MNG3701 EXAM PACK 2016

EXAM TIPS Strategic 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) © 2016 Together We Pass. All rights reserved. pg. 2 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