1.

Strategic plan
Strategic plans are common with businesses, nonprofits, and government organizations. They act
as a compass for the organization and are typically a one-page document. A strategic plan is a
clear road map for where the organization wants to be, and includes its core focus areas and
actions.
A.BENEFITS OF MANAGEMENT COURCE FOR MY LIFE
1. Improved my Communication Skills
Clear communication is important to my success, but not every person communicates the same
way. Being unable to adapt to and manage multiple communication styles can lead to lower
employee engagement and poor team performance.
In management course, I can learn how to communicate in ways that enable to influence multiple
audiences within my organization—from my team members to key decision-makers. Similarly, I
can acquire important communication tactics that empower your employees to work toward
shared goals.
2. Personalized Feedback and Self-Evaluation
Receiving personalized feedback from your superiors can be one of the most valuable career
development opportunities, helping you understand your strengths, weaknesses, and greatest
opportunities for growth. Yet, when received on the job, these evaluations can be tainted by the
relationships you already have with your colleagues.
A high-quality management training course should include personalized feedback from other
professionals who are not biased by a preexisting relationship. Their only concern is helping you
improve your abilities as a manager. The course should teach you how to evaluate yourself,
practice self-reflection, and evaluate your progress—both in class and in the office, ensuring you
keep your skills sharp.
3. Deeper Understanding of the Role of a Manager

A manager’s primary goal is to be an effective implementer—someone who coordinates the

actions of others to accomplish organizational goals and objectives. Managers perform a wide
array of daily tasks, but their fundamental function is to get things done with and through others.
 An aspect of management that is sometimes underestimated is the ability to mentor and guide
employees. Although 78 percent of people think having managerial mentors in the workplace is
important, only 37 percent of professionals report having one, which means continuing your
management education is more important than ever.
 The Benefits of Strategic Management
Discharges Board Responsibility
The first reason that most organizations state for having a strategic management process is that it
discharges the responsibility of the Board of Directors.
Forces an Objective Assessment
Strategic management provides a discipline that enables the board and senior management to
actually take a step back from the day-to-day business to think about the future of the
organization. Without this discipline, the organization can become solely consumed with
working through the next issue or problem without consideration of the larger picture.
Provides a Framework for Decision-Making
Strategy provides a framework within which all staff can make day-to-day operational decisions
and understand that those decisions are all moving the organization in a single direction. It is not
possible (nor realistic or appropriate) for the board to know all the decisions the executive
director will have to make, nor is it possible (nor realistic or practical) for the executive director
to know all the decisions the staff will make. Strategy provides a vision of the future, confirms
the purpose and values of an organization, sets objectives, clarifies threats and opportunities,
determines methods to leverage strengths, and mitigate weaknesses (at a minimum). As such, it
sets a framework and clear boundaries within which decisions can be made. The cumulative
effect of these decisions (which can add up to thousands over the year) can have a significant
impact on the success of the organization. Providing a framework within which the executive
director and staff can make these decisions helps they better focus their efforts on those things
that will best support the organization’s success.
Supports Understanding & Buy-In
Allowing the board and staff participation in the strategic discussion enables them to better
understand the direction, why that direction was chosen, and the associated benefits. For some
people simply knowing is enough; for many people, to gain their full support requires them to
understand.
 Enables Measurement of Progress
A strategic management process forces an organization to set objectives and measures of
success. The setting of measures of success requires that the organization first determine what is
critical to its ongoing success and then forces the establishment of objectives and keeps these
critical measures in front of the board and senior management.
Provides an Organizational Perspective
Addressing operational issues rarely looks at the whole organization and the interrelatedness of
its varying components. Strategic management takes an organizational perspective and looks at
all the components and the interrelationship between those components in order to develop a
strategy that is optimal for the whole organization and not a single component.
 APPLICATION OF STRATEGIC
Businesses have to implement an application strategy to make sure their software meets the
needs of the company and supports its goals. Software applications can help people throughout
the company perform their tasks efficiently and achieve planned results. To do this effectively,
companies have to coordinate the functions of their applications and develop plans to let them
work together. Such strategies streamline the use of software applications and detail how the
company can use software in the most efficient way possible. Small businesses can stretch
their resources by integrating software functions with an effective application strategy.
B. Strategic management provides overall direction by developing plans and policies designed to
achieve objectives and then allocating resources to implement the plans. Ultimately, strategic
management is for organizations to gain a competitive edge over their competitors.
2. Describe the four building blocks of strategic management and how it related to strategic
management process?
 The four generic building blocks are nearly identified with each other. Since it lessens waste, the
time spent settling imperfections, and the expense of after-deals administration and bolster,
accomplishing unrivaled quality has a critical positive effect on productivity. Additionally,
insofar as unrivaled quality is esteemed by customers, it expands the organization's client
responsiveness. Plus, development in both items and techniques can upgrade proficiency,
quality, and client responsiveness. For instance, process developments, for example, Toyota's
lean creation framework, can all the while expand proficiency and quality. Additionally, the
capacity to quickly create imaginative new items builds an organization's capacity to serve its
 clients. At long last, it is vital to remember that attaining to unrivaled effectiveness, quality, and
development are all piece of accomplishing predominant client responsiveness. Answer:
 The role of top management is totally discriminating in attaining to each of these objectives. It is
top administration's assignment to set testing proficiency, quality, development, and
responsiveness objectives and to convey the significance of these objectives to others in the
association
4a. A sustainable competitive advantage occurs when an organization acquires or develops an
attribute or combination of attributes that allows it to outperform its competitors. These attributes
can include access to natural resources or access to highly trained and skilled personnel human
resources. It is an advantage (over the competition), and must have some life; the competition
must not be able to do it right away, or it is not sustainable. It is an advantage that is not easily
copied and, thus, can be maintained over a long period of time. Competitive advantage is a key
determinant of superior performance, and ensures survival and prominent placing in the market.
Superior performance is the ultimate, desired goal of a firm; competitive advantage becomes the
foundation. It gives firms the ability to stay ahead of present or potential competition and ensure
market leadership.
These four criteria for judging a firm’s resources are:
1. Are they valuable? (Do they enable a firm to devise strategies that improve efficiency or
effectiveness?)
2. Are they rare? (If many other firms possess it, then it is not rare.)
3. Are they imperfectly imitable (because of unique historical conditions, causally ambiguous,
and/or are socially complex)?
4. Are they non-substitutable? (If a ready substitute can be found, then this condition is not met?
4b. A competitive advantage is an attribute that enables a company to outperform its
competitors. This allows a company to achieve superior margins compared to its competition and
generates value for the company and its shareholders.
A competitive advantage must be difficult, if not impossible, to duplicate. If it is easily copied or
imitated, it is not considered a competitive advantage.

5. Stakeholder
 A stakeholder is a party that has an interest in a company and can either affect or be affected by
the business. The primary stakeholders in a typical corporation are its investors, employees,
customers, and suppliers. However, with the increasing attention on corporate social
responsibility, the concept has been extended to include communities, governments, and trade
associations.
 Typical stakeholders are investors, employees, customers, suppliers, communities, governments,
or trade associations. An entity's stakeholders can be both internal and external to the
organization.
6. Five major types of external forces that should be examined as part of an external audit is,
1) Economic forces - level of disposable income,
2) Social, cultural, demographic and environmental forces - immigration and emigration rates
3) Political, governmental and legal forces - voter participation rates
4) Technological forces and - technological advancements
5) Competitive forces potential moves a competitor could make.
Impact strategy
Strategic plans act as a roadmap that helps businesses to achieve the grand vision of their owners
and top-level executives in practical ways. Changing an organization's strategy can change the
way the organization operates, altering everything from organizational structure to the daily
routines of employees.
7. In Porter's model, the five forces that shape industry competition are
1. Competitive rivalry
This force examines how intense the competition is in the marketplace. It considers the number
of existing competitors and what each one can do. Rivalry competition is high when there are
just a few businesses selling a product or service, when the industry is growing and when
consumers can easily switch to a competitor's offering for little cost. When rivalry competition is
high, advertising and price wars ensue, which can hurt a business's bottom line.
2. The bargaining power of suppliers
This force analyzes how much power a business's supplier has and how much control it has over
the potential to raise its prices, which, in turn, lowers a business's profitability. It also assesses
the number of suppliers of raw materials and other resources that are available. The fewer
supplier there are, the more power they have. Businesses are in a better position when there are
multiple suppliers.
3. The bargaining power of customers
This force examines the power of the consumer, and their effect on pricing and quality.
Consumers have power when they are fewer in number but there are plentiful sellers and it's easy
for consumers to switch. Conversely, buying power is low when consumers purchase products in
small amounts and the seller's product is very different from that of its competitors.
4. The threat of new entrants
This force considers how easy or difficult it is for competitors to join the marketplace. The easier
it is for a new competitor to gain entry, the greater the risk is of an established business's market
share being depleted. Barriers to entry include absolute cost advantages, access to inputs,
economies of scale and strong brand identity.
5. The threat of substitute products or services
This force studies how easy it is for consumers to switch from a business's product or service to
that of a competitor. It examines the number of competitors, how their prices and quality
compare to the business being examined, and how much of a profit those competitors are
earning, which would determine if they can lower their costs even more. The threat of substitutes
is informed by switching costs, both immediate and long-term, as well as consumers' inclination
to change.
Regarded as the most expressive in Porter's 5 forces model, the rivalry between competitors is
the major determining factor for market competitiveness.