Mini Case.docx - -CONFIDENTIALMGT610 STRATEGIC MANAGEMENT...

This preview shows page 1 - 3 out of 8 pages.

-CONFIDENTIAL- MGT610 STRATEGIC MANAGEMENT MID TERM SPRING 2021 Name: M. Saifullah Khalid Student ID: 18264066 MGT 610 STRATEGIC MANAGEMENT MID TERM EXAM (OPEN BOOK) Mini Case: “Table and Chairs” Ltd “Table and Chairs” Ltd is a relatively small family-controlled kitchen Furnishing’s manufacturing company in Bangladesh. In its 10-year history, the company has expanded rapidly from producing a single table and chair settings to a diverse range of chairs, stools, tables, dressers, and general kitchen furnishings. The company has increased in size from its small original base of two brothers operating out of a small family workshop to a purpose- built factory that employs over 150 staff. Though it has been very successful due to the passionate approach of the brothers to deliver high quality products at affordable prices “Table and Chairs” has never had a formally developed strategic plan. Rather the brothers who had confidence in their abilities to manufacture anything responded to retail customer requests and then relied on their operational experience to create cost efficient products Though this approach has worked well for the first decade of operations “Table and Chairs is having trouble in maintaining market share and as a result is experiencing a worrying reduction in sales volume and profitability. The brothers understandably are concerned and are desperate to turnaround the business and have decided to employ the services of a strategically focused CEO and if necessary, consultants to provide guidance on how to improve business practices and provide options for future development.
-CONFIDENTIAL- MGT610 STRATEGIC MANAGEMENT MID TERM SPRING 2021 Question 1 (25 Marks) Imagine you are been interviewed for the proposed CEO position at “Table and Chairs” explain to the owners who are conducting the interview how strategic management differs from operational management . Answer: There are several broad differences among the strategic management and operational management, how both are differs from each other- - Primary difference is the time period, where strategic management literally need longer time such as 4-5 years for completion its planning or strategic approach, whereas the operational planning is required less time such as in-between 1 year for completion of its operational management approach. - Another principal difference is goal focusing, here strategic management rely on the mission and the vision of the organization for developing its strategical target, for example this “Table and Chairs” company may set the mission to be a market leader than it has to work with the external environment analysis and its need to develop a plan that work to be the market leader. At the same time the operational management is all about the different departments individual goal such as the production department planning, marketing department planning, accounts department planning etc.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture