In this article we will discuss about the importance of studying strategic management. Innovations and inventions in techniques and in goods and services have stimulated the growth of the 'knowledge industry', and been stimulated by it. As a consequence, the environment of organisations has shown rapid and turbulent change and has led to new forms of competition and challenges to [...]
Some frequently asked exam questions on strategy identification are as follows: Q.1. Identify the most important pitfalls that ought to be avoided in starting and doing strategic planning. Ans. The issues in a corporate strategic planning involve judgments, values, passions, and perceived consequences. So, irrationality cannot be avoided. Major pitfalls that should be avoided in starting and doing the strategic [...]
The strategy audit programme is conducted in three stages in succession as following: 1. Diagnosis 2. Focused Analysis 3. Recommendations. Stage # 1. Diagnosis: It includes the following: (i) Reviewing key documents, such as: Strategic plan, Business or Operational plan, Organisational details, Major policies affecting matters, such as resources allocation and performance measurement. (ii) Reviewing performance against yardsticks (strategically determined) [...]