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business
essentials of strategic management

Questions and Answers of Essentials Of Strategic Management

● Define leadership and explain how it differs from management
● Discuss the role of leaders in creating a learning organization
● Explain the importance of emotional intelligence on effective leadership
● Identify the benefits and dangers of narcissistic leaders
● Discuss the role of leaders in relation to values and culture
● Evaluate the leadership skills necessary for strategic change
1. Under what conditions might a narcissistic leader be good for company performance?
● Explain the use of SWOT analysis
2. What are the value-chain activities for the Spanish retailer Zara. How is Zara able to manage successfully the linkages in its value chain system?
● Explain the role of capabilities in achieving competitive advantage
● Explain how an understanding of its value chain helps an organization assess its capabilities
● Evaluate the VRIO framework as a means of achieving sustainable competitive advantage
● Evaluate dynamic capabilities as a means of dealing with the limitations of the resource-based view
1. Evaluate the key differences between Porter’s five forces framework and the resource-based view of competition.
2. What do you believe is the contribution of dynamic capabilities to strategic management?
1. The pursuit of dynamic capabilities requires a unique organizational culture. Discuss.
1. It is not value chain analysis per se which is important for competitive advantage, but an understanding of the linkages in the value chain system. Discuss.
3. Why does an organization’s choice of performance measures depend on whom it seeks to serve? Discuss with reference to shareholders and stakeholders.
4. Use strategic groups to analyse the newspaper industry, paying particular attention to what mobility barriers exist, and the trends that are changing this industry.
● Discuss the determinants of an organization’s performance
● Understand the activities which comprise an organization’s value chain and identify their role in adding value
● Explain how linkages in the value chain can create competitive advantage
● Undertake a SWOT analysis and discuss its limitations
● Evaluate the ways in which the performance of an organization can be measured
● Identify the benefits which derive from benchmarking
1. Even when they have similar resources, why do some organizations perform better than other organizations when competing in the same industry?
2. What factors should an organization consider when it decides to outsource activities within its value chain?
3. Identify the capabilities that reside within India’s Tata Group. Evaluate the extent to which these provide the group with competitive advantage.
● Discuss the role of business strategy
3. Explain why both Theory E and Theory O are important for organizational change.
3. If markets are hypercompetitive, this makes the use of business strategies redundant. Discuss.
4. Identify the many incarnations Apple’s suite of iProducts has gone through and state the extent to which each incarnation is competence enhancing or competence destroying. How successful have
1. Comment on Porter’s assertion that an organization trying to pursue more than one generic strategy will end up stuck in the middle.
2. Explain how an understanding of disruptive technologies may help an incumbent firm avoid the loss of market share.
● Identify different growth strategies
● Evaluate Michael Porter’s generic strategies
● Discuss differential firm performance from a resource-based view
● Assess strategy formulation for turbulent markets and disruptive innovation
● Discuss a resource-based approach to strategy formulation
● Identify and explain blue ocean strategy
• Understand the benefits of strategic management
• Explain how globalization and environmental sustainability influence strategic managemen
• Understand the basic model of strategic management and its components
• Identify some common triggering events that act as stimuli for strategic change
• Understand strategic decision-making modes
• Use the strategic audit as a method of analyzing corporate functions and activities
1-3. Why has strategic management become so important to today’s corporations?
1-4. What is the impact of sustainability on business practice?
1-6. What is a triggering event? List a few triggering events that stimulate strategic changes.
1-7. When is the planning mode of strategic decision making superior to the entrepreneurial and adaptive modes?
• Describe the role and responsibilities of the board of directors in corporate governance
• Understand how the composition of a board can affect its operation
• Describe the impact of the Sarbanes–Oxley Act on corporate governance in the United States
• Discuss trends in corporate governance
• Explain how executive leadership is an important part of strategic management
2-1. What are the roles and responsibilities of an effective and active Board of Directors?
2-2. What are the issues that suggest the need for oversight of a particular company’s management team?
2-3. Explain the role of executive leadership in building the strategic vision in corporations.
2-4. Who should and should not serve on a board of directors?What about environmentalists or union leaders?
2-5. Should a CEO be allowed to serve on another company’s board of directors? Why or why not?
2-7. Should all CEOs be transformational leaders? Would you like to work for a transformational leader?
• Compare and contrast Friedman’s traditional view with Carroll’s contemporary view of social responsibility
• Understand the relationship between social responsibility and corporate performance
• Conduct a stakeholder analysis
• Explain why people may act unethically
• Describe different views of ethics according to the utilitarian, individual rights, and justice approaches
3-1. How has moral relativism led to criminal activities by some employees in companies?
3-3. What is hypercompetition? Is the outcome positive for corporations in the IT industry?
3-6. What is stakeholder analysis? Explain the steps taken to achieve the identification and evaluation.
3-7. Given that people rarely use a company’s code of ethics to guide their decision making, what good are the codes?
• Recognize aspects of an organization’s environment that can influence its longterm decisions
• Identify the aspects of an organization’s environment that are most strategically important
• Conduct an industry analysis to understand the competitive forces that influence the intensity of rivalry within an industry
• Understand how industry maturity affects industry competitive forces
• Categorize international industries based on their pressures for coordination and local responsiveness
• Construct strategic group maps to assess the competitive positions of firms in an industry
• Identify key success factors and develop an industry matrix
• Use publicly available information to conduct competitive intelligence
• Know how to develop an industry scenario
• Be able to construct an EFAS Table that summarizes external environmental factors
4-1. How does STEEP analysis aid in the development of the strategy of a company?
4-2. The effects of climate change on companies can be grouped into six categories of risks. Use any two of these to explain the impact upon the resort hotel industry?
4-4. How do corporations analyze the societal environment?Is STEEP Analysis an appropriate tool?
4-5. Clarify the difference in fragmented and consolidated industry.
4-6. How can a decision maker identify strategic factors in a corporation’s external international environment?
4-7. Compare and contrast trend extrapolation with the writing of scenarios as forecasting techniques.
1. How far should banks go to gather competitive intelligence?
2. Where should the line be drawn?
• Apply the resource-based view of the firm to determine core and distinctive competencies
• Use the VRIO framework and the value chain to assess an organization’s competitive advantage and how it can be sustained
• Understand a company’s business model and how it could be imitated
• Assess a company’s corporate culture and how it might affect a proposed strategy
• Scan functional resources to determine their fit with a firm’s strategy
• Construct an IFAS Table that summarizes internal factors
5-1. How does the Resource-Based View of the Firm provide a superior means of evaluating a company’s competitive advantage?
5-2. Explain how using an IFAS table impacts the understanding of a company’s internal resources and capabilities?
5-3. How does the resource-based view of firms help in determining the sustainability of a competitive advantage?
5-4. How does VRIO framework analysis help in evaluating a company’s competencies?
5-5. In what ways can a corporation’s structure and culture be internal strengths or weaknesses?
5-6. What are the pros and cons of management’s using the experience curve to determine strategy?

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