MS UNIT-4

1)Define Goals? 4M
A)
Goal:
 Goal is defined as an objective, condition or something you desire to achieve or attain at any given period.
 Goals are outcome statements that define what an organization is trying to accomplish, both
programmatically and organizationally.
 Goals are usually a collection of related programs, a reflection of major actions of the organization, and
provide rallying points for managers.
 For example, Wal-Mart might state a financial goal of growing its revenues 20% per year or have a goal of growing
the international parts of its empire. Try to think of each goal as a large umbrella with several spokes coming out from
the center. The umbrella itself is a goal.

Types of Goals

 Individual goals
These are established by an individual for himself. These are based on his own values. He puts in efforts for their
achievement and receives satisfaction to himself, for example scoring 70% marks in the examination.
 Group goals
These are established by the group. These are based on the some of the common values and interests of the group
members, for example, achievement of 100% result of the class at the S.S.L.C. examination.
 Short term goals
In short term goal, the period of attainment of goal is short. Example is to successfully complete the course of study.
Since the achievement is anticipated in the near future, these goals usually involve a time period of six months or less.
 Intermediate goals
These are nothing but the link connecting between short term and long term goals. They have definite characteristics
and serve a purpose in your life time achievement. The time duration involved in intermediate goals is longer than
short term goals. Achievement of these goals is measured in terms of several months or years. For example, to
complete your graduation you will require few years.
 Long term goals
The duration in achieving this goal is long. Classification differs from the other two, in regard to the time period, the
degree of specificity and the extent of active implementation involved in attainment. Long term goals are those you
have set for yourself in the distant future. For example, having own house or getting a job in interested field etc...

2)Elaborate Objectives? 4M
A)
Objectives refer to the specific goals or targets that an organization or individual seeks to achieve through the
application of analytical and quantitative methods. These objectives guide decision-making and strategy
formulation in complex business environments.
1. Maximization of Profit or Value: Businesses often seek to maximize profits by optimizing their resources,
operations, and investments. Management science applies mathematical modeling to find the best course of action
that leads to higher profitability. This could involve cost minimization, efficient resource allocation, or finding the
most profitable pricing strategies.
2. Minimization of Costs: Many businesses focus on reducing their costs through lean operations, minimizing
waste, and improving supply chain efficiencies. Management science uses linear programming, simulation, and
other quantitative methods to identify how to achieve cost savings without sacrificing product or service quality.
3. Optimization of Resources: Companies aim to use their resources effectively. Management science helps
optimize resource utilization by analyzing constraints, availability, and demand through techniques like resource
allocation models, scheduling, and inventory control systems.
 MS UNIT-4
4. Maximization of Productivity: Productivity is crucial for maintaining competitiveness. Management science
applies techniques such as process analysis, workflow optimization, and systems engineering to streamline
operations, minimize bottlenecks, and enhance efficiency.
5. Risk Minimization: Businesses face various risks like financial uncertainty, supply chain disruptions, or market
volatility. Management science uses models such as decision trees, Monte Carlo simulations, and sensitivity
analysis to quantify and minimize risks, helping managers make more informed decisions.
6. Maximization of Customer Satisfaction:Companies focus on delivering value to customers to retain loyalty
and gain competitive advantage. Management science helps by using customer satisfaction models, service
optimization techniques, and demand forecasting to align operations with customer expectations.

3)Define vision and mission? 4M

A)
Vision:
 A vision statement describes what a company desires to achieve in the long-run, generally in a time frame of
five to ten years, or sometimes even longer. It represents a vision of what the company will look like in the
future and sets a defined direction for the planning and execution of corporate level strategies.
Key Elements of a Good Vision Statement
While companies should not be too ambitious in defining their long-term goals, it is critical to set a bigger and
further target in a vision statement that communicates a company’s aspirations and motivates the audience. Below
are the main elements of an effective vision statement:
 Forward-looking
 Motivating and inspirational
 Reflective of a company’s culture and core values
 Aimed at bringing benefits and improvements to the organization in the future
 Defines a company’s reason for existence and where it is heading
Mission:
A mission statement is a precise statement that defines what a company does and what purpose it serves. It is
generally a short, 1-2 sentence statement that may incorporate the company’ corporate strategy and long-term
vision.
Importance of mission statement:
The combination of a mission, vision, and values helps provide context about business and defines things that
matter to the company. These serve a business in two important ways:
 Guiding the management team in defining & implementing strategies that reinforce the company’s identity
and achieve its goals.
 Helping key stakeholders such as customers, investors, media, and employees to understand what the
business does, what it is striving to achieve, why it exists, and the manner in which the company works.

4)Discuss the key elements of effective Strategic Management? 4M

A)
1. Information:
The first step towards creating a foolproof corporate plan is collecting information, regardless of whether the data
paints a good or bad picture of the company’s current status. Moreover, similar information about competitors gives
an even better view of the areas that can be improved to gain a more significant market share.
2. Objectives and Strategies:
Objectives refer to the overall outcome of the plan. On the other hand, strategies are specific steps taken to reach
organizational goals. For example, objectives could be an increase in sales by 25% or responding to customer
support issues within 2 hours. Making a product the market leader by the end of the financial year through
influencer and social media marketing could be an example of a strategy.
3. Devising a plan of action:
Once the objectives and goals are devised, the company must articulate a step-by-step plan that helps its employees
gain significant insights into the plan’s intricacies. This part of the process could be fulfilled by employee training,
a new approach to production, or a change in marketing strategy.
 MS UNIT-4
4.Implementation:
The action is taken toward the objectives and goals of the pillars of the organization’s growth story. Irrespective of
how well-planned a strategy is, it will deliver average results unless implemented or executed to perfection. The
implementation comes in different forms depending on the specifics of the plan.
5. Monitoring
Once the implementation process is underway, the corporate planning manager monitors the progress or decline in
following the procedure. Since the plan is not a one-time action, it must be supervised and monitored regularly.
6. Evaluation
After a certain period, the manager can check for differences after implementing the corporate planning strategy.
The check will provide the management insights into the progress, decline, or stagnancy toward organizational
goals.

5)What is Corporate Planning process? 7M

A)
Elements of corporate planning process:
Corporate planning process: Corporate planning is the process through which the organizations’ goals are set with
a clearly defined plan to achieve them. Then, it allows them to find opportunities and methods that facilitate the
efficiency of the whole process.
Elements:
As a corporate planning manager, it is essential to look at the developmental aspects of the company from an
outsider. - say, a competitor or customer. This helps in drawing a plan that considers a lot more data points. A
successful corporate plan has the six elements mentioned below:
1. Information: The first step towards creating a foolproof corporate plan is collecting information, regardless of
whether the data paints a good or bad picture of the company’s current status. Moreover, similar information about
competitors gives an even better view of the areas that can be improved to gain a more significant market share.
2. Objectives and Strategies: Objectives refer to the overall outcome of the plan. On the other hand, strategies are
specific steps taken to reach organizational goals. For example, objectives could be an increase in sales by 25% or
responding to customer support issues within 2 hours. Making a product the market leader by the end of the
financial year through influencer and social media marketing could be an example of a strategy.
3. Devising a plan of action: Once the objectives and goals are devised, the company must articulate a step-by-step
plan that helps its employees gain significant insights into the plan’s intricacies. This part of the process could be
fulfilled by employee training, a new approach to production, or a change in marketing strategy.
4.Implementation: The action is taken toward the objectives and goals of the pillars of the organization’s growth
story. Irrespective of how well-planned a strategy is, it will deliver average results unless implemented or executed
to perfection. The implementation comes in different forms depending on the specifics of the plan.

5. Monitoring: Once the implementation process is underway, the corporate planning manager monitors the
progress or decline in following the procedure. Since the plan is not a one-time action, it must be supervised and
monitored regularly.
6. Evaluation: After a certain period, the manager can check for differences after implementing the corporate
planning strategy. The check will provide the management insights into the progress, decline, or stagnancy toward
organizational goals.
 MS UNIT-4
6)Explain about Environmental Scanning Process? 7M
A)
Environmental scanning:
It is the process of gathering information about events and their relationships within an organization's internal and
external environments. The basic purpose of environmental scanning is to help management determine the future
direction of the organization.

Environmental analysis
It is a strategic technique used to identify all internal and external factors that could affect a company’s success.
Internal components reveal the strengths and shortcomings of a company, while external components represent the
opportunities and risks. This exists outside of the company.
Environmental Diagnosis
It consists in a systematic identification of all environmental factors related with the activities of a given
organization. The main goal is to verify the environmental performance of the organization.
External environmental analysis or evaluation is a process through which strategic planner (entrepreneur)
evaluates economic, social, official, supply, technological and market conditions to determine the opportunities and
challenges for their enterprise and according to which he adjusts his strategy and objectives.

These factors can be grouped under three parts of the environment.

1) General environment
2) Industry environment
 MS UNIT-4
3) International environment
General environment:
The general environment is composed of dimensions in the broader society that influence an industry and the firms
within it. We group these dimensions into six segments: political, economic, social, technical or technological,
environmental, and legal.
Industry environment:
The general conditions for the competition that influence all businesses that provides similar products and services.
 The businesses should take the changes in the industry environment into consideration while
marketing their products.
International environment:
The international business environment refers to a kind of ecosystem where a business trades goods/services in a
global market. It plays a critical role in shaping the country's economy and includes various aspects such as cultural
differences, political affairs, taxation, and legal issues.

7)Explain the elements of corporate planning process? 7M

A)
Elements of corporate planning process:
Corporate planning process: Corporate planning is the process through which the organizations’ goals are set with
a clearly defined plan to achieve them. Then, it allows them to find opportunities and methods that facilitate the
efficiency of the whole process.
Elements:
As a corporate planning manager, it is essential to look at the developmental aspects of the company from an
outsider. - say, a competitor or customer. This helps in drawing a plan that considers a lot more data points. A
successful corporate plan has the six elements mentioned below:
1. Information: The first step towards creating a foolproof corporate plan is collecting information, regardless of
whether the data paints a good or bad picture of the company’s current status. Moreover, similar information about
competitors gives an even better view of the areas that can be improved to gain a more significant market share.
2. Objectives and Strategies: Objectives refer to the overall outcome of the plan. On the other hand, strategies are
specific steps taken to reach organizational goals. For example, objectives could be an increase in sales by 25% or
responding to customer support issues within 2 hours. Making a product the market leader by the end of the
financial year through influencer and social media marketing could be an example of a strategy.
3. Devising a plan of action: Once the objectives and goals are devised, the company must articulate a step-by-step
plan that helps its employees gain significant insights into the plan’s intricacies. This part of the process could be
fulfilled by employee training, a new approach to production, or a change in marketing strategy.
4.Implementation: The action is taken toward the objectives and goals of the pillars of the organization’s growth
story. Irrespective of how well-planned a strategy is, it will deliver average results unless implemented or executed
to perfection. The implementation comes in different forms depending on the specifics of the plan.
 MS UNIT-4
5. Monitoring: Once the implementation process is underway, the corporate planning manager monitors the
progress or decline in following the procedure. Since the plan is not a one-time action, it must be supervised and
monitored regularly.
6. Evaluation: After a certain period, the manager can check for differences after implementing the corporate
planning strategy. The check will provide the management insights into the progress, decline, or stagnancy toward
organizational goals.

8)Explain how setting of Goals important to an organization? 7M

A)
Setting goals is critical to an organization’s success because goals provide direction, focus, motivation, and a
framework for decision-making. They define the organization’s aspirations and establish a roadmap for achieving
them.
1. Clear Direction and Purpose: Goals give an organization a clear sense of direction. They answer the question
of where the organization is heading and what it wants to achieve. By having specific, measurable goals, companies
can focus their efforts on the most important areas, ensuring that all activities align with long-term objectives.
Without clear goals, an organization may lose focus, wasting time and resources on non-priorities.
2. Motivation and Engagement: Well-defined goals inspire and motivate employees by giving them something
concrete to work towards. When employees understand how their individual roles contribute to the organization’s
goals, they are more likely to feel engaged and committed. Setting challenging but attainable goals can also
increase motivation, as individuals and teams feel a sense of achievement when they reach important milestones.
3. Measurement of Progress: Goals provide a basis for measuring progress and performance. They set benchmarks
that allow the organization to track whether it is moving in the right direction or falling short. This progress
monitoring helps management make informed decisions about whether to continue with the current strategies or
make necessary adjustments. Goals also allow for performance evaluation, both at the individual and organizational
levels, ensuring accountability.
4. Better Decision-Making: Goals act as a guide for decision-making. They help prioritize actions, projects, and
resource allocation based on their alignment with the organization’s objectives. When faced with multiple options
or strategies, having clear goals helps managers choose the path that best supports the overall mission. This
prevents the organization from becoming scattered and ensures that all efforts contribute meaningfully to its long-
term vision.
5. Alignment and Coordination: Setting goals promotes alignment within the organization. When everyone, from
top management to individual employees, understands the organizational goals, it becomes easier to coordinate
efforts and collaborate effectively. Goals ensure that all departments, teams, and individuals are working towards
the same targets, preventing conflicting priorities or duplication of efforts.
6. Long-Term Vision: Goals help organizations stay focused on their long-term vision. By breaking down broad,
long-term objectives into smaller, actionable goals, organizations can ensure that their daily activities and short-
term achievements contribute to larger aspirations. This provides a sense of continuity and helps companies remain
adaptable while still pursuing their strategic vision.
7. Adaptability and Resilience: Setting goals enables an organization to be more adaptable and resilient in the face
of change. By regularly reviewing goals and adjusting them based on new information or market conditions,
organizations can remain flexible and respond to challenges more effectively. Goals also help businesses pivot their
strategies while still maintaining a clear sense of purpose.
 MS UNIT-4
8. Enhanced Accountability: Goals establish clear expectations for performance, which in turn fosters
accountability. When individuals and teams know what is expected of them, they can take ownership of their
responsibilities. This also provides management with the ability to hold people accountable for their performance,
helping ensure that everyone contributes to the organization’s success.

9)Discuss about Generic Strategy alternatives? 10M

A)
Generic Strategy:
Generic strategy refers to three alternative methods for a firm to position itself competitively within an
industry: cost leadership, differentiation and focus. The concept of generic strategy is first defined by Michael
Porter in his book Competitive Advantage (1985).
Strategy alternatives evolve and revolve around the question of whether a company must continue or change the
business which it is currently doing or improve the efficiency and effectiveness with which the firm achieves its
corporate objectives in its chosen business sector
According to GLUECK, there are four grand strategic alternatives which are Stability, expansion, retrenchment and
any combination of these three.
1.Stability strategy
It involves incremental improvement in functional performance in terms of customer groups in order to remain
successful in business.
Example: A photocopier machine company provides better after sales service to its existing customer groups to
improve its company and product image and sales of products
2 Expansion strategy
When a company substantially broadens the scope of its customer groups in order to improve its performance either
singly or jointly with another firm
Example
A printing firm changes from the traditional letter press printing to desktop publishing in order to increase its
production and efficiency.
3. Retrenchment strategy
When a company substantially reduces the scope to its customer groups in order to improve its performance either
singly or jointly
Example: A corporate hospital decides to focus only on specialty treatment and realize higher revenues by reducing
its commitment to general cases which are typically less profitable
4 Combination strategy
When a company adopts a mixture of stability, expansion and retrenchment either at the same time in its different
business or at different times in the same business with the aim if improving its performance
Example: A paint company continues to offer decorative paints to provide a wider variety to its customers (stability)
and expands its product range to include industrial and automotive paints (expansion) simultaneously it decides to
close down the division which undertakes large scale painting jobs (retrenchment).

10)What is Strategy? Explain various types of Strategies? 10M

A)
Strategy:
It is an action that managers take to attain one or more of the organization’s goals.
Strategy can also be defined as “A general direction set for the company and its various components to achieve a
desired state in the future. Strategy results from the detailed strategic planning process”.
Types:
Corporate Strategy
 MS UNIT-4
 Corporate strategy is a vital component of a company’s success, encompassing high-level plans and
initiatives that determine the overall direction and scope of the organization.
 These strategies are designed to manage multiple business units, allocate resources, identify growth
opportunities, and optimize organizational efforts from the C-suite level down to new hires.
 One example of a popular corporate strategy is vertical integration, which involves expanding a
company’s operations into upstream or downstream businesses related to its core operations. This
approach can create cost efficiencies, secure supply chains, and enhance the overall value proposition.
 Corporate-level strategies are concerned with the organization’s long-term health and success as a whole,
ensuring that the company remains competitive and sustainable in the long run.
Business Strategy
 Business strategy refers to an organization’s set of action plans to gain a competitive edge in a particular
industry or market to drive growth, boost sales, and attract more customers.
 It is a subset of organizational strategy primarily concerned with a company’s broader, long-term
direction. Business strategy, on the other hand, focuses on leveraging competitive advantages to capture a
larger market share, streamline operations, reduce expenses, and generate other beneficial outcomes.
 Every business strategy has four key aspects: the objective, the vision, resource allocation, and evaluation.
The objective outlines the overarching goal of your business strategy, and the competitive analysis seeks
to discover strengths, weaknesses, opportunities, or threats that can be capitalized on to bring your
organization closer to its long-term objectives.
 Resource allocation is the stage where you outline how you’ll deploy business units and allocate resources
to bring the plan created in the previous stage to fruition. Finally, the evaluation stage involves creating a
framework for testing and evaluating your business strategy.
 Another aspect of business strategy is determining how a company will compete with rivals regarding the
goods or services offered, the target market, pricing, and marketing strategies

Functional Strategy
 Functional-level strategy refers to the actions and decisions taken by specific departments within an
organization to support and contribute to the overall organizational strategy. These departmental strategies
are designed to align with and support the company’s long-term objectives.
 Put simply, functional-level strategies encourage businesses to take advantage of each of their department’s
unique capabilities and resources to drive growth and success.
 For example, implementing a new functional-level strategy may mean your marketing department will shift
its focus toward promoting new or improved products, while the sales department may begin to prioritize
targeting new customer demographics to maximize profits.
 Functional-level strategies may also call for updating your departmental processes, tools, technology, and
structure to support initiatives like entering new markets, enhancing customer service and satisfaction, and
developing new revenue streams.

11)Discuss the SWOT Analysis in detail with examples? 10M

A)
SWOT Analysis:
Meaning:
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate
a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and
external factors, as well as current and future potential.
Definition:
A frame work used to evaluate a company’s competitive position and to develop strategic planning.
Components of SWOT Analysis
 MS UNIT-4
Every SWOT analysis will include the following four categories. Though the elements and discoveries
within these categories will vary from company to company, a SWOT analysis is not complete without each
of these elements:
Strengths:
Strengths describe what an organization excels at and what separates it from the competition: a strong brand,
loyal customer base, a strong balance sheet, unique technology, and so on. For example, a hedge fund may
have developed a proprietary trading strategy that returns market-beating results. It must then decide how to
use those results to attract new investors.
Weaknesses:
Weaknesses stop an organization from performing at its optimum level. They are areas where the business
needs to improve to remain competitive: a weak brand, higher-than-average turnover, high levels of debt, an
inadequate supply chain, or lack of capital.
Opportunities:
Opportunities refer to favorable external factors that could give an organization a competitive advantage.
For example, if a country cuts tariffs, a car manufacturer can export its cars into a new market, increasing
sales and market share.
Threats:
Threats refer to factors that have the potential to harm an organization. For example, a drought is a threat to
a wheat-producing company, as it may destroy or reduce the crop yield. Other common threats include
things like rising costs for materials, increasing competition, tight labor supply and so on.
Steps to do SWOT Analysis:
A SWOT analysis can be broken into several steps with actionable items before and after analyzing the four
components. In general, a SWOT analysis will involve the following steps.
Step 1: Determine Your Objective
A SWOT analysis can be broad, though more value will likely be generated if the analysis is pointed directly
at an objective. For example, the objective of a SWOT analysis may focused only on whether or not to
perform a new product rollout. With an objective in mind, a company will have guidance on what they hope
to achieve at the end of the process. In this example, the SWOT analysis should help determine whether or
not the product should be introduced.
Step 2: Gather Resources
Every SWOT analysis will vary, and a company may need different data sets to support pulling together
different SWOT analysis tables. A company should begin by understanding what information it has access
to, what data limitations it faces, and how reliable its external data sources are.
In addition to data, a company should understand the right combination of personnel to have involved in the
analysis. Some staff may be more connected with external forces, while various staff within
the manufacturing or sales departments may have a better grasp of what is going on internally. Having a
broad set of perspectives is also more likely to yield diverse, value-adding contributions.
Step 3: Compile Ideas
For each of the four components of the SWOT analysis, the group of people assigned to performing the
analysis should begin listing ideas within each category. Examples of questions to ask or consider for each
group are in the table below.
SWOT Table
Strengths Weaknesses
1. What is our competitive 1. Where can we improve?
advantage? 2. What products are
2. What resources do we have? underperforming?
3. What products are performing 3. Where are we lacking resources?
well?

Opportunities Threats
 MS UNIT-4
1. What new technology can we use? 1. What regulations are changing?
2. Can we expand our operations? 2. What are competitors doing?
3. What new segments can we test? 3. How are consumer trends
changing?

12)What are the steps in strategy and Implementation? 10M

A)
There are seven key steps for an organization to achieve success in their strategy formulation and implementation
process.
1. Set Goals
Ensure from the onset that all goals are realistic and attainable within your set timeframe and resource allocation.
Determine whether the goals are companywide or department specific. Then identify any key variables or
obstacles that may arise and develop contingency plans.
2. Determine Roles
Communicate your implementation strategy with your team. This will help you establish what responsibilities
each department will take on and outline your action plan for colleagues and stakeholders.
3. Assign Work
Assign tasks to your team members. Each individual should understand the overarching goal and how their
specific assignment supports it. Deadlines should be clearly communicated to ensure the project stays on task.
4. Execute and Monitor
It’s time to put your strategic plan into action. All team members should have the resources they need to complete
the task at hand. Regularly check in with your team to monitor progress and address any roadblocks that may
arise.
5. Adjust and Revise
This is often the most important step of the process. As issues or challenges arise, shift your approach, and take
corrective action to your process as needed. So long as you share updates with your team and all stakeholders,
staying agile throughout strategic implementation will greatly improve your project outcome.
6. Complete the Job
Continue to check in on your team members to ensure the project is on track and that no additional resources are
needed to achieve the goal. Update all stakeholders with any important details of the job or delays in your team’s
progress.
7. Review and Reflect
The final step of the process is to conduct a retrospective of the strategy implementation. Reflect on the overall
process, and review what went well and what did not.