and attainable. Objectives m <Ju atha i r may relate to a number of elements kk such ha as revenue and sales, profitability, the firm’s Si s to on investment. standing in the market, or return il: a d e m itt Em 4. Establish the Business b Portfolio Su 3. Set Organizational or SBU Objectives
Companies with several different SBUs must make decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives. The range of different businesses that a large firm operates is called its business portfolio. Having a large business portfolio reduces the firm’s dependence on one product line or one group of customers. Portfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio, helping management decide which of its SBUs should receive more or less of the firm’s resources and which of its SBUs are most consistent with the firm’s overall mission. Page 17 of 17