4 Part

Reflect on your Competitive Strategic Management studies to date and prepare a brief report on the
personal and professional value you will gain by studying strategic management theory and practices.
Helps asses best strat based on changing mkt conditions like penetration, mkt/product development.
Emp.ma know how and when to perform tasks. Business policies by well defined long-term obj.
optimum allocation and utilization of resources. Evaluate outcomes of strategies and compare against
benchmark. Asses competitors and increase revenue.
Answer: To begin with, I believe that Strategic management is simply long-term o=plans for achieving
goals and objectives. If followed and implemented properly, it will add value to both personal and
professional life.
Now, one by one I would like to highlight the value that I would gain by studying strategic management
concepts.
Professional Value:
Through studying strategic management I would definitely get to know concepts which an organization
can implement and make itself profitable and competitive.
Corporate Vision and Mission: Vision is a statement having long-term goals and mission is statements of
activities to achieve that vision. For example, if the previously given case Pots and Pans could had a
vision, ‘To be Malaysia’s number one multinational kitchen utensil brand in five years’. To achieve this
vision they could have mission statement,’ To maintain top-notch quality, quickest response to customer
demands and thriving on change are our edge’.
Through knowing concepts about vision and mission, upon joining an organization I may create or alter
vision and mission of any particular organization if needed.
Frameworks to Analyze Competitiveness: While studying strategic management I observed how to use
frameworks in order to analyze nature of competitiveness of a company. I would like to mention two of
them. They are:
PESTLE Analysis: This framework helps business to evaluate its competitiveness in terms of Political,
Economical, Social, Technological and Environmental aspects. If I need to do market research for my
company/ the company I’m working in, then I may conduct PESTLE analysis for a particular area or even
a country. For example, if I were a marketing head of Pots and Pans which is the given case, while
entering Bangladeshi market I would definitely have used this analysis. Additionally, I would have
evaluated aspects from reviewing political aspects (weather any political unrest is going on or not),
income of Bangladeshi people, Bangladeshi people’s preferences, lifestyle, Bangladesh’s technological
development (internet availability, depth of digitization) and weather resources are environmentally
viable or not.
Porter’s Five Forces Model: Through analyzing the five forces, I may apply it in the organization I would
work in. With the help of this I may know facts of what the competitors are doing and overall industry’s
position within a country. Also, I may try to take advantage of my company’s strengths by identifying
opportunities or threats through more/less bargaining powers of buyers/suppliers and available
substitutes.
Understanding of Internationalization: In my professional life, if my company were to go from being a

local company to an international company I would definitely apply my knowledge of strategic
management and try to identify best mode to enter a foreign market. For example, if I work in any
automobile company outside Bangladesh and want to enter Bangladeshi market, I believe the best
mode of entering would be ‘Joint Venture’. Popular companies like- ‘Maroti- Suzuki’, ‘ero-Honda’ etc.
automobile companies have entered into Bangladeshi market in joint ventures and after a few years
continued their business operations individually. This can also be reflected use of ‘Global Alliance’
strategy to enter in a foreign market.
Business and Functional Level Strategies: Further, I can apply my knowledge for when and what strategy
to apply at business and functional levels of an organization. For example, with the speedy changes in
technologies I would try to focus on product differentiation weather it is by introducing a new
service/new product feature. On the contrary, I may use cost leadership if I see my product/services are
highly elastic in demand and try to penetrate market by keeping competitive price range.
Additionally, if my company were to expand its operations to another country or launch a new
product/service within home country, then I would bring out my strategic skills across departments of
the organization. For example, if my company launches a new product then I would consult finance and
marketing heads for their investment insights and market demand research, gather human resources for
forecasting needed workers, align with manufacturing and logistics department for timely deliveries,
consult accounts for variable and fixed assets reports to ensure viability and combining all these I would
put these to implement.
The above are my professional achievement from studying strategic management.
Personal Life: I believe that I can get value by applying strategic concepts in personal life. Till present
date, I prefer to imply the following concepts:
Vision and Mission: In my personal view, I believe that vision is simply a dream with a date and mission
are the steps to achieve it. For example, I am currently doing my MBA and I want pursue a PHD degree
as well. For this I would set this dream of mine with a date as I would acquire my PHD win next five
years. To gain this vision I would make my mission as to complete my MBA, do a part time job to save
some money, search for a foreign university and go for achieving PHD.
SWOT Analysis: As an individual for any specific aspect I can conduct SWOT analysis on myself to know
my strengths and weaknesses.

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Reflect on your Competitive Strategic Management studies to date and prepare a brief report on the

Understanding of Internationalization: In my professional life, if my company were to go from being a

The above are my professional achievement from studying strategic management.

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