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Chapter: Business Science - Strategic Management - Competitive Advantage

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Important Short Questions and Answers: Competitive Advantage - Strategic Management

Business Science - Strategic Management - Competitive Advantage - Important Short Questions and Answers: Competitive Advantage - Strategic Management

COMPETITIVE ADVANTAGE

 

1. What is strategic Business unit?

 

Strategic business units are divisions or group of divisions composed of independent product-market segments that are given primary responsibility and authority for the management of their own function areas. An SBU may be of any size or level but it must have a unique mission, identifiable comfitures, an external market fours and control of its business functions. The idea is to decentralize on the basis of strategy elements.

 

2. Define Tactics.

 

A tactic is a specific operating plan defiling how a strategy is to be Implemented in firms of when and where it is to he put in to action. By nature tactics are narrower. In their scope and shorter in their time horizon than strategies. It is a link between the formulation and implementation of state.

 

3. What do you mean by hypercompetitive?

 

Hyper competition is a business situation in which the frequency, boldness, and aggressiveness of dynamic movement by the players accelerate to create a condition of constant disequilibrium and change market sterility is threatened by short product life cycle new ethnologic frequent entry by unexpected outsiders and repositioning by incumbents in other words environment escalates towards higher and bigger revels of uncertainty dynamism heterogeneity of the players and hosts lily.

 

4. What is task Environment?

 

Task environment includes those elements that directly affect the corporation and in turn are affected by it. A corporation‘s task environment can be thought of the industry with in which it operates. This task environment includes government local communities suppliers competitors employees labour unions special interest groups and trade associations.

 

5. What is industry Analysis?

 

Industry analysis refers to the in depth examination of key factors with in a corporation task environment. Both the societal and task environment must he monitored so that strategic factors that have a strong impact on the corporate success or failure can be defected.

 

6. Define strategic Alliance?

 

Strategic Alliance are co-operative agreements between different companies that are actual or potential competitors companies enter in to strategic alliance may be a way of facilitating entry in to a market. Second many companies enter in to strategic alliances to share the fixed costs and associated risk that arise from the development of new products or processes many alliances can be seen as a way of bringing together complementary skills and assets that cannot be easily developed by the company on its own

 

7. What is environment scanning?

 

Environment scanning is the monitoring evaluating and disseminating of information from the external and internal environments to key people within the corporation. The external environment consists of variables that one outside the organization these are the opportunities and threats. The infernal environment consists of variables that are within the organization itself. These are the strengths and weaknesses of organization. 8. Write the name of factors in task environment?

 

o       Shareholders

 

o       Suppliers

 

o       Government

 

o       Special interest group

 

o       Employees/ Labour unions

 

o       Competitors

 

o       Creditors

 

o       Trade associations

o       Communities

 

9. What is societal Environment?

 

Societal environment includes the general forces that do not directly touch on the short run activities of the organization but that can influence its long-run decisions. This includes economic forces, technological forces, political legal forces and socio cultural forces Economic forces regulate the exchange of materials. Money, energy and information Technological forces generate problem solving Inventions political legal forces allocate power and provide constraining and protecting laws and regulations. Socio cultural forces regulate the values mores and wisdoms of society.

 

10. What do you mean by strategy implementation?

 

Strategy implementation is the process by which strategies and policies one put in to action through he developed of programs budgets and procedures. This process might involve changes within the overall with the structure or management system of the entire organization or with in all of these areas.

 

11. What is an Entrepreneurial venture?

 

Entrepreneurial venture is any business whose primary goals profitability and growth and that can be characterized by innovative strategic practices. The basic different between the small business from and the entrepreneurial venture not in the type of goods or services provided but in their fundamental views on growth and innovation. The key element of Entrepreneurial venture is a basic business idea that has not yet been successfully tried and a gutsy entrepreneur who while working on borrowed capital and a shoestring budget creates a new business through a lot of trick and error and persistent hard work.

 

12. What do you mean by small business from?

 

Small business from is one that employs fewer than 500 people and that generate sales of 20 million actually small business from is independently owned and operated not dominate in its field and does not concentrate in innovative practices.

 

13. Who is an Entrepreneur?

 

Entrepreneur is defined a person who organizes and manages a business undertaking and who assumes risk for the sake if profit. He is the ultimate strategist and makes all the strategic as well as the operational decisions. Al the three levels of strategy-corporate, business and functional are the concerns of this founder and manager of a company.

14. What is Strategic piggybacking?

 

Strategic piggybacking refers to the development of a new activity for the not-for-profit organization that would generate funds needed to make up the difference between revenues and expenses. Its purpose is to help subsidize the primary service programs. It appears to be a form of concentric diversification but it is engaged in only for its money generating value

 

15. What is balanced score card?

 

The balance score card is a self of measures are directly half are directly linked the company‘s strategy allows managers to evaluate the company from four perspectives financial performance anisomery knowledge internal business processes learning growth.

 

16. Define Reengineering?

 

Reengineering is the fundamental re-thinking and radical redesign of business processes to achieve dramatic improvements in critical, contemporary measures of performance such as quality, cost service and sped. The aim of reengineering is to improve the corporate performance.

 

17. What is re-Structuring?

 

Restructuring means streamlining the hierarchy of authority and reducing the number of levels in their hierarchy to a minimum and then downsizing the workforce by reducing the number of employees to reduce operating cost. The aim of restructuring is to improve the corporate performance.

 

18. What is corporate Culture?

 

Corporate culture is the corporation of belief. Expectations and values learned and shared by a corporate is members and transmitted from one generation of employees to another. The tern corporate culture generally reflects the values of the founder and the mission of the form at givens a company a sense of identity. Corporate culture has two distinct attributes, intensity and integration.

 

 

19. What is strategic Leadership?

 

Strategic leadership refers to a manager‘s ability to articulates a strategic vision for the company and motivate others to me into that vision.

 

The few characteristics of good strategic leaders are

 

                     Vision, eloquence and consistency

 

                     Commitment

 

                     Being cell informed

 

                     Willingness to delegate and empower

 

                     Astute use of power and

 

                     Emotional intelligence

 

20. What is Entrepreneurship?

 

When internal new venturing place in an organizational the corporate managers must that the internal new vesturing process as a form of Entrepreneurship and the people who are leading the new ventures as entrepreneurs. That organizational structure control and culture must be designed to encourage creativity and give new-venture managers autonomy and freedom to develop and champion new products. This is called entrepreneurship.

 

 

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