Corporate Strategy

Corporate Strategy Interview questions. We have listed some important interview questions on Corporate Strategy to help you to prepare for your next job interview in Corporate Strategy.

Q.1 What are the core competencies to become a as good corporate strategy professional?

As a corporate strategy professional the focus should be on activities that underpin competitive advantage and are difficult for competitors to imitate or obtain.

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Q.2 Let us suppose you are given five tasks to complete, which has to be done by Friday, what should you do in this case?

The response of the candidate helps to identify if they can prioritize their workload. Interviewer will also learn about the candidate’s judgment and decision-making skills. You answer will tell the interviewer whether you be able to dive right, whether you will be able to multitask, how do you plan and schedule the tasks. The motive is to identify whether an individual has the right skills or experience for the job, and also make sure they can be held accountable to meet deadlines and stick to schedules.

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Q.3 What is involved in the strategic management function?

The strategic management function involves all managers with line authority at the corporate, line-of-business, functional area, and major operating department levels.

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Q.4 What all is involved in the process of strategy formulation?

The process of strategy formulation requires performing a situation analysis - both internal and external; both micro-environmental and macro-environmental, setting the objectives by crafting vision statements, mission statements, overall corporate objectives, strategic business unit objectives and tactical objectives that suggest the strategic plan.

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Q.5 As a corporate strategy analyst, how does the brand strategy followed by the company?

As we know brand is a name or a symbol which represents one company distinctly from another company or brand. This brand allows the customer to have trust on the services you provide. Brand includes the logo or the slogan of the company that make the customer to have trust on you. Such that the brand interacts with the customer’s everyday and includes following components - 1. Images or logo that is conveyed using the brand 2. The messages or slogan that is used to sell your product using the brand 3. Representing of the employees interacting with the customers.

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Q.6 According to you, what are the strategies required to attract customers?

The primary strategies required by any organization to attract more customers are - 1. Develop brand strategy with some benefits that needs to be provided with the product 2. List features and benefits for the products and the services that are associated with it. 3. Convince customers for the product by providing them features and a comparison between all the other businesses similar to yours. 4. Showcase benefits that will attract a larger party. 5. Identify needs and making emotional attachments with them to sell your products to them. 6. Build strategies to tap the emotions of the customers and show them the best in your product.

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Q.7 When did the strategic management discipline originated?

It was originated in 1950s.

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Q.8 What basic aspect of strategic process were not noted by Alfred D. Chandler?

Determination of basic long-term revenue

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Q.9 What is the first phase in the strategic management?

The first phase is defining the vision

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Q.10 What is the outcome of creating a hierarchy of objectives?

specific individual objectives

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Q.11 Who coined the term ‘strategic intent’?

It was coined by Hamel and Prahalad

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Q.12 What is a business strategy?

A business strategy is basically an outline of the actions and decisions that a company plans to take in order to reach its business goals and objectives.

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Q.13 What is the first step in the planning process?

The first step is Perception of opportunities

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Q.14 Name the basic business strategy.

There are three basic business strategies namely, a cost strategy, a focus on a niche strategy, and a differentiated product or service strategy.

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Q.15 What do you mean by strategic management?

Well, strategic management includes the formulation and implementation of the main goals and initiatives taken by the managers of the organization on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.

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Q.16 What do strategic advantages refer to?

Strategic benefits refer to those marketplace advantages that exert a decisive influence on an organization's likelihood of future success. These benefits often are sources of an organization's current and future competitive success relative to other providers of similar products.

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Q.17 What are the levels of strategic planning?

Strategy planning has three levels:, the corporate level, the business level, and the functional level.

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Q.18 How is strategic management helpful?

Strategic management helps an organisation in the public sector to experience both growth and expansion. Moreover, it helps an organisation to realise its strengths, hence, they invest more in their valued competencies.

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Q.19 Explain the importance of strategic thinking.

Strategic thinking is helpful in creating a unifying and rational strategy that involves integrative framework for decisions related to resource utilization and direction of business.

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Q.20 What are the five components of strategy?

The 5 P's of strategy are Plan, Position, Pattern, Perspective and Ploy.

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Q.21 What are the parts of a mission statement?

A commercial mission statement generally constitutes three essential components: Key market Contribution Distinction

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Q.22 What do you know about SWOT analysis?

SWOT analysis is a planning methodology used for helping a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition.

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Q.23 Mention the parts of the strategy management model.

The strategic management model has three parts: strategy formulation, strategy implementation, and strategy evaluation and control.

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Q.24 Name some strategic models.

1.Basic strategic planning process model 2.Scenario strategic planning 3.Alignment strategic model 4.Issue-based strategic planning model

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Q.25 What are the types of strategic planning?

Generally, there are two key types of strategic planning: internal strategic planning for the future and building a competitive strategy for the external marketplace.

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Q.26 What are the characteristics of a strategic plan?

The salient features of strategic planning are- Process of questioning Continuous process Focus of attention Pervasive process Guide to organisational activities Co-ordination

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Q.27 What are the important elements of strategic management?

The strategic management process is has four elements namely, situation analysis, strategy formulation, strategy implementation, and strategy evaluation.

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Q.28 What do you mean by a brand strategy?

A brand strategy defines what the business stands for, a promise that it makes, and the personality it conveys.

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Q.29 Name the basic brand strategies.

The four brand strategies are brand extension, line extension, new brand strategy, and flanker brand strategy.

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Q.30 Mention the types of branding.

The basic types of branding are: Personal branding Retail branding Service branding Online branding Product branding Corporate branding Cultural and geographic branding Offline branding

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Q.31 What do you mean by industry analysis?

Industry analysis is type of market assessment tool that is used by businesses and analysts for understanding the competitive dynamics of an industry.

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Q.32 What are the types of industries?

The four types of industries are: primary, secondary, tertiary and quaternary.

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Q.33 Define strategic evaluation.

Strategic evaluation is the process of determining the effectiveness of a strategy in achieving the objectives of the organization and taking corrective action wherever needed.

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Q.34 Mention the steps of strategy evaluation.

The steps of strategy evaluation are: Fixing benchmark of performance Measuring the performance Analyzing variance Taking corrective actions Quantitative factors

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Q.35 What do you mean by strategic evolution?

Strategic evolution works with organizations for providing strategic planning as well as guidance to address whatever situation that may be keeping your business from reaching another level of success.

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Q.36 What does budgetary control refer to?

Budgetary control is basically financial jargon for the management of income and expenditure. It means regularly comparing actual income or expenditure to planned income or expenditure in order to identify whether or not corrective action is needed.

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Q.37 What are the types of budgets?

Budgets are broadly divided into three categories that are balanced budget, surplus budget and deficit budget.

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Q.38 What does the term budgeting mean?

Budgeting finds its use to set up, create, and view budgets. Budgeting includes budget control, which one can use so as to monitor the budget funds available for planned and actual purchases and expenditures. Additionally, one can generate budget register entries for the original budget, budget transfers, and revisions. One can also create budget register entries for encumbrances and pre-encumbrances for purchases and planned expenditures.

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Q.39 What are the types of control charts?

The three types of control charts are: Xbar and Range Chart Xbar and Standard Deviation Chart Individual-X Moving Range Chart

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Q.40 What do you mean by internal analysis?

An internal analysis basically examines the internal environment of the organization so as to assess its resources, competencies, and competitive advantages.

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Q.41 Define ratio analysis.

Ratio analysis is a quantitative methodology to gain insight into a company's operational efficiency, liquidity, and profitability by studying its financial statements like the balance sheet and income statement.

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Q.42 What is regression analysis?

Regression analysis includes the identification of the relationship between a dependent variable and one or more independent variables.

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Q.43 What is strategic intent?

Strategic intent is a compelling statement regarding where the company is going that succinctly conveys a sense of what that company wants to achieve in the long term.

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Q.44 What are the types of environment analysis?

The different types of environment analysis include SWOT analysis. PESTLE analysis and scenario planning.

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Q.45 What is an organization?

Organization is a group of people with a common goal, bound together by a set of authority-responsibility relationships.

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Q.46 What do you mean by organizational decision-making?

Decision making in an organization refers to making choices within alternative courses of action including inaction. Individuals throughout organizations use the information they gather in order to make a wide range of decisions. Moreover, these decisions can affect the lives of others and change the course of an organization.

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Q.47 What are the benefits of centralization?

Centralization provides four major benefits. These are- lowered cost, decreased regulatory costs, improved productivity and a holistic greater degree in flexibility and agility.

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Q.48 What is process planning?

Well, planning is a management process for defining goals for a company's future direction and determining the resources that are required to achieve those goals.

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Q.49 Define organizational structure.

Organizational structure is the method by which the activities in an organization are divided, organized as well as coordinated. The organization's structure coordinates the activities of work factors and controls the member performance.

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Q.50 What do you know about environment analysis?

Environmental analysis is type of strategic tool that identifies all the external and internal elements affecting the organization's performance.

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Q.51 What do you understand by competitive analysis?

In marketing and strategic management, competitive analysis is the assessment of the strengths and weaknesses of current and potential competitors.

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Q.52 What are the main attributes of strategic intent?

The three main attributes of strategic intent are Sense of Discovery, Sense of Direction and Sense of Destiny.

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