Strategy introduction

Question 1

What makes a successful strategy?

Answer 1

Clear, consistent, long-term goals
Understanding of the competitive environment
Objective appraisal of resources

Effective Implementation

Question 2

Basic Strategy Framework

Answer 2

Strategy is a link between the firm and its environment

Question 2

Distinguishing strategy

Answer 2

An overall plan for deploying resources to establish a favourable position
Involve significant commitment of resources
Not easily reversible

Question 3

Order of the Strategic Management Process

Answer 3

Objective -> External and Internal Analysis (of environment) -> strategic choice -> strategic implementation (how?) -> competitive advantage

Question 4

What factors make up the strategic choice

Answer 4

• External Analysis
• Internal Analysis
• Business Level (position of a business)
• Corporate Level (which businesses)