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MNG3702 EXAM PACK 2023.
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MNG3702 EXAM PACK 2023.
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,Strategic ImplementationEXAM
TIPS
Questions and AnswersStrategic Management-MNG3701/3702
1. Knowledge vs. Understanding
Knowledge is when only theory is provided, which will account for 50% mark allocation.
Students are required to demonstrate an understanding the concept by showing how it is/could
be applied in practical context
2. Critical Thinking
There is a difference between “Discuss and Critically discuss”. To be critical entails “the
judgement of the value of the concept, justification of its use in context”.
3. Writing and Self assessments
“Writing is an act of thinking”. The exam is an essay-type, therefore students are required to
practice their writing and not merely rely of “memorising” the theory in the textbook. Ten marks
will be allocated for ten or more full sentences relevant to the question, no bullets points. Use
assignment feedback for reference
Exam Tips:
a) Read the case study twice or thrice if time is on your side, read and understand, highlight
on the key points in the case study.
b) In answering questions in the case study make sure you use examples in the case study
to support your answer and argument.
,c) Read, understand the question and highlight the key words to be addressed in the
question.
d) Be precise and answer the question as asked. Avoid waffling.
e) Mark allocation is also critical as it will determine how much information you should
provide. If you have time you are more than welcome to exhaust your answers
f) The use of practical examples is very important, your knowledge on current affairs will
be put to test
g)
, MNG3701: EXAM REVISION
PACK 2016
LEARNING UNIT 1- INTRODUCTION TO STRATEGIC MANAGEMENT
Define the concept of strategy and briefly explain its relationship to strategic
management.
Strategy:
✓ Its generally seen as the result or outcome of fundamentally important pre-emptive,
innovative management decisions about an organisation‘s strategic direction and
strategic action plans to attain a sustainable competitive advantage and achieve its long-
term objectives in rapidly changing and competitive external business
✓ is the direction provided by the actions and decisions of strategists in pursuit of
organisational goals.
✓ a deliberate choice of activities
✓ coherent narrative about the future direction of the organisation
✓ provides members of the organisation with a framework to guide their decision making
✓ the verbalisation of the organisation‘s aspirations and can inspire, unite and motivate
members of the organisation
Critically differentiate between the concepts of strategy, strategic planning and strategic
management.
Strategy
✓ Strategy is the art of aligning the company’s strategies in order to out-compete one’s
competitors in a rival business market with a view to achieving the desired competitive
advantage by ensuring that all the relevant departments within the firm are receiving
similar information and training.
✓ Strategies are incorporated into the business as the tools to improve the business’s
current plans and adapt to new and vibrant procedures which are guaranteed to take
the business to the next level, where it is rising above its fellow-similar-product-
basedcompanies and also to ensure that sustainability is incorporated in the new
strategic formulation procedures as it, (sustainability) ensures secured future of a
business in a competitive rival business environment.
✓ Similarly, Leopold and Harris, (2009), define strategy as, ‘the pattern emerging over
time in an organization as actions, (of both planned and unplanned nature), are carried
out to enable the organization as a whole to carry it into the future’.
© 2016 Together We Pass. All rights reserved.
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