Strategic Management Interview Questions with Answers
Question: 1. Define Strategic Management.
Answer:
Strategic control is the process wherein managers set up an agency’s lengthy-time period route, set the particular overall performance objectives, develop strategies to attain these goals and undertake to execute the chosen movement plans.
Question: 2. Define The Strategy:
Answer:
Strategy is a blueprint of all of the crucial entrepreneurial, aggressive and functional vicinity movements which can be to be taken in pursuing organizational targets and positioning the organisation for sustained success and exhibits how the centered results might be completed.
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Question 3. Enumerate Some Characteristics Of Strategic Management.
Answer:
• it’s far a combination of strategy system and method implementation;
• it’s miles the highest degree of managerial interest;
• it’s far performed with the aid of an company’s CEO (Chief Executive Officer) and executive crew;
• it gives basic path to the agency.
Question: four. What Specific Entrepreneurial Aspects Include The Strategy Formation Process?
Answer:
• searching actively for innovative approaches the business enterprise can enhance on what it’s far already doing;
• ferreting out new possibilities for the organization to pursue;
• growing methods to boom the firm’s aggressive energy and placed it in a stronger role to deal with competitive forces;
• devising methods to constructed and hold a aggressive advantage;
• identifying a way to meet threatening external trends;
• encouraging people in the course of the company to put forth modern proposals and championing those who have promise;
• directing resources away from areas of low or diminishing outcomes toward regions of high or increasing results;
• identifying while and how to diversify;
• deciding on which businesses (or merchandise) to abandon, which of the persevering with ones to emphasizes, and which new ones to go into or add.
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Question five. What Involves The Strategic Management Function?
Answer:
The strategic management feature at once involves all managers with line authority on the company, line-of-commercial enterprise, useful area, and important operating branch stages.
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Question 6. Which Are The Steps Of Strategic Management?
Answer:
• specifying an enterprise’s objectives;
• developing regulations an plans to obtain those goals;
• allocating sources to put into effect the guidelines.
Question: 7. How Is Strategy Formulation Process Referred Sometimes?
Answer:
• figuring out in which you’re now;
• determining in which you need to head,
• figuring out the way you get there.
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Question eight. What Involves The Strategy Implementation?
Answer:
• allocation of enough assets (financial, employees, time, generation support),
• setting up a chain of command or some opportunity structure,
• assigning responsibility of specific obligations or strategies to specific people companies,
• it also involves managing the system (monitoring outcomes, comparing to benchmarks and fine practices, evaluating the efficacy and efficiency of the manner, controlling for variances, making modifications to the method as important),
• enforcing specific applications, which means acquiring the needful sources, growing the system, schooling, technique trying out, documentation and integration with legacy technique.
Question: nine. Which Are The Components Of Strategic Management?
Answer:
• defining the organization’s business and developing a strategic venture,
• setting up strategic targets and overall performance targets,
• formulating a method to gain the goals,
• enforcing an executing the selected strategic plan,
• evaluating strategic overall performance and making corrective modifications.
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Question 10. What Is A Strategic Mission?
Answer:
the control’s view of what the business enterprise are searching for to do and to come to be over the lengthy-time period is the company’s strategic management.
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Question eleven. What Is Formulating A Strategy Reveal?
Answer:
Formulating a approach reveals how the centered effects can be accomplished
– a detailed action plan is vital to achieve each brief-run and long-run effects.
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Question 12. What Means Strategy Implementation And Execution?
Answer:
Strategy implementation and execution approach placing the approach into region and getting individuals and organizational subunits to head all out in executing their responsibilities inside the subsequent step. The leadership’s challenge is to so stimulate the passion, pride and dedication of managers and personnel as a way to carry out the selected approach and to acquire the targeted results.
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Question thirteen. Enumerate The Most Important Strategic Objectives:
Answer:
• the market role and competitive standing the employer goals to attain;
• the yearly profitability objectives;
• key financial and operating consequences to be performed thru the selected sports;
• another milestones by using which strategic success may be measured.
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Question 14. What Does Strategy Formulation Involve?
Answer:
Strategy system entails doing a scenario evaluation: each internal and external; each micro-environmental and macro-environmental, placing the goals by crafting imaginative and prescient statements, challenge statements, standard company objectives, strategic commercial enterprise unit goals and tactical targets that advise the strategic plan.
Question: 15. Which Are The Characteristics Of The Strategic Management Process?
Answer:
• managers do no longer necessarily undergo the collection in rigorous lock-step fashion.
• the responsibilities worried in strategic control are by no means remoted from everything else that falls a manager’s purview,
• the needs that strategy control places on the supervisor’s time are abnormal,
• formulating and implementing strategy have to be seemed as some thing this is ongoing and that evolves.
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Question 16. What Are The Ways Through Which The Pricing Strategy Can Be Matched With Value Proposition?
Answer:
To suit the pricing approach with the strong proposition the agency needs to have a strong message that needs to be despatched to the marketplace. The product desires to be constant with the price and the offerings need to be particularly properly. The cost proposition is required and it wishes to have operational efficiency and the fee require the competitiveness. The fee is such that it’s far neither excessive nor low but it matches precisely the price of the product. Low price sends incorrect message to the clients approximately the product. The fee method is such that it requires imparting proper services to the proper clients.
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Question 17. What Are The Steps Involved In Strategic Marketing Process?
Answer:
Strategic advertising involves the improvement of the prospects and communique with the clients to promote and manipulate the services furnished to the clients. The steps concerned are as follows:
– Develop the approach to marketplace the product to numerous clients
– Creation of gear and approaches to enforce the product
– Generating of the messages and coping with the customers in step with their involvement with the customers
– Using tools to develop the approach into implementation
– Recruiting humans for the improvement phase and for advertising and marketing of the product after it’s miles constructed.
– Selecting the right dealer to whom the product desires to be sold.
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Question 18. What Are The Different Types Of Values Used In Value Proposition Of Marketing Strategy?
Answer:
Strategic advertising consists of many key factors however out of those the most critical key element is the value proposition. This is used to show the cost of the product that is being marketed to the client. This includes three varieties of values and these are as follows:
– OPERATIONAL EXCELLENCE: this focuses particularly on the product and its charge. This offers the customer the first-rate price in the marketplace in order to be inexpensive to them and imparting desirable features in the goods as properly.
– PRODUCT LEADERSHIP: this makes a speciality of the satisfactory of the goods. Every patron wishes the product to be precise and of excessive excellent in order that the manufacturing can be expanded of that product within the market. This brings the competitiveness within the marketplace to launch the excellent best product and promote it.
– CUSTOMER INTIMACY: this attention on the power of the products. Customers are drawn to the products that have high customization options and provide solutions to their problems.
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Question 19. What Are The Steps Involved In Competitive Positioning Strategy?
Answer:
Competitive positioning strategy is needed in every enterprise and it is the inspiration of the business. This allows the modern generation for use and make bigger the enterprise dynamically with the growing demand for the new merchandise via the clients. The steps worried are:
– Select the ideal profile to marketplace your commercial enterprise: this includes the documentation approximately the competition and positioning of them inside the market.
– Determining the sort/level of the marketplace the enterprise is in. This includes the types as introductory, increase, mature, or declining degree.
– Segmenting marketplace to recognize the overall problem tiers of the market and questioning from the purchaser’s point of view.
– Listing the desires of the clients and giving them what they need.
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Question 20. What Are The Steps Involved In Dealing With Market Competition?
Answer:
It is hard to cope with market competition as it is dynamically converting and include lots of changes that want to be integrated if a enterprise has to survive. The steps worried on this are as follows:
– Evaluate the competition and the competitors.
– List down the competitors that are within the equal business profile as your business.
– List down the answers which might be being supplied with the aid of them and not by means of you.
– Rate the commercial enterprise in step with the listing which you have organized and find out the direct competitors on the premise of performance, product management and purchaser dealings.
– Stake your commercial enterprise’s position in market and become aware of the place where you may grow and placed down the opponent.
– Determine the weak areas of the business achieved with the aid of the competitors and locate the opportunity to fulfill the requirements earlier than different competition.
– Define the price proposition for the business.
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Question 21. How Does The Brand Strategy Followed By The Company?
Answer:
Brand is a name or a image that represents one employer tremendously from some other agency or brand. This brand lets in the purchaser to have agree with on the services you provide. It consists of the emblem or the slogan of the business enterprise that make the customer to have consider on you. The logo interacts with the consumer’s everyday and it will likely be along with the following components:
– Images this is conveyed the use of the emblem
– The messages that is used to sell your product using the brand
– Representing of the personnel interacting with the clients.
Question: 22. Why Is Branding Crucial For The Company?
Answer:
Branding is required by means of the enterprise to promote the goods and services to the marketplace. It may be very critical component to stay in competition. It brings the competitive aspect as well as price proposition inside the marketplace and allows the employer to grow extra. The brand permits the customer to have believe on you and the manufacturers that are particular catches the eye of the clients. This represents the valuable time that client put to have something to your store. The logo generates the sales for the company and makes the organisation stand within the market by myself.
Question: 23. What Is The Best Neutral Case In Strategic Marketing?
Answer:
The quality herbal case is related to the strategic marketing and relies upon at the customer’s prospects and what the organization is delivering to them. The clients in this case have the best consistent view and influence of the product of the company. This is the case wherein you deliver the product to the patron and consumer consumes it. It allows you to close the deal greater speedy because of the prospects which you have is in reality conveying your perspectives and ideas. This is the manner you could ask the clients to believe you and pay you for the offerings which you are imparting to them.
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Question 24. What Is The Worst Case Scenario In Strategic Marketing?
Answer:
The worst case state of affairs explains the brand strategy which you observe. It indicates the communique with the clients when the corporation doesn’t have something to show and provide them. The clients can’t be satisfied as at this level the business enterprise doesn’t have whatever to show to them and there may be no emblem approach that exists. To compete with the high-quality agencies across the logo approach need to be robust and it must have very near prospective clients. In this situation the income received from the clients are very less because of the reality that there is no proper marketing of that particular product.
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Question 25. What Are The Strategies Required To Attract Customers?
Answer:
The techniques required by means of the companies to draw greater customers are as follows:
– Developing of the brand method with some advantages that desires to be supplied with the product
– Listing all of the features and advantages for the goods and the services which might be related to it.
– Convincing customers for the product through imparting them features and a evaluation among all of the different agencies just like yours.
– Showing them the blessings with a purpose to attract a larger birthday celebration.
– Identifying their needs and making emotional attachments with them to sell your products to them.
– Building strategies to tap the emotions of the clients and show them the fine for your product.
Question: 26. What Are The Distribution Channels That Exist While Marketing The Product?
Answer:
Distribution Channels are the pathways that permit the companies to sell their services and products to the larger range of clients or to quit-customers. There are exceptional channels that exist from single to more than one and those can include the following:
– Direct/income team: that is the crew that gets employed and they may be specialized in both one or many different products in step with the client’s requirements.
– Direct/internet: This is the direct selling via the net after putting in place your very own save on-line.
– Wholesaler/distributor: Company buying the goods in bulk and reselling them to the outlets at smaller volumes.
– Consultant: allows the connection to increase with companies and that they provide the offerings which can be superior. They can have an impact on the customer to shop for the product.
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Question 27. What Is The Relationship In Direct To End Users?
Answer:
Direct to stop users signifies that the services and the goods will be to be had without delay, on demand to the end user. The income group of the organisation continually talks to the customers and try to convince them to shop for the product from the company without delay. This direct to stop person doesn’t contain in any sale instead the product is being sold through the organisation at once to the purchasers by having an online shop. This can be completed by using having numerous advertising campaigns regarding the organization’s product and various distribution channels to distribute the strategy. The campaigns may be placed up on exceptional web sites or on those websites that want to promote with the aid of taking some earnings in it.
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Question 28. What Can Be Done To Sell A Product Through A Var (cost Added Reseller) Dealer Network?
Answer:
The selling of the product may be performed with the aid of promoting it without delay to the agency that comes in geographical network of the supplier. The provider bundles the product with the service this is being supplied with it and promote it to the give up consumer. The cease person has the option now to re-promote the product again. The supplier that provider the company is known as the cost added product. This product has the valued delivered of the reseller of the product. The dealers are the customers which can be buying your product. The support that is given to run their advertising campaigns and substances may also be useful in growing the income.
Question: 29. What Are The Steps Required To Have A Good Distribution Program?
Answer:
Good distribution application focuses on the end user wishes and to create the sort of software following steps need to be followed:
– Find the offerings which can be required by way of the user and may be utilized on a neighborhood provider network
– Find the reseller program that provide those services and may be used to customize the options by using the consumer.
– Allow the consumer to have various alternatives to create his customization like providing e-commerce internet site to fulfill the rising demand of the clients. Allow customers to sell directly their product by way of having an easy alternative for personalisation.
– Building a plan to have a specialized team to appearance after the requirement of the customers and close the offers in keeping with the conversation with the deals at once.
– Understanding the want and delivering it consistent with the marketplace programs to maximize the income and the sales.
Question: 30. What Is The Best Case In Generating The Revenue By Using Good Distribution Program?
Answer:
When one or more distribution channels are used then the revenue will also develop fast if the requirement of the client is met and the person will be interested in the services which are being furnished via your commercial enterprise. This way more cease customers may be reached to percentage the information concerning the offerings and their desires on-line. If the clients are reached via wholesalers, different channel partners then the product may be marketed to greater humans, this manner greater sales may be generated and the program may be advertised to more clients.
Question: 31. What Are The Distribution Strategies To Be Adopted To Deliver The Services?
Answer:
The distribution strategy is the principle a part of the advertising in which the product desires to be brought to the customers and the right services want to be supplied for the growth of purchaser’s marketplace. The cease customers that require records about the corporation and the product are the great match and that they can be dealt immediately through a sales force.
A channel may be built of qualified resellers and experts to offer convincing fees for the market via seeing the size of the market the patron wants to set up.
The promote may be direct if the buying system could be known and the client’s wishes are recognized inside the subject of wholesale/retail structure.
Question: 32. What Is The Purpose Of Building A Channel?
Answer:
Building a channel is a notable manner to allow the clients to have believe on you and your offerings this is being provided with the product. The constructing of a channel includes having one or extra companions worried in a commercial enterprise and promoting the product as a collaborative entity.
This technique is good for small markets and the intention is to provide services and reviews to the customers to convince them to shop for the goods.
Building a channel additionally lets in the meeting of the larger purpose to be simpler and may be achieved in very much less time. This doesn’t require lots of the training and promotions of the events may be supported very effortlessly. This additionally lets in in increment of the sales and attracting more customers.
Question: 33. What Are Minimizing Price Conflicts In Strategic Marketing?
Answer:
Minimize price conflicts is utilized in multiple channels wherein the price at each step is mapped out from the clients channel and encompass a honest profit for all the individuals who are concerned on this. The comparison of the fees is being finished that the stop person has to pay. Users can have many companions to select from to shop for at the bottom feasible charge. This from time to time turns into the concern for many companions who are concerned in buying and selling in their very own product or in the same market as others. This war which is likewise known as pricing conflict and it is commonplace in advertising and marketing, but it is able to wreck your method of promoting the product.
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Question 34. Describe The “four Ps” In Marketing Related To Pricing?
Answer:
Price in advertising and marketing includes the 4 Ps this is product, charge, region, and promoting. The marketers within the business enterprise never get worried directly with the pricing. This pricing is having many brief and long term factors. These elements are as follows:
– Reflecting the price to the competitors and considering the pay for the presenting of the purchaser.
– Enabling the revenue and marketplace shares to attain out to the clients.
– Maximizing the earnings and supplying the offerings that is supplied by using your commercial enterprise simplest.
– Making a stronger strategy to convey greater customers via giving them aggressive analysis
Question: 35. What Are Ways In Which Revenues And Profits Can Be Maximized?
Answer:
There are three distinctive ways wherein the revenues and the earnings may be maximized by using changing the price approach which the organizations are having. The ways or strategies are as follows:
– HIGHEST PRICE: companies have a tendency to lessen the hourly rate to benefit greater customers.
– Companies generally tend to hire more consultants for the organisation’s strategy.
– AVERAGE PRICE: companies costs a premium charge for a product or the product that doesn’t have earnings producing capabilities. Small costs are set to growth the revenues and income for a product and general for a agency.
– LOWEST PRICE: this is being finished while the marketplace of the product could be very down and clients are very much less for the business. The corporation fails to keep operational efficiency and cost.
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