Business Strategy

A business strategy can be defined as the combination of all the decisions taken and actions performed by the business to accomplish the business goals. So if you are looking for a role in business strategy, then you must checkout these question and answers to prepare for you next job.

Q.1 How much you apply strategic planning methods in your working?

Strategic planning helps in setting priorities and focusing resources for achievement of the same. We use strategic planning tools consisting of Strategy map, balanced scorecard, OKR and SWOT analysis for charting out action plans for achieving organizational goals. Further, depending upon the plan in place, strategic goals are monitored on a weekly, monthly and annually basis for progress assessment about sales and revenue as per the plan. As per the data if we are achieving our milestones we will keep the plans else in case of any deviation, corrective actions are taken to address the same.

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Q.2 How you communicate your strategic decisions to your team?

Communication is crucial for any process or team to be successful. I am managing a team of 40 professional with 5 in leadership positions. We have weekly meeting with all team members to share their progress and any issues being faced. Daily meetings are held with my leadership team and any sensitive decision depending upon the nature of decision is shared in the daily meeting. Monthly meeting are also held for review and progress status with all the team. Further, e-mail, chat, etc are also used to address any tactical decisions with the team members keeping requisite members of the team in loop.

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Q.3 Which factors you consider while developing a strategic plan?

While developing a strategic plan, we identify and consider the SWOT (strengths, weaknesses, opportunities and threats) for strategic goal’s success. We focus to maximize opportunities to advance our revenue and sales as we engaged a popular celebrity famous for physical fitness, to advertise our health drinks and which has seen tremendous sales. The opportunity helped us in marketing and develop trust n our products.

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Q.4 How you will measure effectiveness of a strategy?

The effectiveness of a strategy is dependent upon the goals for the strategy or what we want to achieve. If sales are the motto then effectiveness of the strategy is measured as the percentage increase in sales or new sales numbers being added for the product. But we need to identify the SWOT (strengths, weaknesses, opportunities and threats) as applicable to the strategy before focusing our resources and energy this helps in defining the KPIs (key performance indicators) to achieve at a granular level.

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Q.5 How will you describe your management style?

Management style is difficult to point out as different management style is applied as per the demands of the situation. But, mostly it involves delegation of tasks and a hands-off approach to let the subordinate perform with an open channel of communication and guidance to avoid any problems. That’s how I will describe my management style. I remember a project with tight deadlines, was discussed with my eight team members and we brainstormed together to list out tasks and responsibilities with specific timelines. I was available to them for any issues which many of them faced but each was independent to accomplish the task and we achieved the result in specified budget and time.

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Q.6 How you assess operational effectiveness?

Operational effectiveness for an organization is dependent upon the goals which have been assigned before the task is accomplished. Strengths, weaknesses, opportunities and threats for the organizational goal to achieve is assessed and KPIs (key performance indicators) are listed against each task to better assess the operational effectiveness by calculating the ratio of output gained to the input expended as against the KPI defined.

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Q.7 How you make important decisions?

Any decision depends upon the data or input available. For important decisions we need to be more particular and gather as much relevant information which affects the decision, as much as possible. After data gathering all the alternatives are assessed for feasibility and weighed against the KPIs (key performance indicators) and organizational goals after which the best one is chosen and appropriate decision is made and action taken.

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Q.8 How you handled a situation where your advice was not well received?

Yes, there had been a situation where my advice was not well received and it was in a project to be delivered with specific quality criteria. We were short on the budget and time and senior management took the decision to finish the project within the budget and timelines but with low quality benchmarks. I advised of delaying the project submission so as to maintaining quality levels but was not well received. I conveyed my advice to all senior management so as to make them aware of the issues that might crop up later on. But later I got to know that the requisite approvals were taken from the client with financial penalty.

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Q.9 How strategic planning does relates as managerial role?

Strategic planning plays a very crucial managerial role as it sets the overall direction for the team to follow and goals to achieve. Further, the organizational goal have been chosen after assessing the strengths, weaknesses, opportunities and threats for the organization after which the KPIs (key performance indicators) have been mandated by the strategic goals. A without being aware of destination, a ship cannot reach the harbour similarly strategic planning is a managerial role for setting the goals to achieve, taking responsibility, managing the process and achieving the goals by constant monitoring and overhaul if needed.

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Q.10 How you set long term goals for the team?

Setting long term goals for the team involves a thorough process to be followed as it involves the organizational goals to be of focus and according to which the long term goals for the team are set. S the team is not an independent entity and other units or teams of the company are needed to realize the long term goals of the team hence, this factor is also of prime importance while deciding on the long term goals of the team. A constant feedback loop is also utilized to update the plan as per changed realities in the external and internal environment. All team members are also involved in finalizing the plan as they are the ones who will help achieve it and should have same vision.

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Q.11 How you communicate your strategic decisions?

Communication of strategic decisions is as important as the decisions themselves. Proper communication helps in clarifying the objectives and goals to achieve by all stakeholders. Strategic decisions are communicated during managerial meetings and meetings with the team members considering the level of member specific goals are shared. Sensitive information is limited to employees with specific access level. Focus on communication clarity is emphasized.

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Q.12 How you will manage the data related to strategic management?

Managing data related to strategic management may be sensitive and involves continuous monitoring of data across the company thus provided as per the role based access only to designated roles in the company.

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Q.13 What are current strategic management techniques you dealt with?

I have extensive experience with current strategic management techniques which includes OKRs or Objectives and Key Results, Hoshin Planning, Goal-Based Strategic Planning and Real-Time Strategic Planning

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Q.14 What do you think of most important role of a strategy manager?

The most important role of a strategy manager is to design, develop and implement strategies so as to help the organization achieve its various organizational goals by considering the strengths, weaknesses, opportunities and threats though achieving the specified KPIs (key performance indicators)

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Q.15 How do you see yourself in next five year in strategic management?

I want use my skills and knowledge for effective strategic management to add value to the business and as well as gain more knowledge and skills for maintaining it. I want to design and develop KPIs (key performance indicators) for achieving the organizational goals while taking into consideration, the strengths, weaknesses, opportunities and threats of the organization.

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Q.16 What is the impact of strategic management on the goals of a company?

Effective strategic management helps create a conducive environment for employees to perform better as well as maintain the allocated budgets and achieve the mandated KPIs (key performance indicators). Strategic management impacts across the business in all aspects of functioning as all departments as it provides a specific direction, goals to achieve and KPIs which will lead to it.

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Q.17 Illustrate about your management of subordinates for strategic management

I supervised subordinates as per their role and function in achieving the specified KPIs (key performance indicators) as per the strengths and weaknesses of the member. Task delegation, workload and schedule are done as per SOP to achieve the KPIs.

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Q.18 How you maintained discipline?

Discipline is a company is maintained as per the legal framework and HR rules and regulations for employee discipline. Disciplinary actions are taken as appropriate after explaining in private, to the employee about their wrongs, so as to provide a chance to the employee for correcting oneself and prevent development of hostile work environment.

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Q.19 What tasks are performed by a Strategy Manager?

Effective strategic management is the primary role of a Strategy Manager. Designing and developing effective strategic plans as per SWOT (strengths, weaknesses, opportunities and threats) of the company is the main task for the strategy manager. A well designed strategy helps in achieving organizational goals as per mandated KPIs (key performance indicators).

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Q.20 How do you assign goals for your team?

The SMART (or Specific, Measurable, Assignable, Realistic and Time-related) approach for goals assignment and task delegation is used with consideration for the resource availability as per organizational objectives to achieve.

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Q.21 Why you are suitable as strategy manager?

As strategy manager, I have requisite skills which include: management skills, conflict resolution, problem solving, communication and coping under pressure which are of importance for strategic management role.

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Q.22 Enlist your strengths as a strategy manager

As a strategy manager I have extensive experience in effective strategic management and developing strategic plans considering the SWOT (strengths, weaknesses, opportunities and threats ) of the organization and focusing on achieving the goals by the team under the mandated KPIs (key performance indicators) . I have the requisite managerial and strategic vision needed for the role.

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Q.23 How you manage conflict?

Conflicts can arise at any instance when there is a disagreement. They are managed by focusing on the reason for conflict and disagreement. I apply conflict management technique like collaborating, forcing, accommodating or compromising as per the situation amongst the conflicting parties so as to maintain a constructive environment.

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Q.24 How you manage under performance by your subordinates?

Under performance at any level or stage in a company has a basis due to which the underperformance is observed. We need to first analyze the basis for under performance and also take feedback from the subordinate so as to better understand the situation form their perspective.

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Q.25 How do you prioritize management related tasks?

Prioritizing tasks involves understanding the characteristics of the task so as to sequence and place the task as per its priority. The various factors which influence the task priority are the tasks relevance, urgency, cost involved and resource availability.

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Q.26 What steps you take to delegate tasks amongst subordinates?

Task delegation is a detailed process which is accomplished by knowing not only the subordinates strengths and weaknesses but also taking a review of the situation so as to know the availability of the subordinate. Other factor of consideration for task delegation is skill level of the subordinate and their past performance.

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Q.27 How you organize data and hard copies related to strategic decisions?

Organizing data and hard copies related to strategic decisions is an exhaustive process but I simplify it by assigning weight age to the document or data, making suitable storage arrangements and making it accessible as per role or access level of the employee. Also, following a proper routine every day and applying prioritization helps organize the information.

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Q.28 How you are able to manage your time?

Managing time involves being aware of tasks to accomplish in specific timeframe and is best done by being organized and prioritizing tasks. Time management techniques helps in managing time and includes using to do lists, being aware of time wasters and optimizing work environment

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Q.29 Did you fail to achieve goals?

Yes, there was an instance when I failed to achieve the goals. I had planned for an product launch of a new product line and was expecting a bumper sale. All arrangements were made and rollout plans across the retailers was planned and completed as per timeline we had planned. But, due to COVID-19 pandemic lockdown was enforced all plans and arrangements were stalled. Though it resulted in financial loss to the company but we did a low key launch to recoup the losses and focused on gaining market share as envisaged. Our product, an immunity booster got tremendous response and we succeeded later though initial failures were met and goals as planned were not achieved.

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Q.30 What could be the reason for change management of an organization?

Change management for a company is caused primarily by specific triggers which could be internal to the company or are external triggers which are out of control off the company. Company can control the internal triggers but financial efficiency or feasibility or more efficiency are the reasons for change management which could be housing different departments in single building to save costs, or switching to more efficient process, etc. Similarly external triggers could be change in regulations, taxation mandates change management.

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Q.31 What is your basis of creating a strategic vision?

Strategic vision is a long term vision for the company which is translated to tactical plans for implementations. The basis for developing strategic vision is to understand the SWOT (strengths, weaknesses, opportunities and threats) environment for the company. New technology, more competitors, change in regulation, etc all these need to be factored by SWOT to arrive at a reasonable and realistic strategic vision which can be translated to KPIs (key performance indicators) for the teams to achieve.

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Q.32 Why do you want to work as strategy manager at this company?

Working as strategy manager at this company offers me more avenues of growth, enhance my strategic management skills. The company has been in the domain of fast moving consumer goods and offers for opportunities for future growth. Also considering my education, skills and experience I see more suitable for the post. Further, I am also that excited from my interactions with employees so far.

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Q.33 Why do you want the strategy manager job?

I want the strategy manager job as I am passionate about designing and developing strategies for the company. I like to conduct SWOT (strengths, weaknesses, opportunities and threats) analysis to finalize the KPIs (key performance indicators) for implementing the strategic plans.

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Q.34 What do you understand by a good mission statement?

A mission statement refers to a brief statement detailing why does the organization exist, and its organizational goals. The statement also enlists the product or service being provided by the organization and the target market. A good mission statement is usually between one to three sentences and described within a maximum of 100 words. The best mission statement is clear, feasible and precise.

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Q.35 Why is strategic planning important?

Strategic planning is crucial managerial activity to develop strategic goals for the organization after performing the SWOT (strengths, weaknesses, opportunities and threats) and outlining the KPIs (key performance indicators) for implementation. The strategic plan is crucial as it outlines the priorities, resource allocation and goals to achieve with agreement of all stakeholders. The benefit of strategic planning is that enables focusing attention on objectives, offset uncertainty and change and enables planning logically precedes the execution of all other managerial functions.

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Q.36 What drives strategy execution?

Strategy execution refers to the actual implementation of the strategic plan as envisaged for achieving the organizational goals. Strategy execution is a detailed implementation plan of the strategic plan and includes the structures, systems, and operational goals for success. Strategy execution is the key to achieve the KPIs (key performance indicators) being set in the strategic plan. The drivers and characteristics for strategy execution include the level of execution-focused leadership, presence of speed and ability of the team and lastly the amount of engagement and capability of the team implementing the strategy.

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Q.37 What are the driving factors of a supply chain strategy?

Supply chain management or SCM is the activity which consists of the movement of products or services from a source point to destination point, usually from producers or suppliers to distributors or retailers. SCM involves multiple stages for transfer of goods or services. A SCM strategy is driven around the demand or the customer on the basis of customer preference for cost, delivery time, variety and quality. These driving factors impact the supply chain at each stage so as t fulfil the end requirements.

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Q.38 What do you understand by FTSE4Good Index Series?

The FTSE4Good Index Series is used for measuring a company's performance as per their ESG (Environmental, Social and Governance) practices. Various market participants use the FTSE4Good Index Series for making sustainable investments. The FTSE4Good Index Series helps by providing financial products (provide an index-tracking for sustainable investments), ESG research (identify ESG compliant companies), reference (is a transparent ESG standard followed globally) and benchmarking (act as a benchmark index). The FTSE4Good Index evaluates CSR and ESG performance.

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Q.39 What is meant by social license?

Social license refers to the acceptance of the project by local community for a company’s project or an acceptance in perception of local stakeholders about a project or company or an industry operating in a specific area is socially acceptable. It is an outcome on the manner in which companies operate as regards to ethics, labour practices, sustainability, etc. in a holistic environment, and the process of communication of risks involved with local stakeholders. Social license is not an agreement or document but it is only meant for local credibility and acceptance of the companies or the projects.

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Q.40 What is triple bottom line?

The triple bottom line (TBL) is a framework of accounting which includes three dimensions of performance which are the social dimension, environmental dimension and financial dimension. These dimensions are also called as the three Ps for people, planet and profits. TBL emphasizes that instead of one bottom line, companies should have three bottom lines consisting of financial bottom line, level of commitment to CSR (corporate social responsibility) and the environmental impact in due course of time. Hence, TPL focuses that companies should not only make money but also have no impact on the environment and the people’s lives.

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Q.41 List the mode as per Mintzberg model which is done by a single person.

Mintzberg's Organizational Model is a model for the companies which segment the company into various parts which includes: ideology, strategic apex, medium level, technostructure, supporting forces and operating core. Depending upon the divisions we can classify or understand the true nature of the organization which can be entrepreneurial, machine or bureaucracy, professional, divisional or diversified and innovative or adhocracy. As per the Mintzberg model entrepreneurial mode is done by a single person.

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Q.42 What defines a policy?

A policy refers to the system of principles which are used to guide and take rational decisions in a company or individually. They are specific statements to guide thinking in a decision making exercise. Policies are constantly reviewed so as to reflect the real situation and adders any issues related to the principles in the policy.

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Q.43 List the impact duration of strategic issues.

Strategic issues impact an organization in a specific holistic manner and have a long-term impact on the company. Henceforth, strategic issues are carefully designed and developed by using the SWOT (strengths, weaknesses, opportunities and threats) analysis.

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Q.44 What is your biggest weakness?

My biggest weakness is that I give too much attention to detail due to which I am sometimes not able to accomplish tasks in efficient and effective manner. Now I prioritize the time allocated for attention to detail as per the priority and the level of detail needed. This has helped me in saving time and better manage process and subordinates.

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Q.45 What are your biggest strengths?

My biggest strength is that I am a great problem solver as well as an emotionally intelligent leader who has managed teams with irritating subordinates and handled troublesome stakeholders and still accomplish the defined goals as per the KPIs (key performance indicators) defined for the task. I applied my problem solving skills in various emergency situations to keep the wheel of the operations going without any interruptions blocking the same.

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Q.46 What as per the SWOT model, refers to a favourable condition in the organization’s environment which enables it to strengthen its position?

SWOT expands to strengths, weaknesses, opportunities, and threats and is an analysis tool for evaluation of a company's competitive position considering internal and external environmental factors. It is extensively used to develop strategic planning. It takes realistic, fact-based, data-driven assessment of the situation of the strengths and weaknesses of a company, project or initiatives. As per the SWOT model, opportunities or “O” refers to a favourable condition in the organization’s environment which enables it to strengthen its position.

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Q.47 How many dimensions does BCG matrix have?

BCG matrix expands to The Boston Consulting group’s product portfolio matrix and is a strategic planning tool for long-term strategic planning. It helps in reviewing growth opportunities and to decide where to invest or discontinue or develop more new products. It is also called as the Growth or Share Matrix. The BCG matrix has two dimensions of horizontal and vertical as that in a matrix.

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Q.48 Describe VRIO Framework

The VRIO framework expands to value, rarity, limitability, organization and is a strategic planning process which is used extensively across the companies. The framework links to the organizational vision statement and also relates to the overall organizational strategy. It has four components, namely: Value (exploits an opportunity or neutralizes a threat), Rarity (number of competitors in the market), Limitability (Does the product or service can be easily imitated) and Organization (level of being organized)

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Q.49 Explain OKRs

OKRs expand to Objectives and Key Results. It is a new strategic planning tool which is widely used by the new age companies like Goggle, Twitter, LinkedIn, etc. The tool creates alignment and engagement by putting up measurable goals with clear definition of objectives and key results. Objectives should be 3 to 5 but brief, inspiring, and time-bound and key results are linked to the objectives and are quantitative to measure progress toward the goals. It goes from bottom to top so employee sets it then management and then senior management.

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Q.50 What is Hoshin Planning?

Hoshin Planning is an approach which aligns both the tasks and strategic goals. Hoshin Planning is a strategic management model which emphasizes on goals and initiatives. It has four critical steps consisting of: Identify key goals, Share goals from top to bottom of the company, track the execution by gemba and make adjustments if needed.

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