BBA202 - DRIVE FALL 2015 PROGRAM BBA SEMESTER 2 SUBJECT...

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DRIVE: FALL 2015 PROGRAM: BBA SEMESTER: 2 SUBJECT CODE &NAME: BBA 202, BUSINESS STRATEGY Question 1) Explain the following (a) Functions of Business strategy (b) Strategic Analysis Answer: Functions of Business strategy are: Vision formulation The vision of the organisation combines 3 basic elements - the organisations reason for existence, its core values and the huge but achievable goals, which the organisation has set for itself in the future. It needs to be descriptive and reachable. The vision statement spells out the core purpose of the company. For example, Nike wants to provide the experience and emotion of competition. Knowledge of mission Mission is broad-based and seeks to create an image of the company on the basis of its core values. The mission statement of the company should be clear, enduring, realistic, and specific. It should reflect the values, beliefs and philosophy of the company. For example, Asian Paints has its mission statement as Leadership through Excellence Setting of objective An objective is the end result of what the firm wants to achieve in the long run. It helps to provide direction, co-ordination and motivation for its members to pursue the benchmarks or success. Objectives help to keep the organisation on the right track. Goal definition Goals are close-ended. They are specific and concise. Goals can be short-term, medium- term or long-term. They must be measurable, achievable, related and time bound. The achievement of goals indicates that the organization is proceeding along the right course of growth. For example, a company aims to be the No.1 brand in its business area within 2 years . The business strategy of the organization helps to explain the vision and mission of the organization. It also helps in identifying the organizational objectives and goals. All these components support the effective functioning of the business and promote its growth. Strategic Analysis The word analysis is concerned with the breakdown of complex phenomena into their component/element parts. This is done for having a better understanding of issues and problems. The phrase which best describes the meaning of the word strategy is the deployment of resources to achieve organizational objectives. If we try to put these two components (i.e., strategy & analysis) together with some additional items, the definition of the term strategic analysis would be as under:
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Business dictionary defines Strategic analysis as “the process of conducting research on the business environment with which anorganization operates and on the organization itself inorder to formulate strategy.Strategic analysis is a part and parcel of the knowledge creation process of organisations and must be embedded within the organisations core management processes. It is in the sphere of analysis where the science of strategic analysis lies and in embedding research and analysis into organisation where the art manifests itself.
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