13 Strategic Management/ Marketing Interview
Questions and Answers
1: What is Strategic
Management?
Ans: Strategic management is the ongoing planning,
monitoring, analysis and assessment of all necessities an organization needs to
meet its goals and objectives.
2: Tell Some
Characteristics of Strategic Management?
Ans: It is a combination of strategy formulation and
strategy implementation;
# It is the
highest level of managerial activity;
# It is
performed by an organization’s CEO (Chief Executive Officer) and executive
team;
# It provides
overall direction to the enterprise.
3: What are Strategic
Management Function?
Ans: The strategic management function directly involves
all managers with line authority at the corporate, line-of-business, functional
area, and major operating department levels.
4: Which are the
Steps of Strategic Management?
Ans:
# Specifying an
organization’s objectives;
# Developing policies,
a plan to achieve these objectives;
# Allocating resources
to implement the policies.
5: What is a Strategic
Mission?
Ans: The management’s view of what the organization seeks
to do and to become over the long-term is the organization’s strategic
management.
6: What is a
Strategic Vision?
Ans: A
vision statement describes what a company desires to achieve in the long-run,
generally in a time frame of five to ten years, or sometimes even longer.
7: What is Diversification Strategy ?
Ans: Diversification
is a corporate strategy to enter into a new products or product lines, new
services or new markets, involving substantially different skills, technology
and knowledge.
8 : What is Intensive Strategy?
Ans: Intensive
strategies include. Market Penetration, Market Development and Product
Development. Market Penetration is. implemented when an organization wants to
increase its market share for the existing products or. services in the
existing markets.
9: What is Defensive strategy?
Ans: Defensive
strategy is defined as a marketing tool that helps companies to retain valuable
customers that can be taken away by competitors.
10: What is Integration strategy?
Ans: Integration
strategies allow a firm to gain control over distributors, suppliers, and/or
competitors.
11: What is forward integration strategic and
backward integration?
Ans:
Forward integration is a business strategy that involves a form of
downstream vertical integration whereby the company owns and controls business
activities that are ahead in the value chain of its industry, this might
include among others direct distribution or supply of the company's products.
Backward integration refers to the process in which a company purchases
or internally produces segments of its supply chain.
12: What is Benefits
of Strategic Management?
Ans:
Financial
Benefits: Research indicates that organizations
using strategic-management concepts are more profitable and successful than
those that do not. Businesses using strategic-management concepts show
significant improvement in sales, profitability, and productivity compared to
firms without systematic planning activities.
Non-financial
Benefits: Besides helping firms avoid financial demise, strategic management offers
other tangible benefits, such as an enhanced awareness of external threats, an
improved understanding of competitors’ strategies, increased employee
productivity, reduced resistance to change and a clearer understanding of
performance-reward relationships.
13: What is
Business Ethics?
Ans: Business ethics is the study of appropriate business policies and
practices regarding potentially controversial subjects including corporate
governance, insider trading, bribery, discrimination, corporate social
responsibility, and fiduciary responsibilities.
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