Some frequently asked exam questions on strategy identification are as follows: Q.1. Identify the most important pitfalls that ought to be avoided in starting and doing strategic planning. Ans. The issues in a corporate strategic planning involve judgments, values, passions, and perceived consequences. So, irrationality cannot be avoided. Major pitfalls that should be avoided in starting and doing the strategic [...]
The strategy audit programme is conducted in three stages in succession as following: 1. Diagnosis 2. Focused Analysis 3. Recommendations. Stage # 1. Diagnosis: It includes the following: (i) Reviewing key documents, such as: Strategic plan, Business or Operational plan, Organisational details, Major policies affecting matters, such as resources allocation and performance measurement. (ii) Reviewing performance against yardsticks (strategically determined) [...]
The following points highlight the three main types of plans that are made to achieve the objectives through the company policies. The plans are:- 1. Strategic Plans 2. Intermediate-Range Plans 3. Short-Range Plans. Type # 1. Strategic Plans : They determine both the major objectives of an organisation and the policies and strategies to achieve those objectives. Strategic plans are [...]