The Concept of Strategy
17 important questions on The Concept of Strategy
How do you call the actual strategy that the organization pursues? (It is the outcome of the interaction of intended strategy with emergent strategy)
How do you call the strategy that results from the actions and decisions of different organizational members as they deal with the forces that impinge upon the organization?
What are four common elements in succesfull strategies?
- Clear, consistent, long-term goals
- Profound understanding of the competitive environment
- Objective appraisal of resources
- Effective implementation
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Which two factors determin the strategy of a company?
- The firm
- The industry environment
Which three elements of the firm determin the strategy?
- Goals and Values
- Resources and Capabilities
- Structure and Systems
Which three elements of the industry envrionment determen the strategy of a firm?
- Competitors
- Customers
- Suppliers
Through which four statements do companies communicate their strategy?
- Mission statement
- Statement of principles
- Vision
- Strategy statement
How do you call a statement that describes organizational purpose?
How do you call a statement that outlines what we believe in and how we will behave?
How do you call a statement that projects what we want to be?
How do you call a statement that articulates the company's competitive game plan, which typically describes objectives, business scope, and advantage?
Which two activities contain financial budgeting?
- Operational budgeting
- DCF capital budgeting
Which step in the evolution of strategic management can be described as a corporate plan based on medium-term economic forecasts?
Which step in the evolution of corporate planning can be described as industry analysis and competitive positioning?
What are the three characteristics of the quest for competitive advantage step in the evolution of strategic management?
- Emphasis on resources and capabilities
- Shareholder value maximization
- Refocusing, outsourcing, delayering cost-cutting
What are the four characteristics of the step adapting to turbulence of the evolution of strategic management?
- Adapting to and exploiting digital technology
- The quest for flexibility and strategic innovation
- Strategic alliances
- Social and environmental responsibility
What are the three reasons for strategy?
- Decision Support
- Coordinating Device
- Target
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