Question

Question (strategic management)
What involves the strategic management function?
(a) What does formulating a strategy reveals?
(b) Identify any two functions of a management information system.

Answer 1

Strategic management is a process of analyzing business environment then formulating vision, mission along with budget and programs , implementing the set objectives of strategic business development , evaluation and strategic control in a highly competitive market by large corporations.

Strategic functions may include developing macro level analysis, external threat profile, organizational capabilities profile, SWOT matrix, Industry analysis, value chain analysis, balanced score card etc.

Formulating strategy  revels that organization is working against competitive forces prevalent in the marketplace. It offers tactics to be implemented against the move of competitors. For example, Samsung involves in analyzing the features of Apple, Xiomi Phone etc.

Management information system has following important functions,

1) Decision Making through analysis of data available in official records

2) A centralized system where data and information can be stored

3) Integration of various departments under one head of MIS

4) It improves communication within organization

5) Customer relationship can be built