1. What is Strategy

Question 1

Definition of Strategy:

Answer 1

Strategy is the determination of the basic goals and objectives of an enterprise. and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.

Question 2

Goal of Strategy:

Answer 2

The goal of the strategy of a company is to secure competitive advantage. which secures the survival of a company.

Question 3

Mission Statement:

Answer 3

A mission statement aims to provide employees and stakeholders with clarity about what the organization is fundamentally there to do.

Question 4

Vision Statements:

Answer 4

A vision statement is concerned with the future the organization seeks to create.

Question 5

Statement of Corporate Values:

Answer 5

Communicates the underlying and enduring core values that guide an organization’s strategy and define the way that the organization should operate.

Question 6

Strategic Management Process:

Answer 6

Involves analysis (External/Internal). formulation(development/evaluation). and implementation of strategies (design/motivation/control).

Question 7

Define the goal of strategy for a company and explain why it is important.

Answer 7

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Question 8

Differentiate between mission statements and vision statements. and provide examples of each.

Answer 8

Mission: what organization is fundamentally here to do. Vision: Futurethe organization seeks to create.

Question 9

Explain the strategic management process and its key components.

Answer 9

Involves analysis (External/Internal). formulation (development/evaluation). and implementation of strategies (design/motivation/control).

Question 10

Discuss the relationship between company owners and management in terms of governance.

Answer 10

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Question 11

Describe the TOWS Matrix and provide a hypothetical example of its application.

Answer 11

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Question 12

Different Levels of Strategy:

Answer 12

Corporate strategy. Corporate strategy identifies and defines the businesses the company should be in. business strategy sets priorities for resource allocation (how to compete). and functional strategy translates business strategy into functional strategy.(implementation)

Question 13

Strategic Position:

Answer 13

Concerned with the impact on strategy of the external environment. the strategic capability (resources and competences). and the culture.

Question 14

Definition of Strategic Choices:

Answer 14

Involves the options for strategy in terms of both the directions in which strategy might move and the methods by which strategy might be pursued.

Question 15

Strategy in Action:

Answer 15

Focuses on how strategies are implemented. including the practicalities of managing. required organization structures and systems. and managing the change needed.

Question 16

Discuss the TOWS Matrix in detail and provide a hypothetical example of its application in a strategic management context.

Answer 16

TOWS Matrix Components

Strengths (S): Internal capabilities and resources that provide an advantage over competitors.
Weaknesses (W): Internal limitations or deficiencies that create disadvantages.
Opportunities (O): External factors or situations that can be leveraged for growth or improvement.
Threats (T): External factors or situations that could harm the organization’s performance.

TOWS Strategies

SO Strategies (Strengths-Opportunities):
Utilize internal strengths to capitalize on external opportunities.
WO Strategies (Weaknesses-Opportunities):
Improve internal weaknesses by leveraging external opportunities.
ST Strategies (Strengths-Threats):
Use internal strengths to mitigate or avoid external threats.
WT Strategies (Weaknesses-Threats):
Develop **defensive plans **to prevent internal weaknesses from being exposed to external threats.

Question 17

Explain the fundamental questions for strategic position and how they contribute to strategic decision-making.

Answer 17

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Question 18

Describe the process of strategic choice and provide examples of strategic choices that organizations might make.

Answer 18

directions and methods, e.g. Innovation, Alliances/Aquisitions, International

Question 19

Discuss the fundamental questions for strategy in action and how they contribute to successful strategy implementation.

Answer 19

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Question 20

Explain the key takeaways from the strategic management script and how they contribute to effective strategic management in organizations.

Answer 20

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Question 21

ESG:ESG: Environmental/social/and governance

Answer 21

a framework designed to be embedded into an organization’s strategy that considers the needs and ways in which to generate value for all organizational stakeholders

Question 22

Corporate social responsibility (CSR)

Answer 22

is the commitment by organizations to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large

Question 23

Who determines the actions of successful companies:

Answer 23

all stakeholders (society/employees/suppliers)

Question 24

TSR:

Answer 24

Total shareholder return

Question 25

EVA:

Answer 25

Economic profit or economic value added

Question 26

Ownership models: Not-for-profit organizations

Answer 26

(e.g. Mozilla). Frequently charitable foundations that exist to pursue a social mission.

Question 27

Partnerships (e.g. law firms).

Answer 27

Organizations owned and controlled by senior employees.

Question 28

Employee-owned firms (e.g. John Lewis/ UK Retailer).

Answer 28

Ownership is spread among all the employees. They may not be able to raise capital easily and may be more conservative in terms of strategy.

Question 29

Publicly-quoted companies

Answer 29

Shares are sold to the general public or financial institutions

Question 30

State-owned enterprises

Answer 30

Politicians delegate day-to-day control to professional managers but may intervene on strategic issues.

Question 31

Entrepreneurial businesses

Answer 31

controlled by their founders | With growth more professional managers and external investors are required.

Question 32

Family businesses

Answer 32

Typically small to medium-sized enterprises (SMEs) | The family may retain the majority of shares