Lecture 7

Question 1

Elements of successful strategies

Answer 1

Consistent and long-term goals
Formulated based on analysis
Effectively exploit resources

Question 2

Difference between business strategy and marketing strategy

Answer 2

BS - A thoughtful plan by a company to produce desired outcomes in the marketplace via customers, channel members and competitors

Marketing Strategy - A functional strategy aimed at customer value creation, market orientation, segmentation, targeting and positioning

Question 3

The six central criteria for formulation and execution of strategies

Answer 3

Plausibility 
Consistency
Performance Impact
Business Risk
Stakeholder Compatibility
Internal Readiness

Question 4

What is a generic strategy?

Answer 4

Called so because it reflects the basic approaches that can be applied by any type or size of organization across different industries

Question 5

Which are the six barriers to strategy execution?

Answer 5

Vision
Leadership
People
Skill 
System
Resource

Question 6

Vision Barrier?

Answer 6

Only 5% of the workforce understands the strategy

Question 7

Leadership Barrier?

Answer 7

85% of executive teams spend less than 1hour a month discussing strategy

Question 8

System Barrier?

Answer 8

45% of organizations do not have a formal strategy execution process in place

Question 9

Skill Barrier?

Answer 9

Only 40% of Organizations provide sufficient skills to execute strategy`

Question 10

Resource Barrier?

Answer 10

60% of organizations do not link budgets to strategy

Question 11

People Barrier?

Answer 11

Only 25% of managers have incentives linked to strategy

Question 12

Factors for effective strategy execution?

Answer 12

Match between Strategy, Structure and Culture