business objectives and strategies - strategy and implementation Flashcards
1
Q
what is the difference between a strategy and a tactic?
A
strategy –> tactics
- long term –> shorter term
- designed to achieve –> influenced by functional objectives
- commit most of business –> commit less resources
2
Q
what are the 3 types of strategy?
A
- corporate
- business unit
- operational
3
Q
what is corporate strategy?
A
concerned with the overall purpose and scope of the business to meet stakeholder expectations
4
Q
what is business uni strategy?
A
concerned with how a business competes successfully in a particular market
5
Q
what is operational strategy?
A
focuses on issues of resources, processes, people, etc
6
Q
what does a strategy help to outline?
A
- long term direction
- markets to compete in
- perform better
- resources needed
- external influences
- values and expectations for stakeholders
