:MNG2603 ASSIGNMENT 1
[COMPLETE ANSWERS] 2024
SEMESTER 2
Question 1: Strategic Management Process
Question: Explain the strategic management process and its importance in achieving
organizational goals.
Answer: The strategic management process involves four key steps: environmental scanning,
strategy formulation, strategy implementation, and evaluation and control.
1. Environmental Scanning: This involves analyzing internal and external environments
to identify strengths, weaknesses, opportunities, and threats (SWOT analysis). It helps in
understanding the market dynamics and organizational capabilities.
2. Strategy Formulation: Based on the analysis, strategies are developed to achieve
organizational objectives. This includes setting long-term goals, identifying competitive
advantages, and choosing the best strategic options.
3. Strategy Implementation: This step involves putting the formulated strategy into action
by allocating resources, establishing structures, and ensuring that employees
understand their roles in executing the strategy.
4. Evaluation and Control: This is the process of monitoring the outcomes of the strategy
implementation. It includes comparing actual performance with expected results and
making necessary adjustments to stay on track.
Importance: The strategic management process is crucial as it provides a framework for
aligning resources and actions with the organization's vision and goals. It ensures that the
organization can adapt to changes, stay competitive, and achieve long-term success.
2: Porter's Five Forces
Question: Discuss Michael Porter's Five Forces model and how it can be used to analyze the
competitive environment of an industry.
[COMPLETE ANSWERS] 2024
SEMESTER 2
Question 1: Strategic Management Process
Question: Explain the strategic management process and its importance in achieving
organizational goals.
Answer: The strategic management process involves four key steps: environmental scanning,
strategy formulation, strategy implementation, and evaluation and control.
1. Environmental Scanning: This involves analyzing internal and external environments
to identify strengths, weaknesses, opportunities, and threats (SWOT analysis). It helps in
understanding the market dynamics and organizational capabilities.
2. Strategy Formulation: Based on the analysis, strategies are developed to achieve
organizational objectives. This includes setting long-term goals, identifying competitive
advantages, and choosing the best strategic options.
3. Strategy Implementation: This step involves putting the formulated strategy into action
by allocating resources, establishing structures, and ensuring that employees
understand their roles in executing the strategy.
4. Evaluation and Control: This is the process of monitoring the outcomes of the strategy
implementation. It includes comparing actual performance with expected results and
making necessary adjustments to stay on track.
Importance: The strategic management process is crucial as it provides a framework for
aligning resources and actions with the organization's vision and goals. It ensures that the
organization can adapt to changes, stay competitive, and achieve long-term success.
2: Porter's Five Forces
Question: Discuss Michael Porter's Five Forces model and how it can be used to analyze the
competitive environment of an industry.
