Evaluate the importance of using a strategic management approach to improve RW's competitive advantage.

Mark scheme

Marking points from the official mark scheme (May/June 2018). The mark or mark type is shown in brackets.

1. [K] strategic management is the process in which objectives, strategy, tactics and review are used in business planning and implementation
2. [K] strategic management covers the whole of the business
3. [K] elements are integrated and linked
4. [K] objectives help determine strategies in each functional area
5. [K] tactics and methods in each follow from the strategic overview
6. [K] process is objectives, analysis (including appropriate tools), choice (including appropriate tools) and implementation (business plans, appropriate corporate culture, contingency planning).
7. [App] role of different elements in product portfolio (cycle and accessory supply, repair)
8. [App] appropriate objectives from case material
9. [App] concerns over quality
10. [App] opening another store
11. [App] setting up guided cycle tours
12. [App] larger lower cost competitors/increased competition
13. [App] use of Tables 3 and 4.
14. [An] takeover will assist in gaining competitive advantage and enable flexible responses to change
15. [An] guided cycle tours spread risk
16. [An] demonstration that elements are integrated and linked
17. [An] objectives help determine strategies in each functional area
18. [An] tactics and methods in each follow from the strategic overview.
19. [Eval] supported conclusion on usefulness of strategic management
20. [Eval] relative importance of constituent sections of strategic management
21. [Eval] necessity of review/updating the management plan
22. [Eval] importance of accurate reliable data/information