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SAMPLE ASSIGNMENT JAN JUNE 2017
MS-11
Course Code MS - 11
Course Title Strategic Management Assignment Code MS-11/TMA/SEM - I/2017
Assignment Coverage All Blocks
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1. Select a specific type of business that you may wish to start. I firmly believe that most ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- children, cattle, or crops, we are caretakers. I also firmly believe that food -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- stringent rules, regulations, testing, and inspections than ever before. However, people are human and sometimes mistakes are made. Here to ----------------------------------------------------------------- business. a) Develop a written mission statement for that business.
To be an efficiently and --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------well being for the owners and its employees. Following are some suggestions for mission statement for dairy business. 1. Our mind set will make --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------those who take on responsibility. 2. We will take care ------------------------------------------------------------------ calf every day. 3. We will -------------------------------------------------------------------------------------- our resources. 4. We will seek excellence --------------------------------------------------------------------------------------------- of reacting to them. 5. We will ----------------------------------------------------------------------------------- way. 6. We will foster team ----------------------------------------------------------------- what we do. 7. We will ----------------------------------------------------------------------------------------------------, and the machine. b) Formulate a set of goals for the business
Simply setting a goal is a meaningful first --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. The more specific a goal is, the easier it is to hold you up to it. For example, instead of saying “I want to improve milk production,” choose a number that’s an improvement on your milk production from last year. Ideally, the goal --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------amount of profit. You can divide that number into quarters or even months and then evaluate your progress in both the short and long-term. These kinds of goals will hold you accountable and help your dairy farm to thrive. Here are some of our ideas for cow, sheep, and goat dairy farming resolutions: Improve your Herd Health -Did your herd --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------your supplementation and vaccinations, or something else. Improve Reproduction- The reproduction rate is --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, which you can improve through intelligent breeding. The Israeli Dairy School can help you develop customized breeding strategies to improve reproduction.
Build Up Production- In order to attain peak --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------production levels. You may wish to consult with an outside expert in order to get unbiased feedback on your farm’s practices. Enhance Your Cooling System- Global warming means --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------For dairy farmers, it means keeping herds comfortable in healthy in higher heat. When --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Misting and fanning systems can keep your herd comfortable and healthy even in high temperatures. Look to the Next Generation- When you’re ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------farm adapt in a changing future? Do you want to pass your farm on to your children? Work on including the next generation in your farm now, and give them incentives to get involved. Follow through with Dairy Training- In order to --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------dairy training. The Israeli Dairy School offers a wide range of seminars and on-site training to bring your staff up to speed and help your dairy farm to improve. c) Formulate specific and verifiable objectives in the lines of the goals.
A dairy is a business enterprise established for the --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------located on a dedicated dairy farm or in a section of a multi-purpose farm (mixed farm) that is concerned with the harvesting of milk. Before anyone can make a decision about anything, one --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------wealth, passing on a family business to descendants, reducing debts, and attaining financial security are just a few of the things that a farm business owner might want to accomplish as a result of farming.
Setting goals is a somewhat troubling task --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ourselves how we feel about money, family, friends, etc. Assigning ourselves responsibilities and deadlines for --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------anything otherwise.
Some people wrongly assume the primary goals of farm --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------should be the overriding goal of farmers. There are other goals that are as important as earning income. For example, -----------------------------------------------------------------------------------------------------------------------------------------------------------------------with friends and neighbors.
Some agricultural activities are more risky than others. For example, --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------have soared, but then they have plummeted as prices fell and/or yields declined. Farmers are quite aware of these differences in the riskiness of various farm enterprises and they decide what types of farming ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------about security will engage in riskier farming enterprises.
All of us have a need to be loved and made to --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------others. Thus it follows that some people will be more willing to take time from work to socialize --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------time that we devote to social activities depends on how much we value the company of our family and friends.
Whether we want to admit it or not we --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------for more than a century. In other cases farmers acquire status and prestige by increasing the size and/or scope of --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in the farm community.
Everyone must decide the importance of every --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------are at odds with one another. For example, a person has to decide whether earning money or avoiding risks is more important because it is typically impossibly to achieve the
goals simultaneously. Since avoiding risk --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------be different but they are both correct given the preferences and goals of the people making them.
When setting priorities and goals a person has to --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------run in order to achieve something 30 or 40 years in the future. For example a person wanting to accumulate wealth so that they can live a life of leisure in retirement, most likely will have to work long hours, take some risks, and --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------our long-run goals. Therefore we should never lose sigh of our long-run goals when we are plotting our short-run actions.
d) Devise a statement of social responsibility for the business. Corporate Social Responsibility
Business principles Business principles describe --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------improvement. By analysing business value chain, --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. These areas are core to our business strategy and vital for the welfare of people in countries where we operate. 1. Our farmers and ---------------------------------------------------------------------- development We have the ambition to contribute -------------------------------------------------------------------- that we look forward for: (1) A --------------------------------------------------------------- of farmers, (2) Environmental -------------------------------------------------------- systems, (3) Improve --------------------------------------------------------, and (4) Improve ------------------------------------------------ welfare 2. Our people: ------------------------------------------- environment Our success is based on our people. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. We aim to offer an attractive, challenging and inspiring work environment in which employees are encouraged to develop themselves both professionally and personally. 3. Our customers and consumers: -------------------------------- & quality assurance Dairy products represent a promise to our ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in packaging concepts that anticipate on the preferences of different target groups. Our core aim is to offer tastier and healthier products by co-operating with our channel partners. 4. Our environment and ----------------------------------------------------- dairy production Dairy business shall be committed --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------our fossil energy use, increase our energy efficiency and reduce the emission of greenhouse gasses throughout --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. We support and encourage our dairy farmers to develop and implement strategies that will improve the sustainability of their farms.
2. Explain the three generic strategies for a Small Business Unit (SBU). Also give an example of a business unit that competes with each strategy.
Michael Porter suggested that --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------adopted by some businesses, is unlikely to create a competitive advantage. Each of the four strategies are discussed below.
Porter's Generic ------------------------------------------------------------ below.
Cost ------------------------------------------- Strategy
This strategy involves the --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------materials, to labour costs. To achieve cost leadership a business will usually need large scale production so that they can benefit from "--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------strategy is a broad scope strategy. A cost leadership business can create a competitive advantage:
- by reducing production ------------------------------------------------------------------------------------------------------------------------------------------------ the business believes that its brand can command a premium price or
- by reducing production --------------------------------------------------------------------- increase sales and market share
Low cost --------------------------------------------------- Air, and Walmart.
Differentiation -----------------------------------
To be different, are what --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------from their competitors by developing a differentiation strategy. With a differentiation strategy the business develops product or service features which are different from competitors and appeal to customers including functionality, customer support --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------with limited storage space at home or on the move; a compact bike is therefore a valued product feature and differentiates Brompton bicycles from other folding bicycles. A differentiation strategy is known as a broad scope --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------differentiation can be protected through patents and other intellectual property rights; however patents have a certain life span and organisation always face the danger that their idea which gives them a competitive advantage will be copied in one form or another.
Focus (Niche) Strategy
Under a focus strategy a --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------the specific needs and wants of their niche market. Examples include Roll Royce, Bentley and Saga a UK company --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------leadership strategy or a differentiation strategy to suit that segment. A focus strategy is ----------------- is focusing on a narrow (specific) segment of the market.
Is Your ---------------------------------- Middle"?
Some businesses will attempt to implement all three strategies; cost leadership, differentiation and niche (focus). A business adopting all three strategies is known as "stuck in the middle". They have no clear business strategy and are attempting to be
everything to everyone. This is likely --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------they are not concentrating on one business strength.
To create a competitive advantage businesses should review their strengths and pick the most appropriate strategy cost leadership, differentiation or focus. Although each of --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to generate the economies of scale needed for broad scope cost leadership but a smaller customer base may enable them to offer a personalized service through a narrow scope focus strategy. Conversely a larger business may not be able to --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------a business decides to adopt they should make sure that it isn't middle of the road because one business cannot do everything well.
Example 1- (---------------------------------------------- Tata Nano- )
Threat of New entrants The threat of new entrants --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. There are around five new players coming in to the small car market; H800 from Hyundai priced around 1.6 lack, Maruti Cervo 600 priced 1.6 lacks, Bajaj-Nissan’s new electric car etc. Non automobile players also have their focus in this segment --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------switching costs and the investment decisions. Result: Threat of new --------------------------------------------------- attractiveness is LOW
Threat of substitutes Substitutes for this Tata ‘Nano’ already --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------share in terms of volume. From a customer perspective, the alternative vehicle for a Nano will be either purchase of a new car in small car segment or going for second-hand vehicle of same Nano’s cost. Other substitutes include LPG/Diesel--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------some preferred for personal use as an alternative to small car with fuel efficiency. The customer rational thinking in this buying process will be based on three costs, i.e.
Cost ------------------------------------------------- vehicle Maintenance ------------------------------------------------- Fuel ) Resale value of the vehicle ( -------------------------------------- be less )
Result: Threat of substitutes is ------------------------------------------- is LOW Bargaining power of suppliers The suppliers for this industry include the --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to excess demand and availability. For a player like Tata the bargaining power of suppliers is less as it can get constant supply of steel and ancillary parts from its own units like Tata steel, subsidiary of Tata. For other players the bargaining power of --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------suppliers in this industry.
Result: Bargaining power of ------------------------------------------------ is moderate
------------------------------- of buyers The bargaining power doesn’t --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. Hence the bargaining power of buyers is medium.
Result: Bargaining power of ---------------------------------------------- is moderate
Industry Rivalry Automobile industry in India is growing very rapidly with all major players having their manufacturing base and sales in India. This is a major threat to existing Indian automobile players. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------like Maruti, Hyundai and Chevy having a good dominance in their small car segments.
Result: Threat -------------------------------------------------------- is low.
Example 2- Coca Cola Vs Pepsi (Competitive Advantage)
For a company to be successful it --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of the competitor. This would enable one company to gain a competitive advantage against the other companies. Differentiation, differentiation focus, cost focus and cost leadership are some strategies put forward. Such strategies can be adopted by a --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to outdo each other.
Differentiation is a marketing strategy --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of Pepsi by simple modification of the ingredients. Coca-cola can increase the quality of its products and therefore --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------cost of production .
In the differentiated focus, the --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------different tastes and preferences. The company like PepsiCo would look for special needs of the consumers. Nice packaging and different labeling for instance in a given part of the market would allow PepsiCo to sell more than Coca-Cola in that section of the market.
With cost leadership strategy, the main --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------price can be equal or close to the market price, PepsiCo would enjoy more profit due to economies of scale.
In cost focus, Coca-Cola may notice it wise to --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of consumers. The company may decide to label differently the same product and low prices tagged for the benefit of specific consumers. This would lead to more sale hence can outdo PepsiCo in the same market environment.
3. Assume that an airline company has changed its strategy from low-cost to low-cost-differentiation strategy. Describe an appropriate organization cultures for that company.
When your organization does -------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------atmosphere is different in each segment, and what you bring to
the market is different in each segment.
The two approaches to strategies we are ------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------example, if two companies make essentially identical
products that sell at the same price in the market place, the one with the lower costs has the advantage of a higher level of profit
per sale. By having this advantage, the low cost --------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------its higher cost competitor. It can lower price,
thus squeezing its competitor’s margins and profits. It can invest more in research and development, allowing it to improve the
performance of its product. The bottom line here is that the -------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------its price to the point where the
higher cost competitor would have to sell at a loss in order to remain in the market. Eventually, the higher cost competitor could
be driven out of that business. You ---------------------------------------------------. This often happens with mature products.
In the low cost strategy, a company must --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------that exceptions requested by prospective customers must be limited or excluded in order to keep costs down.
The other approach we are examining is ------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------at the same or even higher pricing levels. These are
different customers – not buying just on price.
In a differentiation strategy, the --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------its brand to maintain its position and visibility.
Strategic planning is a continual process ----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------are sensitive to flight times and expect a high level
of service. Short-haul business travelers tend to be ------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------service levels.
Deregulation has had a significant impact on -------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------demand, develop network and schedule planning,
and manage other key aspects of airline business. -------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------to evolve in order to adapt to the dynamic marketplace.
The low-cost carrier (LCC) business model has --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------on business and operational practices that drive down airline costs. Typical cost-saving practices include operating at secondary airports, flying a single airplane type, increasing airplane utilization, relying on direct sales, --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------compared with network carriers. Their lower cost structure allows LCCs to reduce fares, which significantly stimulates traffic. Thus, the LCC model has proved successful throughout the world and has driven the growth of air travel.
Recently, many LCCs have diverged from --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to find an LCC flying multiple airplane types, operating at primary airports, or offering frequent-flier --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------these developments, the LCC model and LCC profitability continue to grow.
Airline partnerships, either full alliances or ---------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------routes have grown nearly 8 percent annually during
the past decade. The three major alliances (Star Alliance, ----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------that allows them to operate more
closely on applicable routes.
Airlines are also taking equity stakes in other airlines as a ---------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------traffic, and rationalizing costs.
Airline mergers have catalyzed industry consolidation -------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------regulation limits. All of these tactics
have contributed to the profitable growth of the industry.
All organizations maintain their ----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------, ethnic and social issues that need to be taken into account
when designing any managerial policy. And then on top of that there is also the requirement to maintain products and services of
uniform quality regardless of the market setting. Knowledge ------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------behaviour are often overlooked or
their effect is largely underestimated.
For many years now aviation has been --------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------should be a profitable airline and a profitable airline
should be a safe one).
Sluggish markets, fierce competition, shrinking ---------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------air transportation industry. Unfortunately,
more often than not they divert the focus of management away from safety matters.
According to Robert Helmreich, a professor at ----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------of cultural influences on their operations if
safety efforts are to succeed. The basic premise of this -------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------a robust safety culture.
The documented processes, safety equipment, -----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------, most of them reflect the lessons learnt from
years of experience, billions of flight hours and a significant number of past accidents analysis.
When we observe the following evidence: captain’s leadership, commitment to comply with the rules, clear tasks sharing, open
communication, appropriate level of risk awareness related to ----------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------an optimum crew. What is true
for our crew today is also true at a corporate level. We need good management and strong leadership, solid culture of compliance,
open communication at every level enabling a -----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------every human activity and use of “fail safe”
processes and procedures in accordance with error management principles.
For pilots, however, there are three cultures --------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------being a member of the pilot profession. Finally,
organizations have their own cultures that are closest to the daily activities of their members. While national cultures are highly
resistant to change because they surround an individual ------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------critical behavior. They have a strong
impact on how juniors relate to their seniors and how information is shared. Moreover, culture shapes attitudes about stress and
personal capabilities. It also influences --------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------weaknesses diminish it.
Results based on extensive research show that -----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------systems and encouraging positive safety culture.
But the latter should be actually established prior to forming the policy of an organization, because ‘The pilot is a member of a
crew – a group that in turn is influenced by factors such as professional social norms and a certain corporate culture‘.
4. Differentiate between leadership and management. Support your answer with the help of examples. Leadership is a quality which ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------connectivity between the two terms, many people have confusions in understanding the two terms. So, here we start the differences between Leadership and Management. Comparison Chart
BASIS FOR COMPARISON
LEADERSHIP MANAGEMENT
Meaning -------------------------------------------------------- others by examples.
Management --------------------------------------------------------------------------- an efficient way.
Basis Trust ------------------------
Emphasis on --------------------------- Managing activities
Power Influence --------------------------
Focus on -------------------- change Bringing ---------------------
Strategy Proactive ----------------------
Formulation of ------------------------- guidelines Policies and --------------------------------
Perspective Leadership requires -------------------------------------------------------.
Management ----------------------------------- perspective.
Definition of Leadership
The skill of leading a group of --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of objectives, willingly and enthusiastically.
It is not a lesson to be taught, but a --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------people following him, as their inspiration. Some examples of leaders, which are born in India are Mahatma Gandhi, Amitabh Bachchan, Kiran Bedi, Sachin Tendulkar, Saina Nehwal, etc.
Leadership is an activity of guiding --------------------------------------- a good vision of thinking across the boundaries.
In an enterprise, you can see a number of leaders who are --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------is assigned a task which they have to complete within the specified time. Each team comprises of a leader who is appointed on the basis of merit cum seniority.
In the business environment, leadership is --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, market share, brand, cost, etc.
Definition of Management
The word management is --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------age group, to work together for achieving a common objective.
Although management is not --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in an organisation is known as Manager.
Now, let’s discuss what management is? And from where it starts? The answer is management starts from your home. All of us
have seen our mother taking care of our needs whether they are small or big, maintaining the budget of the household, takes
decisions regarding investment or --------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------the functions of Management, i.e. Planning, Controlling,
Organizing, Leading & Motivating and Decision Making.
The major ------------------------------------------------------- are as under:
1. Leadership is a virtue of leading people ------------------------------------------- the activities of the organisation. 2. Leadership requires ----------------------------------------------------------------------- of manager over its subordinates? 3. Leadership is a ------------------------------------------------------------------------- of the ruling. 4. Leadership ----------------------------------------------------------------------- short range vision. 5. In leadership, -------------------------------------------------------------------------- policies and procedures are implemented. 6. Leadership is ---------------------------------------------------------------------------------- in nature. 7. Leadership brings change. ----------------------------------------------- brings stability.
Leadership and Management are inseparable in nature, if there is management, there is leadership. In fact, the qualities of a manager require leadership skills to inspire --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in assisting the organization in the accomplishment of their goals. Many times --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------needs both for its growth and survival.
Management is all about the arrange-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- in them.
Example- Developing countries cannot ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------factors of India have greatly influenced the technological growth of the
country in general .India turn out to ---------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------and space sciences.
In such case when India was emerging to be a --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and growth and prosperity features.
Jamsedji Nusserwanji Tata was one of the -------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------of 29,he started a private trading firm with a small capital of Rs
21,000.During this period ,he travelled a lot to various places which inspired in him the desire to set up a bankrupt oil mill and
then he convert it into cotton mill where cotton -------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------. He was a unique personality .He not only thought about the
innovative ways to manufacture textiles and gain ----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------who have worked for him.
Jamshedji was such a nationalist who made -----------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------then made three important basic ingredients: the steel is very
important and can be addressed as the mother of heavy industry; hydroelectric power was the cheapest energy to be generated and
finally, the technical education.
It is very clear that the leaders are very clear about what they are making and also very flexible about how it gets made. The leaders can make and remake organizations. Jamshedji and Tata were such leaders who were succeeded in embarking on brand building expedition and whose goal was to --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------,workplace quality ,quality of products and services ,consistency, reputation and renowned. The Tata Group can be called as a unique asset which represents Leadership with Trust. It provides complete management and financial resources --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------sustainable value to all stakeholders .It mainly focus on the
culture of sustainability. It believes in --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and bettering its standards continuously with passion and pride.
According to Ratan Tata, in addition to good leadership and management, loyalty must be earned by managers and employees.
He’s gentle, kind manner give rise to loyalty and yet he encourages his manager to make tough decisions.
5. Explain the concept of balanced scorecard (BSC)? As a strategist what challenges will you face while developing and implementing a BSC? Discuss.
Balanced scorecard (BSC)- The balanced scorecard (BSC) is a --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------activities by the staff within their control and to monitor the consequences arising from these actions. From the different options Kaplan-Norton’s Balanced Scorecard emerged as the best way to perform the translation. Even back then it was clear to me that a well developed Balanced --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Maps”, “The Strategy Focused Organization”, “The Execution Premium”, and several Harvard Business Review articles and case studies.
This is important to incorporate suggestions --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. Balance Score Card (BSC) to measure the performance of a business thereby evaluating the strategy. Performance measures are said to be the --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------objectives of the organization. Each organization has its own set of performance measurement framework. Let us now discuss the concept of BSC and how it can help an organization in performing effectively. According to Kaplan & Norton “The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate strong for industrial age --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, for guiding and evaluating the journey that information age companies must make to create future --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------organization from four perspectives and they are:
The --------------------------------- The Business Process perspective The -------------------------- perspective The ------------------------------ perspective
The four areas addressed in the original presentation of the balanced scorecard were:
Financial Perspective—How is your ------------------------------------------------------------ key indicators of success? Customer Perspective—How do your -------------------------------------------------------------------------------------------?
Internal Business Perspective—What must your company excel at? How successful is the execution of your company’s key business processes? ------------------------------------------------------------------------------------?
Innovation and Learning Perspective—--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ability to innovate, improve, and learn?
Since then, consultants and business ------------------------------------------------------------------------- evolved and adapted.
Here is one company’s approach to the balanced scorecard that emphasizes employee loyalty, and adds “competitive position” as a fifth area of measurement.
Issues and ------------------------------------------------------------- a BSC-
Vague Strategy: Some --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------into an effective Balanced Scorecard. The best remedy for these situations is to revisit and refine the strategy with the owners and get clearer direction on the aspirations of the business. Some of the key components required -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------value. These should be statements of the desired organization’s end state for the planning horizon (5 or 10 years).
Absence of a ------------------------: It’s common to have different definitions for strategy elements across the organization. The meaning of Vision, Mission-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------common vocabulary the risks of misalignment across the enterprise are -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------definitions at the start of planning meetings.
Complicating ---------- implementation: There is a high tendency to get lost in the details and technicalities of the
Balanced Scorecard. The Strategic themes, Strategy -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------with articulating the BSC across the four perspectives by developing the Strategy Map (Objectives with cause and effect relationships). This provides a sense of clarity for the -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------down to the organization.
Cascading to individual level is a challenge: Cascading to Individual level requires engaging the hearts and minds of
your workforce. This entails getting their agreement -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------the end of each reporting period. The behavior of your workforce will not change. The best remedy for this is to engage the team in formulating the Balanced Scorecard (objectives & targets) and have them participate in setting targets.
Getting lost ----------------- of tracking: The absence of automation to record and roll-up results early in the
implementation can severely derail your -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------or department across the four perspectives. The best remedy for this is to remind -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and weighted results.
No Process Improvement Methodology: The value of Balance Scorecard systems relies on the premise that once performance problems are identified, there -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------organization does not have standard methodologies and toolkits for addressing process problems, the amount of effort required to derive a problem solving approach for each new performance gap -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------can be no adaptation and performance will continue to deteriorate. Using time-tested process improvement methodologies, perhaps in combination with problem solving methodologies (e.g. Six Sigma) can greatly alleviate this problem.
Too Much Internal Focus: One -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------practice. To help overcome this problem, you should ALWAYS start with an external focus – the view of your organization’s Super System. The goal is to achieve a balance of enterprise level metrics as you -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, Opportunities and Threats (SWOT). This will then guide them to gaps in -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------performance drivers.
Example:
Balanced Scorecard is an example -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------measured, the measured value is compared to an expected value and based on the difference between the two corrective interventions -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to make a corrective intervention.
Within the strategy management context, all three of -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------intervene - both of which may be constrained.
Two of the ideas that underpin modern -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------with the ability of the observer to intervene.
Organizations have used systems consisting of a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------semi-conductor company; the Analog Devices Balanced Scorecard. Schneiderman's design was similar to what is now recognised as a "First Generation" Balanced Scorecard design.
In 1990 Art Schneiderman participated in an -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------measurement. Subsequently, Kaplan and David P. Norton included anonymous details of this balanced scorecard design in a 1992 article. Kaplan and Norton's article wasn't the only paper on the topic published in early 1992but the 1992 Kaplan -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------the first book spread knowledge of the concept of balanced scorecard widely, and has led to Kaplan and Norton being seen as the creators of the concept.
While the "balanced scorecard" -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------suggest the origins of performance management can be seen in the emergence of the complex organisation - most -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------work of French process engineers (who created the tableau de bord – literally, a "dashboard" of performance measures) in the early part of the 20th century. The tool also draws strongly on the ideas of the 'resource based view of the firm' -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, or Kaplan & Norton.
Kaplan and Norton's first book remains their most popular. The book reflects the earliest incarnations of balanced scorecards - effectively restating the concept as described in the second Harvard Business Review article.[ Their second book, The Strategy
Focused Organization, echoed work by -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------" or strategy map.
As the title of Kaplan and Norton's second book highlights, even by 2000 the focus of attention among thought-leaders was moving from the design of Balanced Scorecards -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------has focused on uses of Balanced Scorecard rather than its design (e.g. "The Execution Premium" in 2008, however many others have continued to refine the device itself (e.g. Abernethy et al.).
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