Taxmann's Enterprise Information Systems & Strategic Management (EIS SM) | CRACKER

SECTION B STRATEGIC MANAGEMENT

8

STRATEGIC MANAGEMENT PROCESS

Q1. Distinguish between Strategic Plan and Operational Plan.

Ans.

Q2. What is Strategic Planning?

Ans.

Q3. How can a company deal with strategic uncertainty?

Ans.

Q4. What is Strategic Decision Making? What tasks are performed by a strategic manager? (RTP Nov. 2020) Ans.

The primary task of the strategic manager is conceptualizing, designing and executing company strategies. For this purpose, his tasks include:

Q5. Briefly explain the major dimensions of strategic decisions? OR

Rohit Seth in an informal discussion with his friend shared that he has to move very cautiously in his organisation as the decisions taken by him have organisation wide impact and involve large commitments of resources. He also said that his decisions decide the future of his organisation. Where will you place Rohit Seth in organisational hierarchy? What are the dimensions of the decisions being taken by him?

(RTP May 2018; RTP May 2020 OR

Shri Alok Kumar is having his own medium size factory in Aligarh manufacturing hardware consisting handles, hinges, tower bolts and so on. He has a staff of more than 220 in his organization. One of the leading brands of Hardware seller in India is rebranding and selling the material from his factory. Shri Alok Kumar believes in close supervision and takes all major and minor decisions in the organization. Do you think Shri Alok should take all decisions himself? What should be nature of decisions that should be taken by him?

Ans.

[AUTHOR NOTE:

[RTP MAY-18:

(RTP May 2019)

[RTP MAY-19:

The major dimensions of strategic decisions are as follows:

1. Strategic decisions are likely to have a significant impact on the long-term prosperity of the firm:

2. Strategic decisions are future oriented:

8.4

3. Strategic decisions require top-management involvement: -

4. Strategic decisions involve commitment of organizational resources:

5. Strategic decisions usually have major multifunctional or multi-business consequences:

6. Strategic decisions necessitate consideration of factors in the firm’s external environment:

Q6. Define strategic intent. Briefly explain the elements of strategic intent. (RTP May 2018, RTP May 2019, RTP May 2020)

Ans.

1.

2. Strategic intent refers to purposes of what the organization strives for.

3. Senior managers must define “what they want to do” and “why they want to do”.

4. “Why they want to do” represents strategic intent of the firm.

philosophical base of strategic management.

8. Strategic intent gives an idea of what the organization desires to attain in future.

i.e., Elements

Goals and Objectives:

8.6

However, in practice, no distinction is made between goals and objectives and both the terms are used interchangeably.

Q7. What is Strategic Vision? (May 2018; 2 Marks) Ans. -

Q8. What are the Essentials of a strategic vision? Ans.

8.7

Q9. Mr. Raj has been hired as a CEO by XYZ Ltd. a FMCG company that has diversified into affordable cosmetics. The company intends to launch Feelgood brand of cosmetics. XYZ wishes to enrich the lives of people with its products that are good for skin and are produced in ecologically beneficial manner using herbal ingredients.

Draft vision and mission statement that may be formulated by Raj (RTP Nov. 2019; RTP Nov. 2020

Ans. -

Q10. What is a mission statement? State the points that may be considered while writing a mission statement of a company. OR

What tips can you offer to write a ‘right’ mission statements? OR

Why an organisation should have a mission? What considerations are to be kept in mind while writing a good mission statement of a company? (Nov. 2019; 5 Marks)

Ans. -

8.9

Q11. ‘Objectives’ and ‘Goals’ provide meaning and sense of direction to organizational endeavour. Explain. (RTP Nov. 2018)

OR

Explain Goals and Objectives in brief.

Ans.

Q12. What are the Characteristics of Objectives? OR

What are the characteristics which must be possess by objectives, to be meaningful to serve the intended role? (May 2019; 5 Marks)

Ans.

8.10

Q13. Present a diagrammatic representation of a Strategic Management model. (Nov. 2018; 2 Marks) OR

With the help of a model explain strategic management process. (RTP Nov. 2019)

Ans.

Figure : Strategic Management Model

Q14. Describe the Stages in Strategic Management in brief. Ans. Strategic management involves the following stages:

8.11

Q15. To convert strategic plans into actions and results, a manager must be able to direct organizational change, motivate people, build and strengthen company competencies and competitive capabilities, create a strategy-supportive work climate, and meet or beat performance targets.

(RTP Nov. 2018)

Describe the principal aspects of strategy-execution process, which are included in most situations. (May 2018; 5 Marks)

Ans.

Enterprise Information Systems & Strategic Management (EIS

SM) | CRACKER

AUTHOR : VIVEK PANWAR

PUBLISHER : TAXMANN

DATE OF PUBLICATION : JUNE 2023

EDITION : 6th Edition

ISBN NO : 9789357780445

NO. OF PAGES : 488

BINDING TYPE : PAPERBACK

Rs. 525 USD 37

DESCRIPTION

This book is prepared exclusively for the Intermediate Level of Chartered Accountancy Examination requirement. It covers the questions & detailed answers strictly as per the new syllabus of ICAI.

The Present Publication is the 6th Edition for CA-Inter | Nov. 2023 exam. This book is authored by CA Vivek Panwar with the following noteworthy features:

• Strictly as per the New Syllabus of ICAI

• Coverage of this book includes:

o All Past Exam Questions

Solved Paper – CA Intermediate May 2022

Solved Paper – CA Intermediate Nov. 2022

Solved Paper – CA Intermediate May 2023

o Questions from RTPs and MTPs of ICAI

o Application-Based MCQs

o Integrated Case Studies

• [Point-wise Answers] are given in this book for easy learning

• [Marks Distribution] Chapter-wise marks distribution from May 2018

• [Trend Analysis] for Past Exams from Nov. 2019

• [Comparison with Study Material] Chapter-wise comparison with ICAI Study Material

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