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DRIVE- SPRING 2014
PROGRAM- Bachelor of Business Administration- BBA
SEMESTER- 2
SUBJECT CODE & NAME- BBA202: BUSINESS STRATEGY
Q1. What is business strategy? Explain the need for business strategy? (Meaning of business strategy, Explanation of the need for business strategy) 3, 7
Answer:
Business strategy can be defined as the process of long range planning for executing ideas into action. You will also learn why it is important for an organization to have a clear focus on its strategy for its functioning.
The word, ‘Strategy’ is derived from the ancient Greek word ‘Strategos’, which is a
Q2. Define strategic management. What are the causes for failure of Strategic Management? (Definition of Strategic Management, Causes for failure of Strategic Management) 3, 7
Answer:
Definitions provided by some of the eminent authorities on the subject:
According to Gluek W F – “Strategic management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives”.
Mr. Ansoff H L defines strategic management “as a systematic approach to a major and increasingly important responsibility of general management to position and relate the firm to the environment in a way which will assure its continued success and make it secure from surprises”.
Q3. Write short notes on the following:
a) Core competencies and their importance
b) Strategic leadership. 5, 5
Answer: Core Competencies and their Importance in Strategy Formulation
The term “Core Competency” has its origin in an article titled “The Core Competence of the Corporation”, written by C. K. Prahalad and Gary Hamel for the Harvard Business Review in 1990. In this article, core competency has been defined as “The collective learning and coordination skills behind the firm's product lines”. The authors illustrated that the core competencies of an organization led to the development of core products, which in turn, can be
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