Assignment on Strategic Management

Assignment one
Course title: Strategic Management
Course code: MGT 501

Submitted to:
Siddiqur Rahman
Assistant Professor
Department of Business Administration
Faculty of Business and Entrepreneurship
Daffodil International University
Submitted by:
Md. Mahbubur Rahman
Id: 201-14-3108
Section: B
Program: MBA, Major: Marketing
Daffodil International University
Date of submission: 24-04-2020
1.1 What is strategy?
Answer:
A company’s strategy consists of the competitive moves and business approaches that managers
employ to attract and please customers, compete successfully, grow the business, conduct
operations and achieve targeted objectives.

1.2 “Strategy should be partly pro-active and partly re-active”.

Answer:
Now we can explain why strategy should be partly pro-active and partly re-active.
Proactive manager: Proactive manager refers to those manager who think about future problem
and take appropriate majors to solve those problems.
So we can say that strategy needs to proactive to solve those future problem. Proactive strategy
identify the future problem and take necessary steps to solve those future problem.
Re-active manager: Reactive manager refers to those manager who do not think about future
problem. They wait for the problem arrive at and by observing the problem they take necessary
steps to solve the problem.
So we can say that strategy needs to re-active to solve those uncertain problem. Re-active
strategy observe the problem and take necessary steps to solve the problem.
So now we can say that, proactive strategy identify the future problem and take necessary steps
to solve those future problem on the other hand re-active strategy wait for the problem arrive at
and by observing those problem it take necessary steps to solve the problem. So now we can
understand that “Strategy should be partly pro-active and partly re-active”.

2. “Crafting Strategy call for good entrepreneurship”

Answer:
Now we can explain crafting strategy calls for good entrepreneurship.
An entrepreneur should craft a well business strategy to attain goals. There are some reasons
that’s why it called crafting strategy call for good entrepreneurship:
1. A well strategy shape the business that’s why it call for good entrepreneurship.
2. Strategy set a vision where the company needs to head and what its future product-customer-
market-technology focus should be.
3. Strategy set objects and using them as yardsticks for measuring the company’s performance
and progress.
4. Strategy achieve the desired outcomes and move the company along the strategic course that
management has charted.
5. Strategy implement and execute the overall process of an organization.
6. Strategy monitor development and overall process of an organization.
Now we can say that crafting strategy call for good entrepreneurship.

3.1 What is ethics?

Answer:
Ethics in business and management deals with moral issues, beliefs, norms, values arising from
activities performed by managers and employees of the corporation.

3.2 Why a company’s strategy be ethically right?

Answer:
Every strategic decision has a moral consequence. The main aim of business ethics is to provide
people with the means for dealing with the moral complications. Ethical decisions in a business
have implications such as satisfied work force, high sales, low regulation cost, more customers
and high goodwill.
1. Attention to business ethics has substantially improved society.
2. Ethic programs helps maintain a moral course in turbulent times.
3. Ethics programs cultivate strong teamwork and productivity.
4. Ethics programs support employee growth and meaning.
5. Ethics programs are an insurance policy, they help ensure that policies are legal.
6. Ethics programs help avoid criminal acts ‘of omission’ and can lower fines.
7. Ethics programs help manage values associated with quality management, strategic planning
and diversity management.
8. Ethics programs promote a strong public image.
Now we can understand that why a company’s strategy be ethically right.