Stragegy

Question 1

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

Talk about the three levels of planning (example, level of management, timeframe, scope)

Answer 2

Strategic: blueprint for all organisational activities
- example: expanding the organisation across china
- level: senior (CEO, director, executive)
- time frame : long term 2-5 yrs etc
- scope: whole organisation

Tactical: more specific targeted plans
- example: identify three new locations per year
- level: middle
- time frame : medium term 1-2 yrs
- scope: large divisions
Operational : precise and measurable
- example: process 150 sales applications each week
- level:lower
- time frame : short term 0-1 yrs
- scope:small departments, individuals

Question 3

Three types of strategies

Question 4

6 steps in strategy process

Answer 4

1. Analysis by use of tools/methods and data.
2. Evaluate the inputs
3. Generate choices
4. Select
5. Plan and share
6. Implement and monitor

Question 5

Explain generating choices

Answer 5

Tension between openness to new and varied ideas and the need for cost-effective decision-making
typically a funnel process with a wide sweep of ideas at general level followed by progressive narrowing…. Often using stage gates for exclusion at this stage
Involves building consensus, overcoming opposition

Question 6

Does a strategy need to be static?

Answer 6

 Strategy doesn’t require a business to become rigid. Some of the best strategies for today’s turbulent environment. Keep multiple options open and build in desirable flexibility…. through alliances, outsourcing, leased assets, to hold investments, in promising technologies, et cetera

Question 7

What does PESTLE stand for? 

Answer 7

Political: - government type and policy, funding grant and initiatives
Economy: inflation and interest rate, labour and energy costs
Social: population/education/media, lifestyle/fashion/culture
Technology: emerging technologies/web , ICT
Legal: regulations, law
Environment: weather/green/ethical issues, pollution/waste

Question 8

What is a SWOT analysis

Answer 8

Table with strengths, weaknesses (internal) and opportunities and threats (external)
Advantages of SWOT: improved focus, strategic alignment, identify unknown aspects

Question 9

Boston matrix

Answer 9

Look at this

Question 10

Porters five forces

Answer 10

Competition levels (lower better)
Barriers to entry (high better)
Power of buyers. (Low power better)
Substitution (lower better)
Power of suppliers ( lower better)