Chapter 1 introducing strategy

Question 1

What is the definition of strategy ?

Answer 1

the determination of the long run 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

What about are strategics decisions ?

Answer 2

• The long term direction of an organisation
• the scope of an organisation’s activities
• gaining advantage over competitors
• addressing changes in the business environment
• values and expectations of stakeholders

Question 3

what are they likely to ?

Answer 3

• Be complex in nature
• Be made in situations of uncertainty
• Affect operational decisions
• Require an integrated approach
• Involve considerable charge

Question 4

What are the three different horizons for strategy ?

Answer 4

1 Current core activities-extend and defend these activities
2 Develop emerging activities - to generate new sources of growth and/or profit
3 Create viable strategic options for the future - higher risk activities that may take years to generate profit

Question 5

What are the four ways to define an organisation’s purpose ?

Answer 5

Mission statement
Vision statement
Statement of corporate value
Statement of objectives

Question 6

What is a stakeholders ?

Answer 6

Stakeholders are those individuals or groups that depend on an organisation to fulfill their own goals and on whom in turn the organisation depends

Question 7

What is the mission statement ?

Answer 7

A mission statement provides employees and stakeholders with clarity about what the organisation is fundamentally there to do.

Question 8

What is the vision statement ?

Answer 8

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

Question 9

What are the statement of values ?

Answer 9

Statements of corporate values communicate the underlying and enduring core principles that guide an organisation’s strategy and define the way that the organisation should operate.

Question 10

What are the statements of objectives ?

Answer 10

Objectives are statements of specific outcome that are to be achieved.

Question 11

What are the 3 levels of strategy ?

Answer 11

Corporate level strategy
Business level strategy
Functional strategies

Question 12

What are the three exploring strategy framework ?

Answer 12

• strategic position
• strategic choices
• strategy in action

Question 13

What is about the strategic position ?

Answer 13

impact on strategy of the macro-environment, the industry environment, strategic capability

Question 14

What is about strategic choices ?

Answer 14

involve the options for strategy in terms of both the direction and the methods by which strategy might be pursued

Question 15

What is about the strategy in action ?

Answer 15

Strategy in action is about how strategies are formed and how they are implemented

Question 16

What are the three strategy’s branches ?

Answer 16

Context = strategic position 
Content = strategic choices 
Process = strategy action