BUSINESS POLICY AND STRATEGY

IMPORTANT QUESTIONS

1. What is strategic management process? Draw the comprehensive model of strategic

management process and explain the different phase.
2. Differentiate between Vision and Mission of a company. How vision and mission statements of a
business firms are made? Illustrate vision and mission statement of any business firm.
3. Define Mission. What are the characteristics of a good mission statement? Also discuss the
issues in setting the mission statements.
4. Write a short note on evolution of business policy. Differentiate between business policy and
strategic management.
5. Why do firms need to characterize and categorize environmental factors? What are the
approaches to the Environmental scanning process?
6. What are the various techniques of environment scanning? What role does business
environment play in strategic decision making.
7. Explain Michael Porter’s five force Analysis for analyzing competitive environment of a firm with
an example.
8. Select an industry of your choice. Identify porter’s 5 forces of competition in that industry. Also
prepare SWOT Analysis of the leader of the above chosen industry.
9. What methods are used for analysis of internal resources of the company? How based on the
analysis, strategic advantage profile is made and what purpose it serves?
10. Write short note on:

a) Value Chain analysis

b) SWOT Analysis

c) Core competencies

d) ETOP

e) Goals and objectives