How do you differentiate between Strategy and Strategic Management
1. How do you differentiate between Strategy and Strategic Management? What is your understanding of ‘Policy’? What are the characteristics of Strategic decision? Write down some definitions of Strategic Management?2. What is Vision and Mission? Enumerate its elements. Write down your company’s vision and mission statements and discuss whether these fit in your definitions. What are goals and Objectives? What are the main features of objectives? State factors affecting objectives. Distinguish between official objectives and operative objectives.3. What are the basic social obligations of a business organization? Do these conflicts with the profit objective of the business? What is social audit?Analyse the mission and objectives of your own organization. Evaluate and write down to what extent does the organization follows social responsibility and its objectives?4. What is the concept of environment? Search the library and other sources of information to predict the type of environment managers are likely to face ten years hence. Analyse the environment scanning process in your own organization and evaluate how it will face the environment which is fast developing as per your analysis above?5. Explain the role of SWOT analysis as a tool of facilitating strategic choice at the business level. How is it similar / dissimilar to the grand strategy clusters?
