Strategic Management Exam Paper for BSC (Hons) Business Management

BSC (Hons) BUSINESS MANAGEMENT
SEMESTER 1, EXAMINATION 2021/22
STRATEGIC MANAGEMENT
MODULE NO: BMP6002
Exam Paper Release Date & Time: Saturday 30 July 2022 at 10:00am
Submission Cut-off Date & Time: Monday 01 August 2022 at 10:00am
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ANSWER BOOKLET
All the pages of the answer booklet should be submitted including blank ones.
Please type your answers in the spaces provided.
Insert additional pages where required.
Student Name
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[Section 1: Compulsory Question]
Answer to the Question no. 1
(a) Define strategy
Strategy: it refers to the process of plans of action which the organization or the individual person
form in order to accomplish the personal as well as professional goals in effective as well as
efficient manner (Marr and Roos, 2020) . Due to that the organization is able to save and get
success in domestic as well as international marketplace for the long period of time. In general, it is
considered as the guidance which is set for the organization to deal with the forthcoming
challenges. For the formation of the best strategy the manager of the organization considered the
factors of micro as well as macro analysis in an appropriate way. Due to that the company is able to
deliver the competitive advantages in the marketplace and increase the profitability and productivity
of the company.
(b) Two types of approaches
Prescriptive approaches: this is one of the effective approach in which the objective, mission,
vision, core values of the organization or the performance is determined before the formation of the
plans of action in order to accomplish them in effective as well efficient manner. With the support
of this strategy the organization is able to focus on the successes of the business. The prescriptive
approach allows the organization to lead the marketplace. Along with that the company is able to
define the objective and aim of the association to the workers. Due to which the individual person is
working in the association are able to develop better understanding with each other’s (Davies and
Walters, 2020) . This approach improves the process of hierarchy and clarify to the employees
whom to report and answerable as the workers are having proper transparency in the culture of the
association. Basically it will become easy for the manger or the working people to find out the
solution of the problems associated with the organization for the expansion of the business and
deliver the comparative advantages. On the other hand, it has some disadvantages that is if the
manger determines the wrong objectives of the company then the association are not able to drive
the success and compete the task in an appropriate manner. Basically it is a way of mapping the
plan for the increasing the factor of the growth.
Emergent approach: this is also recognized as the strategy which is formed for the short period of
time and not for accomplishing any goal or the objectives of the company or the individual person.
As per this approach the manager of the company develops certain plans of action on the regular
basic ort as per the requirement of the situation. Due to which the people working in the origination
face certain confusion and increase the flexibility in the performance of the work. With the
assistances of this approach the members of the origination are prewired for the changes in the
culture and prepared themselves to deal with the upcoming changes or the challenges in an
appropriate manner. The organization drive implicates opportunities for the survival and success of
the company. The objectives of forming the strategies are not fixed or set by the authority and leads
to transparency issues while completing and accomplishing the work. For the formation of actual
plans of action, the organization deliver right to the workers to initiate some experiment in order to
deliver upcoming issues. As it is implemented on the different time it brings he innovation and
creativity at the workplace (McDermott and O'Connor, 2022). Also it is responsible for improving
the culture of the origination and bring the positivity among the people of association. Basically it
empowers the workers of the origination to increase the profitability and productivity of the
company as customers motivate each and every individual person with the unique ideas or ways. it
is not planed strategy due to which the manger or the senior’s stakeholders of the origination are not
able to determine the result or the consciousness of the adopted strategy. It is unplanned strategy
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