Strategic Case Study Exam Preparation
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Questions and Answers

What is the primary purpose of a strategy, according to Drucker's definition?

  • To adapt to environmental changes in the short term
  • To achieve an objective in the long term (correct)
  • To configure resources and competencies
  • To minimize the wealth of its shareholders
  • What is the main objective of an entity according to Johnson, Scholes and Whittington?

  • Achieve short-term profitability
  • Optimise resource allocation
  • Fulfil stakeholder expectations (correct)
  • Maximise shareholder value
  • What is a key characteristic of strategy, according to Johnson, Scholes, and Whittington?

  • It involves doing the same things with the same resources over time
  • It only considers shareholder expectations
  • It is a short-term plan
  • It achieves advantage in a changing environment (correct)
  • What is competitive advantage, according to the text?

    <p>Doing something better than competitors</p> Signup and view all the answers

    What is one of the key aspects of strategic decisions according to Johnson, Scholes and Whittington?

    <p>Deciding the scope of the entity's activities</p> Signup and view all the answers

    What is the time frame for formal strategic planning in large companies?

    <p>Five to ten years or more</p> Signup and view all the answers

    What is a key characteristic of strategic management?

    <p>Creates a framework for achieving long-term success</p> Signup and view all the answers

    What should an enterprise use to achieve a competitive advantage?

    <p>Its resources and skills and abilities</p> Signup and view all the answers

    What is the primary focus of strategic planning?

    <p>Formulating the long-term direction for an organisation</p> Signup and view all the answers

    What does strategic management provide for an organisation?

    <p>A high-level framework for more detailed decision-making</p> Signup and view all the answers

    What is often assumed to be the main objective of a company?

    <p>To maximize the wealth of its shareholders</p> Signup and view all the answers

    What is a key influence on the strategic choices an enterprise makes?

    <p>The environment in which the enterprise exists</p> Signup and view all the answers

    What is a key difference between strategic management and strategic planning?

    <p>Strategic management sets the direction, while strategic planning prepares a plan</p> Signup and view all the answers

    What is the nature of strategies, according to the text?

    <p>Flexible and adaptive</p> Signup and view all the answers

    Why is strategic management important for an organisation?

    <p>It creates a framework for achieving long-term success</p> Signup and view all the answers

    What is involved in ensuring the entity has 'resource capability'?

    <p>Having enough employees with the right skills, access to sufficient supplies, equipment, and suitable IT systems</p> Signup and view all the answers

    What is the primary purpose of reading a good quality newspaper or its website on a regular basis?

    <p>To prepare for the Strategic Case Study exam</p> Signup and view all the answers

    What is the advance material provided prior to the case study exam commonly known as?

    <p>The Pre-Seen</p> Signup and view all the answers

    What should you try to understand about the industry related to the case study?

    <p>The challenges it faces and its growth prospects</p> Signup and view all the answers

    Why is it useful to research real-life situations in the industry related to the case study?

    <p>To come up with ideas that you can draw on when answering questions in the exam</p> Signup and view all the answers

    What information should you try to gather about the organization itself?

    <p>Its size, structure, and growth prospects</p> Signup and view all the answers

    How can the culture of a family business be affected?

    <p>By the culture being well rooted and difficult to change</p> Signup and view all the answers

    What is important to understand about the stakeholders in the organization?

    <p>Their relationship to the company and where their interests lie</p> Signup and view all the answers

    Why is it important to understand how the organization is governed?

    <p>To identify potential problems that may arise</p> Signup and view all the answers

    What is the primary goal of corporate strategy in a commercial company?

    <p>To maximize the shareholders' wealth</p> Signup and view all the answers

    What is the term for any individual or group of individuals who have a strong interest in the organization and what it does?

    <p>Stakeholder</p> Signup and view all the answers

    What is the primary goal of corporate strategy in a state-owned organization?

    <p>To achieve the goals set by the government</p> Signup and view all the answers

    What is a key aspect of corporate strategy?

    <p>Matching the purpose and activities of the organization to the expectations of its owners and other stakeholders</p> Signup and view all the answers

    Who are the owners of a state-owned organization?

    <p>The government</p> Signup and view all the answers

    What is a possible objective for corporate strategy in a commercial company?

    <p>To raise the share price by x% over the next five or ten years</p> Signup and view all the answers

    What is an important consideration in corporate strategy?

    <p>Matching the chosen business activities to the external environment of the entity</p> Signup and view all the answers

    What is the term for deciding what businesses the entity should be in?

    <p>Deciding the scope of activities</p> Signup and view all the answers

    What is the primary purpose of a stakeholder map?

    <p>To obtain an appreciation of the main stakeholder groups and their influence</p> Signup and view all the answers

    What is the purpose of the stakeholder position/importance matrix?

    <p>To compare the position of stakeholders on a particular issue and their relative importance</p> Signup and view all the answers

    What should be the main concern in the stakeholder position/importance matrix?

    <p>To deal with stakeholders who are strongly opposed to proposed plans</p> Signup and view all the answers

    What should be done to address the concerns of stakeholders who are strongly opposed to proposed plans?

    <p>Find a compromise solution</p> Signup and view all the answers

    What should management also try to do with stakeholders who are problematic?

    <p>Try to win their support</p> Signup and view all the answers

    What is the stakeholder power/interest matrix also known as?

    <p>Mendelow Matrix</p> Signup and view all the answers

    How many different stakeholder maps are there?

    <p>A number of different stakeholder maps</p> Signup and view all the answers

    What is the purpose of stakeholder mapping in relation to the entity's strategies?

    <p>To assist the directors in appreciating the main stakeholder groups and their influence</p> Signup and view all the answers

    Study Notes

    The Strategic Case Study Exam

    • The Pre-Seen material is advance case study material provided before the exam, which should be thoroughly understood and researched.
    • Researching real-life situations in the industry can help come up with ideas for answering exam questions.
    • Understanding the industry, organization, and stakeholders is crucial for the exam.

    Definition of Strategy

    • Drucker defined strategy as a pattern of activities that seeks to achieve the organization's objectives and adapt to environmental changes in the long term.
    • Strategy involves organized activities, achieving objectives, and adapting to environmental changes.
    • Johnson, Scholes, and Whittington defined strategy as the direction and scope of an organization over the long term, achieving advantage in a changing environment through resource configuration and competencies to fulfill stakeholder expectations.

    Strategic Management

    • Strategic management is concerned with identifying, selecting, and implementing strategies to achieve an organization's long-term goals and objectives.
    • It sets the direction for an organization and focuses on achieving long-term success, rather than short-term profitability.
    • Strategic management is not the same as strategic planning, long-term planning, and corporate planning.

    Strategic Planning

    • Strategic planning is a process of formulating an organization's long-term direction and preparing a plan to achieve strategic targets.
    • It involves deciding the scope of activities, matching business activities to the external environment and resources, and meeting stakeholder expectations.

    Levels of Strategy - Corporate Strategy

    • Corporate strategy is influenced by the expectations of owners and stakeholders.
    • Owners' expectations may include maximizing shareholder wealth or providing investment income.
    • Stakeholders' expectations may include social, environmental, or community-related concerns.
    • Stakeholder mapping is a tool used to identify and prioritize stakeholders, including their position, importance, power, and interest.

    Stakeholder Mapping

    • Stakeholder mapping involves identifying and analyzing stakeholders, their expectations, and their influence on the organization.
    • Two common matrices used for stakeholder mapping are the stakeholder position/importance matrix and the stakeholder power/interest matrix (Mendelow Matrix).
    • Stakeholder mapping helps organizations understand who their main stakeholders are, what their interests are, and how to prioritize their engagement.

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    Learn how to prepare for the Strategic Case Study exam by staying up-to-date with business news and fully understanding the advance case study material.

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