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3-5 StratMa CABUNGAN, MICHELLE JOYCE.pdf - ANSWER SHEETS...

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ANSWER SHEETSFor: MIDTERM ASSESSMENTStrategic Management (BUMA 20023)Name: Cabungan, Michelle Joyce G.Section: BSBA FM 3-5ANSWERS1.A. A strategy is the actions or decisions that is a very important tool to make yourbusiness reach your goal or even become successful. It is needed to be presentinside the company to be able to surpass all the potential and future problems thatthe company may encounter. It is vital for that there must be strategy because thiswill easily give a better way for organizational decisions. In addition, this also unitethe company as all members of the group will act ass one as they all have the samegoal. First example of a strategy in a business or company is having improvedcustomer service. This strategy is a good way to attract customers, promote itselfand make the business known, as their market will be comfortable with theircompany. Second example is having an innovative product or services, this strategyis also a good one as customers who wants something new can also be attracted.Furthermore, it needs to be innovative for it to be interesting enough and evenbecome famous. Third, having sustainability for the business or company itself, thisis also important strategy as consistency is vital as well. Fourth is having pricestrategies, one example of price strategies is having“discounts” or “sale”which arevery attractive to customers. This will increase sales which results in making thebusiness grow. Lastly, I think having product differentiation, this creates competitiveadvantage for the company and ultimately build your brand as many will becomeaware of the product.B. Strategic planning is vital for an organization as well for it provides direction andmake the mission or goals more detailed to achieve through having specific actionsor objectives to be taken. This is important also for unexpected situations happening
about the company, through this one will not become totally shocked, there must befurther research as well in order to evaluateyou’re theplan carefully. Setting goal orhaving strategic vision is needed in strategic planning. If for example the businesshas a strategic vision of increasing revenue and reputation of its products,enhancements, and promotion of their brand, the first example of their strategicplanning will be increasing the revenue. This is through launching new products andpromoting its sales. Second is improving the perceptions of the quality, this isthrough improving perceptions in all of the company’s products.Third is improvingthe brand recognition, this can be done through advertisements, event promotions,direct marketing or even in-store merchandising displays. On the other hand, ineducation, as it also can become a business, an example for it is for eliminatingstudents’ tuition through getting higher grades like 1.5 GWA or above. Anotherstrategic plan is delivering world class research by increasing funds to labs andresearch programs and recruiting talented and skillful researchers.

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Term
Winter
Professor
Pro. De Guzman

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