Business Strategy – Page 4

CSME – Nov 2023 – L2 – Q1 – Business-Level Strategies

Analyze DITA’s strategy consistency with Porter’s six principles of strategic positioning and classify its strategic position.

Question

Adeoye Oladejo was an exceptionally brilliant student. He graduated from the Department of Wildlife and Ecotourism in the Second-Class Upper Division. He was fortunate to undertake his youth service in Lagos with Dovic International Travel Agency (DITA), which apart from sales of tickets and hotel reservations, is reputed for organizing tours for individuals and groups to different parts of the world. By dint of hard work and impressive results in attracting clients to the travel agency, Adeoye was made a sales manager immediately after completing his service year. He held this position for two years, after which he was made a senior operations manager, a position he held before becoming the CEO.

The motto of the company is “service optimized,” and the company is very clear about its primary strategic goal, which is to optimize profit in the short, medium, and long terms. Hence, Adeoye, as the company CEO, undertook a specialized MBA course in International Business Management. He also wrote a book titled Optimizing Profit in International Tourism. In addition, he employed a business manager and an operations manager with very strong backgrounds in financial planning and strategic thinking, apart from the vast experience they acquired in the field of international tourism.

To ensure that DITA remains highly competitive in the global tourism arena, the company has different tourism packages for its clients from all parts of the world. These include cheap airfares, highly-rated hotels at unbelievably low prices, amazing tourist attractions, and the inclusion of rated artists (musicians, comedians, etc.) for the pleasure of their clients. What is quite significant is the fact that DITA has been able to establish excellent working relationships with airlines, hotels, and various service providers in the tourism industry, enabling it to provide world-class services at unbelievably cheap rates that its competitors find difficult to match.

Of course, the services that DITA offers are similar to those of its competitors in the tourism industry, but DITA has been able to introduce special flavors into its packages that render them more attractive than those of its competitors. These include free massages, horse riding, scuba diving, exquisite dinners, welcome parties, limousine airport shuttles, and much more.

However, DITA’s business strategies have trade-offs, which in the short, medium, and long terms offer it some competitive advantage. For instance, it does not offer services to large groups of people exceeding 50 at a time. Thus, it does not offer pilgrimage services. Nonetheless, DITA has become very popular among rated organizations, family groups, groups of friends, and other relatively small teams interested in organized tours to special places worldwide. Another trade-off of DITA’s strategies is that it does not sell travel tickets to individuals, only to groups.

Over two years, the CEO of DITA, in conjunction with the business and operations managers, has successfully established a synergy of all the elements of their business, making them intricately and seamlessly linked together, resulting in great success and a high return on investment for DITA.

To ensure continuity of its strategic direction, DITA organizes periodic training retreats for its staff and sends them on specialized training to enhance their productivity and commitment to the vision, strategic goals, and core values of the company. By doing so, it is systematically creating an impressive organizational culture that is key to its success. Overall, DITA has become a huge success story and a remarkable leader in the international tourism industry.

Required:

a. Discuss how the operations of DITA are consistent with Porter’s six principles of strategic positioning and how individual firms can achieve sustainable competitive advantage. (24 Marks)

b. A business entity can be classified as any one of the FOUR types in terms of strategic position.

i. Identify and briefly explain each of these types. (3 Marks)

ii. To which of these does DITA belong? (3 Marks)

Answer

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Tags: Business Strategy, Competitive Advantage, Organizational Culture, Porter’s Principles, Strategic goals, Strategic Positioning, Trade-offs, Value proposition
Level: Level 2

Topic: Business-Level Strategies

CSME – May 2023 – L1 – SA – Q2 – Risk Management and Corporate Strategy

Exploring risk management through identification, ranking, and stakeholder impacts.

Question

Every business venture has some measure of risk exposure that must be identified, measured, and adequately prepared for. Indeed, each business entity should have in place a good risk management strategy.

As a risk manager, clarify the following in ways that will be comprehensible to a greenhorn in business:

(a) Risk identification. (5 Marks)

(b) Importance of ranking risks. (3 Marks)

(c) Examine the impact of risks on categories of stakeholders. (12 Marks)

Answer

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Tags: Business Strategy, Operational Risks, Risk Identification, Risk Ranking, Stakeholder Impact
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2023

BMF – Nov 2020 – L1 – SA – Q4 – Business and Organizational Structures and Choices

Identify the item that is NOT part of strategic decision-making by the Board of Directors.

Question

Strategic decision making by the Board of Directors includes the following, EXCEPT:
A. Decision to fix appropriate price for the company’s product
B. Setting strategic objectives for the business
C. Decision to withdraw from a market
D. Deciding the major business strategies
E. Setting total borrowing limits for the company

Answer

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Tags: Board of Directors, Business Strategy, Strategic Decision
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2020

CSME – Nov 2016 – L2 – Q7a – Strategic Implementation

Discuss the principle of "Structure follows Strategy" in organizational management.

Question

“Structure follows strategy”. Discuss.

Answer

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Tags: Business Strategy, Coordination, Organizational Structure, Strategy
Level: Level 2

Topic: Strategic Implementation
Series: NOV 2016

CSME – Nov 2016 – L2 – Q5a – Ethics in Business

Explain the four possible ethical stances for a business entity using the Johnson and Scholes model.

Question

With the aid of Johnson and Scholes Model, explain the FOUR possible ethical stances that a business entity should focus on.

Answer

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Tags: Business Strategy, Corporate Governance, Ethical Stances, Johnson and Scholes Model
Level: Level 2

Topic: Corporate social responsibility, Ethics in Business
Series: NOV 2016

CSME – Nov 2016 – L2 – Q3 – Ethics in Business

Evaluate whether the decision to build a retail mega store in Ibadan instead of Lagos is ethical using Tucker's five-question model.

Question

An indigenous company wants to set up a retail mega store in Ibadan, chosen for its population density and lower overhead costs compared to Lagos. In Ibadan, electricity supply is more consistent, and operational costs, including salaries, rent, and transportation, are significantly lower. The move would also result in less environmental impact due to reduced diesel generator use. The local government has approved the project, which will create jobs both during construction and after the store’s completion.

Required:
Using Tucker’s five-question model for ethical decision-making, determine whether the decision to build the store in Ibadan rather than Lagos is ethical. (20 Marks)

Answer

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Tags: Business Strategy, Corporate Social Responsibility, Ethical Decision-making, Tucker's Model
Level: Level 2

Topic: Ethics in Business
Series: NOV 2016

CSME – Nov 2019 – L2 – Q6a – Strategic Planning Process

Defines business strategy and highlights key questions that a five-year business strategy must answer.

Question

(a) Define “business strategy” and highlight EIGHT questions that a five-year business strategy must seek to answer. (5 Marks)

Answer

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Tags: Business Strategy, Organizational Growth, Strategic Planning
Level: Level 2

Topic: Strategic Planning Process
Series: NOV 2019

PM – Nov 2016 – L2 – Q6 – Strategic Management Accounting

This question discusses how firms can monitor buyer bargaining power, reduce threats of new entrants, and reasons for continuing operations in low-return industries.

Question

Michael Porter, in his book “Competitive Advantage: Creating and Sustaining Superior Performance,” suggested that a firm must assess the industry’s market attractiveness by considering the following:

The extent of the rivalry between existing competitors;
The bargaining power of suppliers;
The bargaining power of buyers;
The threat of substitutes; and
The threat of new entrants.

Required:
a. Recommend FIVE factors that should be included in the monitoring system implemented by the firm if a firm wishes to monitor the bargaining power of buyers. (5 Marks)

b. Explain FOUR different methods whereby a firm can reduce the threat of new entrants to an industry. (7 Marks)

c. Explain the reason why firms often continue to operate in an industry that is generating below-normal returns in the short run. (3 Marks)

Answer

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Tags: Bargaining Power of Buyers, Business Strategy, Competitive Advantage, Industry competition, Threat of New Entrants
Level: Level 2

Topic: Strategic Management Accounting
Series: NOV 2016

MGE – May 2018 – L2 – Q1a – Strategic Planning Process

Application of the BCG Matrix for product categorization and strategy development for Zidat Bottling Company.

Question

Zidat Bottling Company has five different products: Zidat Cola, Zidat Orange, Zidat Apple, Zidat Bitters, and Zidat Water. Faced with economic recession in the country, the company consulted you as an expert in business strategic management to advise it on the usefulness of the Boston Consulting Group (BCG) matrix in its efforts to enhance the company’s overall profitability.

i. Discuss the different categories into which Zidat’s products can be grouped and specify how the company should treat each of the product groups in accordance with the specifications of the BCG matrix. (8 Marks)

ii. Discuss the limitations of the BCG matrix. (11 Marks)

iii. Advise the company on whether or not it should adopt the matrix in analyzing the competitive strength of its products to enhance overall profitability. (5 Marks)

Answer

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Tags: Boston Consulting Group Matrix, Business Strategy, Portfolio Management, Product Strategy
Level: Level 2

Topic: Strategic Planning Process
Series: MAY 2018

CSME – Nov 2018 – L2 – Q6 – Corporate Strategy Formulation

Explain the BCG Model with a diagram to analyze a firm's business portfolio, detailing the four product categories.

Question

As part of a training session in strategic management, deploy a diagram to explain how a firm would use the Boston Consulting Group (BCG) model to analyze its business portfolio. Explain each category of products identified in the BCG model.

Answer

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Tags: BCG Model, Business Strategy, Portfolio analysis, Product Categories, Strategic Management
Level: Level 2

Series: NOV 2018

BMIS – Nov 2017 – L1 – Q6b – Finance, R&D, and marketing strategies

Describe situations that would compel an organization to reconsider its marketing efforts.

Question

b) Identify and describe FIVE situations which would compel an organization to give serious consideration to its marketing efforts.
(10 marks)

Answer

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Tags: Business Strategy, Competition, Market Analysis, Marketing Strategy, Sales Decline
Level: Level 1

Topic: Finance, R&D and marketing strategies
Series: NOV 2017

BMIS – Nov 2017 – L1 – Q6a – Finance, R&D, and marketing strategies

Explain the marketing concept, marketing mix, and marketing research in business strategy.

Question

a) Explain the following:
i) Marketing Concept
ii) Marketing Mix
iii) Marketing Research
(10 marks)

Answer

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Tags: Business Strategy, Marketing Concept, Marketing Mix, Marketing Research
Level: Level 1

Topic: Finance, R&D and marketing strategies
Series: NOV 2017

BMIS – Nov 2017 – L1 – Q1c – Introduction to business strategy

Distinguish between a strategic plan and an operational plan in an organization.

Question

c) Good links between operational and strategic planning help in the execution of corporate strategies. However, managers gain from knowing the difference between strategic and operational objectives because this distinction plays a major role in the conversion of an overarching vision into specific tasks.

Required:
Distinguish between a strategic plan and an operational plan.
(5 marks)

Answer

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Tags: Business Strategy, Operational Planning, Organizational Planning, Strategic Planning
Level: Level 1

Topic: Introduction to Business Strategy
Series: NOV 2017

BMIS – May 2017 – L1 – Q2b – Operations strategy

Outline the five stages in the development of a product or service.

Question

b) Knowing where your products or services are in their development cycle will help you determine refinements or adjustments you may need to make to align them with the vision and strategy you have already developed.

Required:
Outline the FIVE stages that are often followed in the development of a product and service. (5 marks)

Answer

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Tags: Business Strategy, Operations, Product Development
Level: Level 1

Topic: Operations strategy
Series: MAY 2017

BMIS – Dec 2023 – L1 – Q1a – Competitive forces and markets

Explains five benefits of forming a strategic alliance in the oil exploration industry.

Question

The Gana Oil Company was granted a license by the government to conduct its own oil explorations and drilling in Ghana. The Chief Executive Officer (CEO) on realizing the nature and the risks involved in the explorations and drilling venture decided to form an alliance with Emi Explorations International to implement the venture.

Required:

Explain FIVE (5) benefits Gana Oil Company will gain from the CEO’s decision.

Answer

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Tags: Business Strategy, Oil Exploration, Risk Reduction, Strategic Alliance
Level: Level 1

Topic: Competitive forces and markets
Series: DEC 2023

BMIS – Aug 2022 – L1 – Q5b – Competitive advantage and strategic direction

Explains Michael Porter's three generic strategies for gaining competitive advantage.

Question

Michael Porter identified three broad generic strategies which he asserted an organisation can utilise to gain competitive advantage over other firms.

Required:

Explain these THREE (3) generic strategies.

Answer

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Tags: Business Strategy, Competitive Advantage, Generic Strategies
Level: Level 1

Topic: Competitive advantage and strategic direction
Series: AUG 2022

BMIS – Nov 2020 – L1 – Q5b – Competitive advantage and strategic direction

Identifies and explains the four grand growth strategies based on the Ansoff Growth Matrix.

Question

The Ansoff Growth Matrix is a tool which is used in generating corporate-level growth strategies for an organization. The use of the matrix results in four possible grand growth strategies available to an organization.

Required:

Identify and explain these FOUR (4) grand growth strategies.

Answer

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Tags: Ansoff Matrix, Business Strategy, Growth Strategies
Level: Level 1

Topic: Competitive advantage and strategic direction
Series: NOV 2020

BMIS – Nov 2015 – L1 – Q1 – The external environment, Introduction to business strategy

Discuss environmental scanning and strategic planning, and outline the strategic planning process.

Question

Before an organisation can begin strategy formulation, there is the need to scan the external environment to identify possible opportunities and threats and its internal environment for strengths and weaknesses.

Explain the following:
a) Environmental scanning. (3 marks)
b) Strategic planning. (3 marks)
c) Outline the strategic planning process. (14 marks)

Answer

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Tags: Business Strategy, Environmental Scanning, Strategic Planning, Strategic Process
Level: Level 1

Topic: Introduction to Business Strategy, The external environment
Series: NOV 2015

Question Tag: Business Strategy

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CSME – Nov 2023 – L2 – Q1 – Business-Level Strategies

Analyze DITA’s strategy consistency with Porter’s six principles of strategic positioning and classify its strategic position.

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CSME – May 2023 – L1 – SA – Q2 – Risk Management and Corporate Strategy

Exploring risk management through identification, ranking, and stakeholder impacts.

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BMF – Nov 2020 – L1 – SA – Q4 – Business and Organizational Structures and Choices

Identify the item that is NOT part of strategic decision-making by the Board of Directors.

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CSME – Nov 2016 – L2 – Q7a – Strategic Implementation

Discuss the principle of "Structure follows Strategy" in organizational management.

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CSME – Nov 2016 – L2 – Q5a – Ethics in Business

Explain the four possible ethical stances for a business entity using the Johnson and Scholes model.

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CSME – Nov 2016 – L2 – Q3 – Ethics in Business

Evaluate whether the decision to build a retail mega store in Ibadan instead of Lagos is ethical using Tucker's five-question model.

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CSME – Nov 2019 – L2 – Q6a – Strategic Planning Process

Defines business strategy and highlights key questions that a five-year business strategy must answer.

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PM – Nov 2016 – L2 – Q6 – Strategic Management Accounting

This question discusses how firms can monitor buyer bargaining power, reduce threats of new entrants, and reasons for continuing operations in low-return industries.

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MGE – May 2018 – L2 – Q1a – Strategic Planning Process

Application of the BCG Matrix for product categorization and strategy development for Zidat Bottling Company.

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CSME – Nov 2018 – L2 – Q6 – Corporate Strategy Formulation

Explain the BCG Model with a diagram to analyze a firm's business portfolio, detailing the four product categories.

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BMIS – Nov 2017 – L1 – Q6b – Finance, R&D, and marketing strategies

Describe situations that would compel an organization to reconsider its marketing efforts.

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BMIS – Nov 2017 – L1 – Q6a – Finance, R&D, and marketing strategies

Explain the marketing concept, marketing mix, and marketing research in business strategy.

You're reporting an error for "BMIS – Nov 2017 – L1 – Q6a – Finance, R&D, and marketing strategies"

BMIS – Nov 2017 – L1 – Q1c – Introduction to business strategy

Distinguish between a strategic plan and an operational plan in an organization.

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BMIS – May 2017 – L1 – Q2b – Operations strategy

Outline the five stages in the development of a product or service.

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BMIS – Dec 2023 – L1 – Q1a – Competitive forces and markets

Explains five benefits of forming a strategic alliance in the oil exploration industry.

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BMIS – Aug 2022 – L1 – Q5b – Competitive advantage and strategic direction

Explains Michael Porter's three generic strategies for gaining competitive advantage.

You're reporting an error for "BMIS – Aug 2022 – L1 – Q5b – Competitive advantage and strategic direction"

BMIS – Nov 2020 – L1 – Q5b – Competitive advantage and strategic direction

Identifies and explains the four grand growth strategies based on the Ansoff Growth Matrix.

You're reporting an error for "BMIS – Nov 2020 – L1 – Q5b – Competitive advantage and strategic direction"

BMIS – Nov 2015 – L1 – Q1 – The external environment, Introduction to business strategy

Discuss environmental scanning and strategic planning, and outline the strategic planning process.

You're reporting an error for "BMIS – Nov 2015 – L1 – Q1 – The external environment, Introduction to business strategy"

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