Strategic management questions

Question one
What do you understand by strategic management and why is it needed?

Enumerate some characteristics of strategic management

Question two
Statement one: “How can you lead if you do not know where you are going?”

Statement two: “Management’s job is not to see the company as it is ……but as it can
become.”

Required

Basing on the vision and mission statement of an organisation

1. What do those two statements mean?

2. Quantify those statement

Question three
A clear mission and vision statement of any business brings advantage to the organisation.
Among many, it

1. Guide management’s thinking on strategic issues, especially during times of

significant change.

2. Help define performance standards

3. Inspire employees to work more productively by providing focus and common goals

4. Guide employee decision making

5. Help establish a framework for ethical behaviour

6. Procure external support

7. Create closer linkages and better communication with customers, suppliers and
alliance partners

8. Serve as a public relations tool

Required
State your own imaginary company and state clearly the mission statements, thereafter show
how that stated statement bring the eight advantages to the company.
Question four
Formulating an appropriate strategy isn’t simple; it takes extraordinary skill and techniques.
Assume you are a managing director of the newly established telecommunication company
called MTANDAO; explain the following in relation to the strategic formulation;

i. Where are we now?

ii. Where do we want to go?

iii. How will we get there?

Question five
It is important to understand that individuals and groups behave differently in different
situations. The impact stakeholders can have on organizational strategy is dependent on their
relationship to either the organization itself or the issues of concern, or both.

Required

With examples, explain the influence and importance of each of the following stakeholder in
strategic formulation of a restaurant business in Dodoma town.

1. Government

2. Suppliers

3. Community

4. Employees

5. Financial institutions

6. Customers

7. Media/press

8. Stakeholders

Best wishes