{"id":5127,"date":"2022-05-22T21:48:00","date_gmt":"2022-05-22T21:48:00","guid":{"rendered":"https:\/\/www.isbr.in\/blogs\/?p=5127"},"modified":"2022-06-02T21:54:37","modified_gmt":"2022-06-02T21:54:37","slug":"significance-of-strategic-management","status":"publish","type":"post","link":"https:\/\/www.isbr.in\/blogs\/significance-of-strategic-management\/","title":{"rendered":"Significance of Strategic Management"},"content":{"rendered":"\n

Brief Profile of Speaker:
Dr. Srinivas Gunta, Assistant Professor, Indian Institute of Management Indore<\/strong>
<\/p>\n\n\n\n

Abstract\/Snapshot:<\/strong>
As the topic of the event was Strategic Management and its significance, so the event also started with a brief explanation of Strategic Management and its significance in real life. While explaining the significance he connected some real-life examples which helped us to understand it very easily. He gave the example of Walmart and D Mart and explained how they are following the EDLP (Everyday Low Price) strategy. And we also came to know that Walmart first started the EDLP strategy. Sir also explained us about why Walmart is a success in USA and not in other countries. Then he also shared his real-life experience of travelling to the USA and knowing more about Walmart. Then we also came to know that USA does not follow MRP strategy but they follow MSRP (Manufacturer\u2019s Suggested Retail Price) strategy. Then he clearly explained what are the cost heads in retail stores and what steps they follow to reduce the cost. For example, the store will be situated in a rural area to reduce the cost of rent. Walmart also follow \u201cNo Questions Asked Return Policy\u201d. Walmart also follows the concept of \u201cOccupancy of 60 % on back head of trucks\u201d, which means the trucks which will carry goods from the warehouse to the store and while returning back to the warehouse they will pick goods from the suppliers and will carry back those goods to the warehouse. Walmart do not buy more than 20 % of the goods from a single supplier which reduces the bargaining power of the supplier. He also explained Porter\u2019s Five Forces with a diagram and with an example of Liquor Industry and then explained briefly that why Big Bazaar was a failure. The lecture ended with the example of Kingfisher Airlines.<\/p>\n\n\n\n

  1. Bargaining Power of Suppliers<\/li><\/ol>\n\n\n\n

    2. Threat of Substitutes<\/p>\n\n\n\n

    3. Threat of New Entries<\/p>\n\n\n\n

    4. Existing Rivalry<\/p>\n\n\n\n

    5. Bargaining Power of Buyers<\/p>\n\n\n\n

    Learnings from the event:<\/strong>
    i. Strategic Management
    ii. Significance
    iii. EDLP
    iv. Strategies of D Mart and Walmart
    v. MSRP
    vi. Concept of Wardrobing
    vii. Store Credit offered by Walmart
    viii. Porter\u2019s Five Forces
    ix. Why Big Bazaar was a failure?
    x. Why Vijay Mallya went into Airline Industry?
    xi. Why Vijay Mallya bought Deccan Airlines?
    xii. Never judge a strategy by its success or failure.
    <\/p>\n\n\n\n

    Feedback from students:<\/strong>
    They were very excited and interactive as they came across many concepts that will help them in future. And as the examples were more so it was easy for them to understand.<\/p>\n\n\n\n

    About ISBR: ISBR Business School, Bangalore-based, Top Class B School for PGDM or MBA, Consistently ranked as best B School in India, AICTE-CII Platinum Category, with multiple specializations.<\/p><\/blockquote><\/figure>\n","protected":false},"excerpt":{"rendered":"

    Brief Profile of Speaker:Dr. Srinivas Gunta, Assistant Professor, Indian Institute of Management Indore Abstract\/Snapshot:As the topic of the event was<\/p>\n","protected":false},"author":1,"featured_media":5135,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[193,225],"tags":[1022,953,1486,1487,1378,1490,1488,1491,1489,1114,1492,1485,1484],"class_list":["post-5127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guest-lectures","category-marketing-guest-sessions","tag-assistant-professor","tag-dr-lakshmi","tag-dr-srinivas-gunta","tag-edlp","tag-iim-indore","tag-kingfisher-airlines","tag-msrp","tag-porters-five-force-model","tag-return-policy","tag-strategic-management","tag-substitute","tag-usa","tag-walmart"],"yoast_head":"\nSignificance of Strategic Management - ISBR Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.isbr.in\/blogs\/significance-of-strategic-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Significance of Strategic Management - 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