The Concept of Strategy Flashcards
1
Q
What is strategy?
A
A plan, method or series of actions designed to achieve a specific goal
2
Q
What does the firm include? What does the industry environment include?
A
The firm includes: goals & values, resources & capabilities, and structure & systems.
The industry environment includes: competitors, customers and suppliers.
3
Q
Why do orgs need strategy?
A
- Improve quality of decision making
- create consistency and unity
- improve performance by setting high aspirations
4
Q
Corporate strategy is concerned with?
A
Where to compete
5
Q
business strategy is concerned with
A
how to compete
6
Q
strategy as positioning is
A
competing in the present
7
Q
strategy as direction is
A
preparing for the future
