Mid Term Question
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MGT603 GDB NO. 1 FALL 2021 |
Title: “The Role of Imagination in Strategic Management”
Scenario:
Albert Einstein acknowledged as one of the
greatest physicists of all times, said: “Imagination is more important
than knowledge. For knowledge is limited to all we know and understand, while
imagination embraces the entire world, and all there ever will be to know and
understand”.
Required:
In the light of the above statement by Albert
Einstein, you being a strategic manager are required to answer the following
question: Do you agree or disagree with this statement in the light of the
strategic management concepts like the vision statement, mission statement, and
SWOT analysis? Provide strong justifications for your choice backed by the
concepts of Strategic Management. The word limit for each answer is 150 words.
Student’s
Guide:
Keep your
discussion within the scope of questions and scenarios. Irrelevant answers and
material will not be graded.
Solution:
As a Strategic Manager, I am agreeing with this
statement in light of the strategic management concepts like the vision statement,
mission statement, and SWOT analysis.
Strategic
formulation means a strategy formulated to execute the business activities.
Strategy formulation includes developing:
Vision and
Mission
The target of the business
Strength and
Weakness
Strong points of business and also a weakness
Opportunities
and Threats
These are related to the external environment for
the business.
Some
strategy formulation steps are as follows:
Ø
Allocation of resources
Ø
Business to enter or retain
Ø
Business to divest or liquidate
Ø
Joint ventures or mergers
Ø
Whether to expand or not
Ø
Moving into foreign markets
Ø
Trying to avoid takeover
Strategic
management tries to bring together quantitative and qualitative information.
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