Lahore Business School Mid Term Examination, Fall 2019: Possible Solution (06 Marks)

The University of Lahore, Islamabad
Lahore Business School

Mid Term Examination, Fall 2019
Subject: Strategic Marketing Instructor Name: Sumaira Irshad

Total Marks: 25 Time Allowed: 2 Hours
Program: MBA Semester: VII
Student Name: Reg. No:
Instructions:
 Attempt All Questions
 Cutting, overwriting, using correction fluid is not allowed
 Understanding of the questions is the part of the question paper so, do not disturb the invigilators.
 Try to deliver concepts, not stories
Possible Solution
Question 1: (06 Marks)

What recommendations can you make to top management of a company competing in a rapid growth
market to help it identify new competitive threats early enough so that the counter strategies can be
developed?
Solution
Strengths
To begin with the strengths of a company, a sustained profitable growth arises from the necessary
capability to monitor the development, a good management team with adequate skills and
competencies, and the improvement of your best performing product/service. That said, where could
you find your company’s outstanding factors? You might have a product/service that is doing
exceptionally well and out-performing all the other similar ones in the market. This may reveal the
prevailing customer loyalty and the space for product innovation. Also, you might have resources that
your competitors are unaware of or have ignored including in their operational process.
Weaknesses
Every organization has some low performing factors or areas in which they fail to perform efficiently.
In that case, the idea of growing, national or international, should not be included in a company’s
future mission. This is solely related to issues within the organization and differs with industrial type.
For e.g., if your company is a service provider, probable frailty could be an unfriendly staff who is
diminishing the customer relationship and sales. This could be devastating when the core characteristic
of a service company is to establish a firm liaison with its consumers.
Opportunities
A company can make use of new opportunities to generate more profits and improve its performance.
Some can be predicted, while others will present themselves unexpectedly. Either way, keeping an eye
on the external factors and trends are crucial for the growth of the business. The opportunities originate
Page 1 of 3
from scenarios such as changes in the technology and market, changes in the government regulations
specific to your field (low interest rates, more stabilized political environment, tax and duty
exemptions, etc.),
Threats
They are the external factors that deform the performance of your enterprise. The most obvious, is the
threat from competitors. Knowing where your competitors stand in terms of 4 factors will help you
understand how customers evaluate your business against the similar players in the field. Moreover, in
the event of an expansion, you will look for new locations that suit your business model. But is that
location free from competitors? How can you get an accurate data about this indicator? Mostly,
frequenting the next location multiple times is the solution to evaluate the competitor presence. But, it
is strenuous and consumes lot of time and money.

Discuss the three basic levels in an organization and the types of strategic plans developed at each
level. Describe the key decisions in the development of corporate strategy.
Solution
Corporate level:
The corporate level is the highest level in any organization. It is the top level of management
which led and make decisions.
Functional level:
The functional level includes all the various functional areas within business unit.
Business level:
It consists of units within the overall organization that are generally managed as self-contained
businesses.
Key decisions:
Visioning involves setting the high-level direction of the organization - namely the vision, mission and
potentially corporate values.
Objective Setting involves developing the visioning aspects created and turning them into a series of
high level (sometimes still rather abstract) objectives for the company, typically spanning 3-5 years in
length.
Allocation of resources refers to decisions which concern the most efficient allocation of human and
capital resources in the context of stated goals and aims.
Strategic trade-offs are at the core of corporate strategy planning. It's not always possible to take
advantage of all feasible opportunities. In addition, business decisions almost always entail a degree of
risk. Corporate level decisions need to take these factors into account in arriving at the optimal
strategic mix.
Page 2 of 3
Explain why implementation, evaluation, and control of the marketing plan are necessary. Identify
several techniques that help make strategic planning effective.
Solution
After selecting strategic alternatives, plans should be implemented, that is, put into action. The plan
should be evaluated to see if it has achieved its objectives. The final step in the strategic planning
process, control, is the alteration of plans, if necessary. A marketing control system ensures that
marketing goals are achieved within guidelines.
Effective strategic planning should be treated as an ongoing process, not an annual exercise. Effective
planning requires creativity and should challenge existing assumptions about the firm and the
environment. Perhaps the most critical element is the support and participation of top management.
Their involvement in planning must be sincere and ongoing.

Discuss the major forces of the Marketing Environment that top management should consider when
deciding whether or not to expand business operations into new business areas.
Political Factors
These are all about how and to what degree a government intervenes in the economy. This can include
government policy, political stability or instability in overseas markets, foreign trade policy, tax
policy, labor law, environmental law, trade restrictions and so on.
Economic factor
All businesses, whether domestic or international, are affected by the dynamic economic

environment conditions prevalent in the market. Among many economic factors affecting business
some are; interest rates, demand and supply, recession, inflation, etc
Technological factor
New technologies can be used very effectively to counter inflation and recession. New machines can
reduce production costs.
The three levels of the environment are as following: Internal environment – the internal elements of

the organization used to create, communicate and
deliver market offerings. External Micro environment – small forces external the company
that affect its ability to serve its customers.
__________________ __________________
Instructor Signature HoD/Dean Signature
Page 3 of 3

Lahore Business School Mid Term Examination, Fall 2019: Possible Solution (06 Marks)

Uploaded by

Copyright:

Available Formats

Lahore Business School Mid Term Examination, Fall 2019: Possible Solution (06 Marks)

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Lahore Business School Mid Term Examination, Fall 2019: Possible Solution (06 Marks)

Uploaded by

Copyright:

Available Formats

The University of Lahore, Islamabad

Lahore Business School

Subject: Strategic Marketing Instructor Name: Sumaira Irshad

Student Name: Reg. No:

Question 1: (06 Marks)

Question 2: (05 Marks)

Question 4: (07 Marks)

All businesses, whether domestic or international, are affected by the dynamic economic

The three levels of the environment are as following: Internal environment – the internal elements of

You might also like