Download IGNOU MMPC 012 Solved Free Assignment 2023 Pdf

MMPC-012

Managerial Economics

MMPC 012 solved Free Assignment 2023

MMPC 012 Solved Free Assignment January 2023

IGNOU MBA Assignment 2023

Q 1. What is the process of strategic management? Explain.

Ans. Strategic management is the process of planning, executing, and evaluating an organization’s goals and objectives in order to achieve long-term success and sustainability.

It involves making decisions and taking actions that align with the organization’s mission, vision, and values, and that effectively utilize its resources to create a competitive advantage.

The process of strategic management typically includes several key steps, which are outlined below.

Environmental Analysis: The first step in strategic management is to conduct a comprehensive analysis of the external environment in which the organization operates. MMPC 012 Solved Free Assignment 2023

This includes identifying and evaluating factors such as industry trends, competitor analysis, customer needs and preferences, technological advancements, economic conditions, legal and regulatory factors, and social and cultural influences.

The purpose of this analysis is to gain an understanding of the opportunities and threats that may impact the organization’s performance and to identify potential areas for strategic focus.

Internal Analysis: After analyzing the external environment, the next step is to conduct an internal analysis of the organization’s strengths, weaknesses, resources, and capabilities.

This includes assessing the organization’s current performance, evaluating its core competencies, identifying its key assets and liabilities, and understanding its organizational culture and structure. MMPC 012 Solved Free Assignment 2023

This analysis helps the organization identify its unique strengths and weaknesses, which can inform the development of its strategic goals and objectives.

Goal Setting: Once the external and internal analyses are complete, the organization sets its strategic goals and objectives. These are the desired outcomes that the organization aims to achieve over the long term.

Goals should be specific, measurable, achievable, relevant, and time-bound (SMART) to ensure that they are clear and actionable.

Strategic goals should align with the organization’s mission, vision, and values, and should be challenging yet realistic to motivate and guide the organization towards success.

Strategy Formulation: After setting the strategic goals, the organization formulates strategies to achieve them. MMPC 012 Solved Free Assignment 2023

Strategies are the broad plans and actions that outline how the organization will allocate its resources to achieve its goals.

They provide a roadmap for the organization’s future direction and serve as a guide for decision-making at all levels of the organization.

Strategies can be formulated at different levels, including corporate, business unit, and functional levels, and may involve various approaches such as market penetration, market development, product development, diversification, and cost leadership, among others.

Strategy Implementation: Once the strategies are formulated, the organization begins to implement them.

This involves translating the strategies into specific action plans, assigning responsibilities and resources, and executing the plans effectively.

Strategy implementation requires effective leadership, coordination, communication, and monitoring to ensure that the organization is on track towards achieving its strategic goals. MMPC 012 Solved Free Assignment 2023

It may involve changes in organizational structure, systems, processes, and culture to align with the strategic direction.

Strategic Control: Strategic control is the process of monitoring and adjusting the organization’s progress towards achieving its strategic goals.

It involves measuring actual performance against planned targets, identifying any deviations, and taking corrective actions to get back on track.

Strategic control helps the organization to stay focused on its strategic objectives, identify any issues or challenges that may arise during implementation, and make timely adjustments to ensure that the strategies remain relevant and effective.

Evaluation and Learning: After the strategies have been implemented and the organization has been operating under the strategic plan for a certain period of time, it is important to evaluate the outcomes and learn from the process.

Evaluation involves assessing the results achieved against the strategic goals and objectives, analyzing the reasons for success or failure, and identifying areas for improvement. MMPC 012 Solved Free Assignment 2023

Learning from the strategic management process helps the organization to refine its strategies, build on successes, and address weaknesses in future strategic planning cycles.

Strategic Renewal: As the external environment and internal dynamics of the organization change over time, it is necessary to periodically review and renew the strategic plan.

This may involve conducting another round of environmental and internal analysis, revisiting the strategic goals and objectives, and updating the strategies accordingly.

Strategic renewal ensures that the organization remains agile and adaptable in a constantly changing business landscape, and that its strategic management process remains relevant and effective in achieving long-term success.

In summary, the process of strategic management involves several interrelated steps, including environmental analysis, internal analysis, goal setting, strategy formulation, strategy implementation, strategic control, evaluation and learning, and strategic renewal.

These steps are not necessarily linear, and the process may require iterations and adjustments along the way. MMPC 012 Solved Free Assignment 2023

Strategic management is a dynamic and ongoing process that requires continuous monitoring, evaluation, and adaptation to ensure that the organization remains competitive and successful in achieving its strategic objectives.

Q 2. Describe the process for analyzing the external environment.

Ans. Analyzing the external environment is a critical step in the strategic management process.

It involves scanning and evaluating the factors and forces that exist outside the organization, but have the potential to impact its performance and success.

By understanding the external environment, an organization can identify opportunities to capitalize on and threats to mitigate, which can inform its strategic decisions and actions.

The process for analyzing the external environment typically involves the following steps:

Identifying the Relevant External Factors: The first step in analyzing the external environment is to identify the factors and forces that are relevant to the organization. MMPC 012 Solved Free Assignment 2023

These may vary depending on the industry, market, or geographical location in which the organization operates.

Common external factors include economic conditions, technological advancements, social and cultural influences, legal and regulatory factors, competitive forces, and customer preferences.

It is important to identify the most significant and relevant external factors that are likely to impact the organization’s performance and strategic choices.

Collecting Data and Information: Once the relevant external factors are identified, the next step is to collect data and information about these factors.

This may involve conducting research, gathering market intelligence, analyzing industry reports, monitoring industry trends, and obtaining data from reliable sources such as government agencies, industry associations, and market research firms.

Data and information collected should be comprehensive, accurate, and up-to-date to ensure that the analysis is based on reliable and relevant information.

Analyzing External Factors: After collecting the data and information, the next step is to analyze the external factors. This involves evaluating their impact on the organization’s performance and strategic choices.

One commonly used framework for analyzing the external environment is the PESTEL analysis, which stands for Political, Economic, Social, Technological, Environmental, and Legal factors. MMPC 012 Solved Free Assignment 2023

PESTEL analysis provides a systematic approach to understanding how these factors may influence the organization’s operations, opportunities, and challenges.

For each factor, the organization should assess its current and future impact, as well as the level of uncertainty and risk associated with it.

Political Factors: These include government policies, regulations, and political stability that may impact the organization’s operations, such as taxes, trade policies, labor laws, and political events.

Economic Factors: These include economic conditions such as GDP growth, inflation rates, interest rates, exchange rates, and consumer spending that may impact the organization’s demand, costs, and profitability.

Social Factors: These include societal trends, cultural norms, demographic changes, and consumer preferences that may impact the organization’s customer behavior, market demand, and reputation.

Technological Factors: These include technological advancements, innovations, and disruptions that may impact the organization’s processes, products, and competitive advantage.MMPC 012 Solved Free Assignment 2023

Environmental Factors: These include environmental regulations, sustainability concerns, and climate change that may impact the organization’s operations, reputation, and social responsibility.

Legal Factors: These include laws, regulations, and legal disputes that may impact the organization’s operations, compliance, and liability.

Assessing Industry and Competitive Forces: In addition to the PESTEL analysis, organizations should also assess the industry and competitive forces that exist in their specific market or industry.

This can be done using frameworks such as Porter’s Five Forces analysis, which includes the following:

Bargaining Power of Suppliers: This refers to the suppliers’ ability to influence the organization’s costs, quality, and availability of inputs.

Bargaining Power of Buyers: This refers to the buyers’ ability to influence the organization’s prices, products, and services.

Threat of New Entrants: This refers to the likelihood of new competitors entering the market and disrupting the organization’s market share and profitability.

Threat of Substitute Products or Services: This refers to the likelihood of alternative products or services replacing the organization’s offerings.

Intensity of Competitive Rivalry: This refers to the level of competition within the industry, including the number of competitors, their size, and their competitive strategies.MMPC 012 Solved Free Assignment 2023

By assessing the industry and competitive forces, organizations can understand the competitive landscape and the opportunities and threats that exist in the market.

This information can inform the organization’s strategic decisions, such as entering new markets, developing competitive strategies, and identifying potential collaboration or partnership opportunities.

Identifying Opportunities and Threats: Once the external factors and industry forces are analyzed, the next step is to identify the opportunities and threats that may arise from the external environment.

Opportunities are favorable conditions or trends that can be capitalized on to achieve the organization’s strategic objectives, while threats are unfavorable conditions or trends that can pose risks or challenges to the organization’s performance and success.

Opportunities may include emerging markets, technological advancements, changing consumer preferences, or favorable regulatory changes, while threats may include intense competition, economic downturns, changing customer preferences, or regulatory challenges.

Prioritizing Opportunities and Threats: After identifying the opportunities and threats, the next step is to prioritize them based on their potential impact on the organization and their alignment with the organization’s strategic objectives.

Organizations should assess the magnitude of impact, the likelihood of occurrence, and the level of uncertainty associated with each opportunity or threat.

This prioritization process can help organizations focus their resources and efforts on the most significant opportunities and threats that are most relevant to their strategic goals and objectives.

Formulating Strategic Responses: Once the opportunities and threats are prioritized, the next step is to formulate strategic responses to capitalize on the opportunities and mitigate the threats. MMPC 012 Solved Free Assignment 2023

Strategic responses may include developing new products or services, entering new markets, forming strategic alliances, optimizing operations, leveraging technology, improving customer experience, enhancing brand reputation, or addressing regulatory challenges.

The strategic responses should align with the organization’s overall strategic objectives and should be carefully evaluated in terms of their feasibility, impact, and risks.

Monitoring and Updating the External Environment: Finally, analyzing the external environment is an ongoing process that requires continuous monitoring and updating.

The external factors and industry forces may change over time, and new opportunities and threats may arise.

Therefore, organizations should establish a systematic process to monitor the external environment on an ongoing basis, gather updated data and information, reassess the impact of external factors, and review and update their strategic responses accordingly.

This iterative process ensures that organizations stay agile and adaptive to changes in the external environment and can make informed strategic decisions.

Q 3. Explain the Resource Based View Model in light of the resources being the key to support the organizational performances.

Ans. The Resource-Based View (RBV) model is a strategic management concept that emphasizes the importance of an organization’s resources as a key driver of its performance and competitive advantage.

According to RBV, an organization’s resources, including tangible and intangible assets, capabilities, and competencies, are unique and valuable, and they play a crucial role in determining the organization’s ability to achieve and sustain superior performance in the long term.MMPC 012 Solved Free Assignment 2023

RBV suggests that not all resources are created equal, and the strategic value of resources depends on their characteristics and how they are combined and leveraged by the organization.

Resources that are rare, valuable, difficult to imitate, and non-substitutable (referred to as VRIN resources) can provide a sustainable competitive advantage to the organization, leading to superior performance and long-term success.

In light of the RBV model, resources are viewed as the foundation of an organization’s competitive advantage.

They can enable organizations to differentiate themselves from competitors, create barriers to entry for new entrants, and enhance their ability to adapt and respond to changes in the external environment.

Let’s delve into the RBV model in detail and explore how resources are key to supporting organizational performance.

Identification and Acquisition of Resources: The RBV model emphasizes the importance of identifying and acquiring resources that are valuable, rare, difficult to imitate, and non-substitutable.

This involves conducting a thorough internal analysis of the organization’s resources and capabilities to identify its strengths and weaknesses.

Resources can be classified into tangible resources such as physical assets (e.g., land, buildings, machinery), financial resources (e.g., cash, investments), and intangible resources such as patents, trademarks, brand reputation, technological know-how, organizational culture, and human capital (e.g., skills, knowledge, expertise of employees).MMPC 012 Solved Free Assignment 2023

Once the resources are identified, organizations need to acquire and develop them strategically to enhance their competitive advantage.

This may involve investing in research and development, acquiring new technologies or patents, attracting and retaining top talent, building strong brand reputation, or establishing strategic partnerships or alliances.

The key is to align the acquisition and development of resources with the organization’s strategic objectives and goals.

Resource Integration and Complementary: The RBV model emphasizes that resources are not independent entities but are interconnected and need to be integrated and complemented effectively to create value and achieve superior performance.

This involves aligning the resources with the organization’s strategy, culture, and structure to ensure that they work together synergistically.

Resource integration can be achieved through various mechanisms such as organizational processes, systems, and routines that facilitate the coordination and collaboration among different resources.

For example, an organization with strong technological capabilities may need to integrate these capabilities with marketing and sales capabilities to effectively commercialize its products or services.

Similarly, human capital resources need to be integrated with appropriate organizational culture and leadership practices to create a cohesive and high-performing workforce.MMPC 012 Solved Free Assignment 2023

Resource complementarity involves identifying and leveraging the synergies that exist among different resources. This may involve identifying how different resources can support and enhance each other’s effectiveness and efficiency.

For example, a strong brand reputation can complement marketing and advertising efforts, while a skilled and knowledgeable workforce can complement the organization’s innovation capabilities.

Resource integration and complementarity are critical in leveraging the full potential of resources and creating a sustainable competitive advantage.

Resource Heterogeneity and Immutability: The RBV model posits that resources should be heterogeneous and not easily replicable by competitors to create a competitive advantage.

Heterogeneity refers to the uniqueness and differences in the resources possessed by different organizations. MMPC 012 Solved Free Assignment 2023

It implies that not all organizations have the same set of resources or capabilities, and those that possess unique and valuable resources have a competitive advantage over others.

Resource immutability refers to the stability and durability of resources over time. It implies that resources should not be easily imitated or substituted by competitors, as this would diminish their strategic value.

Organizations need to identify and develop resources that are difficult to replicate or substitute to maintain a sustainable competitive advantage.

To ensure resource heterogeneity and immutability, organizations can focus on developing resources that are deeply embedded in their unique organizational culture, history, and context. MMPC 012 Solved Free Assignment 2023

These resources are difficult for competitors to replicate, as they require time, effort, and specific conditions to develop.

Additionally, organizations can invest in resources that are protected by legal or regulatory barriers, such as patents or trademarks, to prevent competitors from easily imitating them.

Resource Leveraging and Dynamic Capabilities: The RBV model highlights the importance of leveraging resources and capabilities to achieve superior performance.

This involves utilizing resources strategically to exploit opportunities, mitigate risks, and respond to changes in the external environment.

Organizations need to have dynamic capabilities, which refer to their ability to adapt and change their resources and capabilities in response to changing market conditions and competitive pressures.

Resource leveraging requires organizations to be proactive and agile in identifying and capitalizing on opportunities in the external environment.

This may involve using resources to develop new products or services, enter new markets, or respond to customer needs and preferences.

Organizations also need to be able to use their resources to mitigate risks, such as changes in technology, regulations, or market dynamics, that may threaten their competitive advantage.MMPC 012 Solved Free Assignment 2023

Dynamic capabilities are critical in today’s rapidly changing business landscape, as organizations need to continuously adapt and evolve to remain competitive.

This may involve investing in learning and development initiatives, fostering a culture of innovation, and encouraging experimentation and flexibility in decision-making.

Organizations with strong dynamic capabilities are better positioned to identify and seize new opportunities, address challenges, and stay ahead of the competition.

Performance Measurement and Feedback: The RBV model highlights the importance of measuring and evaluating the performance of resources and capabilities to ensure their effectiveness and contribution to organizational performance.

Organizations need to establish performance metrics and feedback mechanisms to monitor the performance of their resources and capabilities regularly.

This can help identify areas where resources are not performing optimally and need improvement or realignment with the organization’s strategic objectives.

Performance measurement and feedback can also help organizations identify the impact of their resources on overall organizational performance.

By analyzing the relationship between resources, capabilities, and performance, organizations can identify patterns, trends, and areas of improvement.

This feedback loop can help organizations make informed decisions about resource allocation, development, and leveraging strategies to optimize organizational performance.MMPC 012 Solved Free Assignment 2023

In summary, the Resource-Based View (RBV) model emphasizes the critical role of resources in supporting organizational performance and competitive advantage.

Organizations need to identify and acquire resources that are valuable, rare, difficult to imitate, and non-substitutable.

These resources should be integrated and complemented effectively, and organizations need to have the capabilities to leverage and adapt their resources to changing market conditions.

Performance measurement and feedback are crucial in ensuring the effectiveness of resources and capabilities in driving organizational performance.

By adopting the RBV model, organizations can strategically manage their resources to create and sustain a competitive advantage, leading to superior organizational performance in the long term.

MMPC 012 Assignment Question Pdf

Q 4. Describe the various factors involved in formulating the competitive strategy.

Ans. Formulating a competitive strategy is a critical process for organizations seeking to achieve a sustainable competitive advantage in the marketplace.

It involves a careful analysis of internal and external factors that can influence an organization’s competitive position.MMPC 012 Solved Free Assignment 2023

Industry Analysis: One of the primary factors in formulating a competitive strategy is a thorough analysis of the industry in which the organization operates.

This includes understanding the industry’s structure, competitive forces, and dynamics.

Factors such as the level of competition, market size, growth rate, and entry barriers can significantly impact an organization’s competitive position.

Organizations need to assess the competitive landscape, including the strengths and weaknesses of existing competitors, potential new entrants, substitute products or services, and the bargaining power of suppliers and customers.

By understanding the industry dynamics, organizations can identify opportunities and threats that can influence their competitive strategy.

For example, in a highly competitive industry, organizations may need to focus on cost leadership or differentiation strategies to gain a competitive edge, while in a niche market, a focus strategy may be more appropriate.

Internal Analysis: An organization’s internal resources, capabilities, and strengths play a crucial role in shaping its competitive strategy.

Organizations need to assess their internal factors, including their financial resources, technological capabilities, human capital, organizational culture, and brand reputation. MMPC 012 Solved Free Assignment 2023

This assessment helps organizations understand their core competencies and unique capabilities that can be leveraged to gain a competitive advantage.

Organizations should identify their strengths and weaknesses relative to competitors, and opportunities to improve or enhance their internal resources and capabilities.

For example, if an organization has strong research and development capabilities, it may pursue an innovation-based differentiation strategy.

On the other hand, if an organization has efficient production processes and economies of scale, it may opt for a cost leadership strategy.

Customer Analysis: Understanding customers and their needs is crucial in formulating a competitive strategy. Organizations need to analyze their target customers, their preferences, buying behavior, and expectations.

This involves conducting market research, analyzing customer data, and gathering customer feedback to identify patterns, trends, and opportunities.

Organizations should strive to deliver superior customer value by aligning their competitive strategy with customer needs.

This may involve developing unique value propositions, understanding customer pain points, and providing innovative solutions that differentiate the organization from competitors. MMPC 012 Solved Free Assignment 2023

By identifying and meeting customer needs, organizations can build customer loyalty, gain a competitive advantage, and achieve long-term success.

SWOT Analysis: SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a common tool used in strategic management to assess an organization’s internal strengths and weaknesses, as well as external opportunities and threats.

SWOT analysis helps organizations identify their competitive advantages and disadvantages, as well as potential opportunities and risks in the external environment.

Organizations should conduct a comprehensive SWOT analysis to identify their strengths that can be leveraged, weaknesses that need to be addressed, opportunities that can be capitalized upon, and threats that need to be mitigated.

This analysis serves as a foundation for formulating a competitive strategy that aligns with the organization’s internal and external factors.

Innovation and Technology: Innovation and technology play a crucial role in shaping an organization’s competitive strategy.

Organizations need to continually innovate to stay ahead of the competition, adapt to changing customer needs, and capitalize on emerging opportunities.

This may involve investing in research and development, adopting new technologies, and fostering a culture of innovation within the organization.

Innovation can lead to new products, services, processes, or business models that can differentiate an organization from competitors and provide a competitive advantage. MMPC 012 Solved Free Assignment 2023

Organizations need to assess their innovation capabilities, technological expertise, and readiness to adopt new technologies to formulate a competitive strategy that leverages innovation and technology effectively.

Strategic Alliances and Partners hips: Strategic alliances and partnerships can be an important factor in formulating a competitive strategy.

Organizations can form strategic alliances or partnerships with other firms to leverage each other’s strengths, resources, and capabilities, and gain a competitive advantage in the market.MMPC 012 Solved Free Assignment 2023

Strategic alliances can take various forms, such as joint ventures, collaborations, licensing agreements, or distribution partnerships.

Organizations should carefully assess potential partners’ capabilities, reputation, and strategic fit to determine the most suitable alliances or partnerships.

These alliances can provide access to new markets, technologies, distribution channels, or resources, which can enhance an organization’s competitive position.

Human Capital: Human capital, or the skills, knowledge, and expertise of an organization’s workforce, is a critical factor in formulating a competitive strategy.

The capabilities and performance of employees can significantly impact an organization’s competitive advantage.

Organizations need to assess their human capital in terms of skills, expertise, motivation, and alignment with the organization’s strategic objectives.

Organizations should invest in the development and retention of key talent, provide opportunities for skill enhancement, and create a supportive work environment to foster employee engagement and productivity.

Organizations should also align their human capital strategies with their overall competitive strategy to ensure that the workforce is equipped to execute the strategic objectives effectively.MMPC 012 Solved Free Assignment 2023

Marketing and Branding: Marketing and branding are important factors in formulating a competitive strategy.

Organizations need to effectively market their products or services, differentiate their offerings from competitors, and build a strong brand image that resonates with customers.

This involves developing effective marketing strategies, conducting market research, understanding customer preferences, and creating compelling value propositions.

Organizations should also invest in branding efforts to build a strong brand image that represents the organization’s values, promises, and quality.

A strong brand can differentiate an organization from competitors, create customer loyalty, and contribute to long-term competitive advantage.

Financial Resources: Financial resources are essential for organizations to implement their competitive strategy effectively.

Organizations need to assess their financial strength, funding capabilities, and access to capital to support their strategic objectives.

This includes analyzing the organization’s financial statements, cash flow, profitability, and funding sources.MMPC 012 Solved Free Assignment 2023

Organizations should ensure that they have the necessary financial resources to implement their competitive strategy, whether it involves investing in research and development, marketing efforts, strategic alliances, or other initiatives.

A lack of financial resources can hinder an organization’s ability to execute its strategic objectives and compete effectively in the market.

Risk Management: Risk management is a crucial factor in formulating a competitive strategy. Organizations need to identify and mitigate various risks that can impact their competitive position.

This includes assessing and managing risks related to the industry, competitors, market dynamics, regulatory changes, technology disruptions, financial risks, and other uncertainties.MMPC 012 Solved Free Assignment 2023

Organizations should develop risk management strategies and contingency plans to address potential risks and challenges.

By effectively managing risks, organizations can minimize potential disruptions to their competitive strategy and ensure that they are well-prepared to navigate uncertain situations.

Q 5. Discuss different types of strategic controls with respect to the strategy of an organization.

Ans. Strategic controls are mechanisms that organizations use to monitor, evaluate, and adjust their strategic plans and activities to ensure that they are on track to achieve their strategic objectives.

Strategic controls play a crucial role in the strategic management process as they provide feedback and information to top management regarding the effectiveness and progress of the organization’s strategic initiatives.

There are several types of strategic controls that organizations can utilize to manage their strategic plans and ensure their successful implementation.

Premise Control: Premise control is the type of strategic control that focuses on evaluating the underlying assumptions or premises on which an organization’s strategic plan is based. MMPC 012 Solved Free Assignment 2023

It involves assessing the validity and relevance of the assumptions made during the strategic planning process.

Premise control helps organizations to ensure that their strategic plans are based on accurate and up-to-date information and assumptions that are aligned with the external environment and internal capabilities of the organization.

For example, if an organization’s strategic plan assumes that the market demand for its products will continue to grow at a certain rate, premise control would involve regularly reviewing and validating this assumption to ensure its accuracy.

Strategic Surveillance Control: Strategic surveillance control involves continuously monitoring and scanning the external environment to identify any changes, opportunities, or threats that may impact the organization’s strategic plans.

It includes monitoring factors such as market trends, customer preferences, competitor actions, regulatory changes, technological advancements, and other relevant external factors. MMPC 012 Solved Free Assignment 2023

Strategic surveillance control helps organizations to stay informed about changes in the external environment and make necessary adjustments to their strategic plans to remain competitive and responsive to external changes.

Implementation Control: Implementation control is the type of strategic control that focuses on monitoring the progress and performance of the organization’s strategic initiatives during the implementation phase.

It involves comparing the actual results against the planned objectives, targets, and milestones to identify any deviations and take corrective actions.

Implementation control helps organizations to ensure that their strategic plans are being executed as intended and that any issues or challenges are addressed in a timely manner.

It may involve regular performance reviews, progress reports, and feedback mechanisms to track the progress of strategic initiatives and make adjustments as needed.

Strategic Milestone Control: Strategic milestone control involves setting specific milestones or checkpoints along the timeline of the strategic plan to assess the progress and achievements of strategic initiatives.

These milestones are predetermined targets or objectives that serve as indicators of progress towards the overall strategic goals.

Strategic milestone control helps organizations to break down their strategic plans into smaller, manageable milestones, and evaluate the progress at each milestone.

It allows organizations to identify any delays or deviations from the planned timeline and take corrective actions to ensure that the strategic initiatives stay on track.

Special Alert Control: Special alert control is a type of strategic control that is triggered by unexpected events or crises that can impact the organization’s strategic plans. MMPC 012 Solved Free Assignment 2023

These events may include sudden changes in the external environment, unexpected competitor actions, financial crises, natural disasters, or other unforeseen events.

Special alert control involves developing contingency plans, response strategies, and emergency measures to address these unexpected events and minimize their impact on the organization’s strategic plans.

It requires quick decision-making, flexibility, and adaptability to respond effectively to unexpected situations.

Strategic Review Control: Strategic review control involves conducting regular reviews and assessments of the organization’s strategic plans to evaluate their effectiveness, relevance, and alignment with the organization’s overall goals and objectives.

It involves analyzing the outcomes, results, and performance of the strategic initiatives and comparing them against the planned objectives.

Strategic review control helps organizations to identify any gaps, areas of improvement, or changes needed in the strategic plans to ensure their continued effectiveness and relevance.

It may involve formal strategic review meetings, performance evaluations, and strategic audits to assess the overall strategic performance of the organization.

Cultural Control: Cultural control is a type of strategic control that focuses on managing and aligning the organizational culture with the strategic objectives of the organization. MMPC 012 Solved Free Assignment 2023

Organizational culture refers to the shared values, beliefs, norms, and behaviors that shape the way employees think, act, and interact within the organization.

Cultural control ensures that the organizational culture is supportive of the strategic goals and initiatives of the organization, and that it fosters the desired behaviors and mindset among employees.

It involves regular assessments of the organizational culture, identifying any gaps or misalignments with the strategic objectives, and taking corrective actions to reinforce the desired culture.

Financial Control: Financial control is a type of strategic control that focuses on managing the financial resources of the organization to support the implementation of the strategic plan.

It involves monitoring and evaluating the financial performance of the organization, including revenues, expenses, profits, cash flow, and other financial indicators.

Financial control ensures that the financial resources are allocated effectively and efficiently to support the strategic initiatives, and that the financial performance is in line with the strategic objectives.

It may involve budgeting, financial reporting, financial analysis, and financial risk management to ensure that the organization’s financial resources are managed effectively.

Operational Control: Operational control is a type of strategic control that focuses on managing the operational activities of the organization to ensure the smooth implementation of the strategic initiatives.

It involves monitoring and evaluating the day-to-day operations, processes, and procedures of the organization to ensure that they are aligned with the strategic objectives. MMPC 012 Solved Free Assignment 2023

Operational control ensures that the operational activities are carried out efficiently, and any issues or challenges that may impact the strategic initiatives are identified and addressed in a timely manner.

It may involve performance monitoring, process improvement, quality control, and operational risk management to ensure that the operational activities are aligned with the strategic plan.

Human Resource Control: Human resource control is a type of strategic control that focuses on managing the human capital of the organization to support the implementation of the strategic plan.

It involves monitoring and evaluating the performance, skills, capabilities, and development of employees to ensure that they are aligned with the strategic objectives.

Human resource control ensures that the organization has the right talent, skills, and capabilities to execute the strategic initiatives, and that the employees are motivated and engaged in achieving the strategic goals.

It may involve performance management, talent development, succession planning, and employee engagement initiatives to ensure that the human resources are aligned with the strategic plan.MMPC 012 Solved Free Assignment 2023

IGNOU MMPC 001 Solved Free Assignmen

IGNOU MMPC 002 Solved Free Assignment

MMPC 008 Solved Free Assignment

Click to rate this post!
[Total: 1 Average: 5]

Leave a Comment

error: Spam Protection !!