Description
| SESSION | JULY-AUG 2024 |
| PROGRAM | MASTER OF COMMERCE (M. COM) |
| SEMESTER | III |
| COURSE CODE & NAME | DCM7101 STRATEGIC MANAGEMENT |
Set – 1
1 . Explain four types of strategic control. 10
Ans 1.
Types of Strategic Control
Strategic control is a crucial aspect of strategic management that ensures an organization stays on track to achieve its goals. It involves monitoring and evaluating strategies to make necessary adjustments for optimal performance. There are four main types of strategic control:
- Premise Control
Premise control is concerned with assessing the fundamental assumptions and environmental factors upon which a strategy is based. It ensures that these assumptions remain valid throughout the
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- Elaborate the process of Strategic Evaluation. What techniques can be used for exercising Strategic evaluation?
Ans 2.
Process and Techniques of Strategic Evaluation
Strategic evaluation is the process of assessing the effectiveness of a business strategy in achieving organizational objectives. It helps in identifying areas of improvement and making necessary modifications for enhanced performance. The process of strategic evaluation consists of several key steps.
- Establishing Performance Standards
The first step in strategic evaluation is to define clear performance standards and objectives. These
- Explain PEST Analysis with suitable examples 10
Ans 3.
PEST Analysis
PEST Analysis is a strategic tool used to analyze the macro-environmental factors that can impact an organization, industry, or market. The acronym PEST stands for Political, Economic, Social, and Technological factors. This framework helps businesses understand external influences and make informed decisions.
Political Factors
Political factors include government policies, regulations, taxation, trade restrictions, and political
Set – 2
- Define a Business Venture. Compare and contrast the different types of Business Ventures.
Ans 4.
Business Venture and Its Types
A business venture is a startup or entrepreneurial initiative undertaken to generate profit by offering products or services in the market. It involves risk, investment, and planning to establish and grow a business. Entrepreneurs and investors engage in business ventures to capitalize on market opportunities and fulfill consumer needs.
Types of Business Ventures
- Sole Proprietorship
A sole proprietorship is a business owned and operated by a single individual. The owner has complete control over decision-making but also bears unlimited liability.
- What are the components of Business Continuity Plan?
Ans 5.
Components of a Business Continuity Plan
A Business Continuity Plan (BCP) is a strategic framework that helps organizations prepare for, respond to, and recover from potential disruptions. It ensures the continuity of critical business operations during crises such as natural disasters, cyberattacks, or economic downturns. The key components of a BCP help organizations mitigate risks and maintain resilience.
- Risk Assessment and Business Impact Analysis (BIA)
Risk assessment involves identifying potential threats, vulnerabilities, and their impact on business
- Discuss business practices can be adopted to promote creativity and innovation?
Ans 6.
Business Practices to Promote Creativity and Innovation
Creativity and innovation are essential for businesses to remain competitive, adapt to changing markets, and drive growth. Organizations must cultivate an environment that fosters new ideas, encourages experimentation, and supports continuous improvement. Various business practices can be implemented to promote creativity and innovation.
- Encouraging a Culture of Innovation
A company’s culture should prioritize innovation by fostering curiosity, risk-taking, and open c
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