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MGT603 Strategic Management - Assignment No. 1 solution

Saturday, October 22, 2011 Posted In Edit This
Semester “Fall 2011”
“Strategic Management (MGT603)”
Assignment No. 1                                            Marks:  15

Let us suppose that you are the Managing Director of “Antillia Network”, a popular TV  channels group. In a meeting of its Board of Directors, it is decided to launch a new sports  channel in Pakistan to telecast major indigenous and international sports events. As the  Managing Director of the group, you are entrusted with the responsibility of launching  this new sports channel. 

You are required to identify any seven “Key External Factors” which may influence the launching and functioning of your upcoming channel.



Important Tips
1. This Assignment  can be best attempted from the knowledge acquired after 
watching video lecture no. 01 to lecture no. 09 and reading handouts as well as  recommended text book).  
2. Video lectures can be downloaded for free from Online VU Lectures.

Schedule
Opening Date  Oct 21st, 2011
Due Date  Oct 28th, 2011

Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned due date is usually  available to overcome uploading difficulties which may be faced by the students on last date.  This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.


Solution:



After you line up financing, find a suitable location, hire staff and organize a potentially successful business plan, you must turn to external factors to effectively predict your future. There are a slew of factors to take into consideration that usually are beyond your control. While you may have contingency plans in place to deal with outside influences that affect your business, sometimes the best you can do is improvise when they occur.


Economy
The global economy is one of the biggest external factors that will, at some time, affect your business. Market fluctuations based on politics, terrorism attacks, wars and currency devaluation eventually trickle down to most commercial enterprises.

Finance
Wall Street and the solvency of big banks and financial institutions may not seem to have much to do with your business, but eventually they may affect your ability to continue doing business. Interest rates, the availability of credit and consumer loans are external factors you rarely can control.

Weather
If man could control the weather, vacation resorts would know exactly when to charge the highest room rates. Storms, tornadoes, hurricanes and wildfires are outside your purview of controllable business factors. In addition to the direct impact a storm may have on your ability to open your doors at any given time, widespread weather events often carry a substantial trickle-down effect to a wide range of businesses.

Infrastructure
Zoning laws, highway construction and housing development are particularly important to retail establishments, restaurants, manufacturers and other businesses that rely on a location for success. Changes in the local infrastructure may prove either disastrous or fortuitous to your company.

Laws
State, local or federal changes in the laws can have a direct impact on your business if the service or product becomes highly regulated or outlawed. Cigarette manufacturers learned this lesson when public smoking was outlawed in many areas and smoking indoors has become practically nonexistent. Government regulations such as those that affect the environment or communication are beyond your control and could have a direct impact on your business.

Trends
While you may spend a good part of your profits on marketing in the hopes of favorably influencing trends, some are beyond your control. An increase in technology use by your customers may be built into your strategic planning, but you may not have planned for the widespread use of social media that could affect your business. Celebrities who become advocates for a cause or decide to boycott a certain business practice can start a trend that could seriously affect your business if you're on the wrong side of the trend.

Customer Base
Your target customer base may change suddenly or slowly over a period of time. The changing makeup of your neighborhood that attracts more singles or young renters can affect your business for example if you cater to a more upwardly mobile, family-oriented customer base. Cultural implications of a changing neighborhood may affect your business negatively or positively depending on your ability to meet the needs of changing demographics.

Another Solution:

Let us suppose that you are the Managing Director of “Antillia Network”, a popular TV channels group. In a meeting of its Board of Directors, it is decided to launch a new sports channel in Pakistan to telecast major indigenous and international sports events. As the Managing Director of the group, you are entrusted with the responsibility of launching this new sports channel.

You are required to identify any seven “Key External Factors” which may influence the launching and functioning of your upcoming channel.

Solution:

Key External Factors

Social – how consumers, households and communities behave and their beliefs. For instance, changes in attitude towards health, or a greater number of pensioners in a population.

Legal – the way in which legislation in society affects the business. E.g. changes in employment laws on working hours.

Economic – how the economy affects a business in terms of taxation, government spending, general demand, interest rates, exchange rates and European and global economic factors.

Political – how changes in government policy might affect the business e.g. a decision to subsidies building new houses in an area could be good for a local brick works.

Technological – how the rapid pace of change in production processes and product innovation affect a business.

Ethical – what is regarded as morally right or wrong for a business to do. For instance should it trade with countries which have a poor record on human rights

:::::::::::::::::::::

Q#1: A Shoe manufacturing company wants to transfer its manual working system into computerized basedinformation system. Suppose you are in the design team 


who is developing a technology based information system.
What factors would you consider while developing a new system? Mention at least five factors.


Solution:


7 key external factors...........????????
Racial equality
Average level of education
Government regulation
Attitudes toward customer service
Attitudes toward product quality
Energy conservation
Social responsibility
Value placed on leisure time
Recycling
Waste management
Air & water pollution
Ozone depletion
Endangered species


Waste management
Air & water pollution
Ozone depletion
Endangered species
::::::::::::::::::::::


Another Solution:



Mgt603 solution


A major responsibility of strategists is to ensure development of an effective external-audit system. This includes using information technology to devise a competitive intelligence system that works. The external audit approach described in this Lecture can be used effectively by any size or type of organization.


For this scenario, Key External Factors will be Key external Factors:


 Racial equality
 Average level of education
 Government regulation
 Energy conservation
 Social responsibility
 Value placed on leisure time
 Attitude towards product quality


Aforementioned factors can influence our new TV channel.


::Explanation::


Racial equality:
TV channel must be more vigilant towards the racial equality of the masses. As this could be the most important requirement of a TV channel


Average level of education:
Average level of Education must be taken under consideration to avoid any kind of losing your viewer


Government regulation:
Government regulation must be followed to avoid any lawlessness


Energy conservation:
Energy is the most talked issue of today’s world, so it should be conserved.


Social responsibility:
Every TV channel has a complete social responsibility and it should never be sent out of consideration


Value placed on leisure time:
Viewer must be properly entertained and given full value to his leisure time


Attitude towards product quality:
Quality of our product is of unique significance and it should never be ignored.

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