Introducing Strategy

Question 1

What is Strategy?

Answer 1

The determination of long-term goals and allocating resources to achieve them.

Question 2

Why are Strategic Decisions difficult?

Answer 2

• Made in situations of uncertainty
• Complex in nature
• Involve considerable change
• Affect operational decisions
• Require an integrated approach

Question 3

What is Corporate-Level Strategy?

Answer 3

Concerned with the overall purpose and scope of an organisation and how to add value to Business Units

Question 4

What is Business-Level Strategy?

Answer 4

Concerned with the way a business seeks to compete successfully within its market.

Question 5

What is Operational Strategy?

Answer 5

Concerned with how different parts of an organisation deliver strategy.

Question 6

True or False: Small firms will use Strategic Specialists

Answer 6

False - usually only larger organisations will have in house strategic planning / analysis roles.

Question 7

What is Strategic Context?

Answer 7

Analysing the strategic position of a company.

Question 8

What is Strategic Content?

Answer 8

Choices or options present to a firm.

Question 9

What is Strategic Process?

Answer 9

Formation and implementation of a strategy.