Topic 1

Question 0

What about the strategic behaviour of people often causes failure?

Answer 0

They repeatedly behave in ways that fail to deliver happiness

Question 1

In organisational life, how do we measure when reward exceeds the cost?

Answer 1

In terms of the value created for shareholders or employees

Question 2

What about the strategic behaviour of businesses often causes failure?

Answer 2

They ignore the warning signs that indicate that a change in strategy is needed

Question 3

Why did Blockbuster fail in the USA and Europe?

Answer 3

It’s archaic business model
Blockbuster vs. Netflix (online visitors)
Had the opportunity to move into online industry but stuck with old strategy

Question 4

What do people and organisations who have mastered strategic thinking do differently?

Answer 4

Repeatedly extract disproportionately good outcomes from the resources at their disposal

Question 5

What is the purpose of strategy?

Answer 5

To overcome obstacles in order to create value - so it is part of is in all levels

Question 6

What is strategy?

Answer 6

A strategy embraces the following things: goals, objectives, planning, resources and more

Question 7

Who wrote: ‘the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action and the allocation of resource necessary for carrying out these goals’

Answer 7

Alfred D Chandler

Question 8

Who wrote: “competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value”

Answer 8

Michael Porter

Question 9

Who wrote: “a pattern in a stream of decisions”

Answer 9

Henry Mintzberg

Question 10

What does Sun Tzu write about strategy in his book ‘Art of War’?

Answer 10

Ultimate excellence lies not in winning every battle, but in defeating the enemy without ever fighting

Question 11

What did Napoleon used to say of strategy?

Answer 11

It is the art of making use of time and space. I am less concerned about the latter than the former. Space we can recover, lost time never.

Question 12

What is strategy NOT?

Answer 12

A single element
Simply having lots of goals 
A race to be the best
Having the perfect plan
Doing things

Question 13

Finish the sentence: ‘Well-crafted Strategy should

Answer 13

Bring about long-term success, through creative actions that will be hard for others to copy

Question 14

What are the three key elements of strategy?

Answer 14

1) identifying the core challenges
2) coordinated, creative and sustainable actions
3) creating value

Question 15

What is OUR definition of strategy?

Answer 15

A set of coordinated, creative and sustainable actions (a plan) designed to overcome one or more core challenges that create value

Question 16

When was Google founded?

Answer 16

1998 at Stanford by two graduate students

Question 17

Who bought LinkExchange in 1998?

Answer 17

Microsoft

Question 18

When did Microsoft launch its own search engine - Bing?

Answer 18

2009 (It is now partnered with Yahoo)

Question 19

What is competitive advantage?

Answer 19

Superior performance relative to competitors

Question 20

What does strategy require?

Answer 20

Trade-offs for strategic positioning

Question 21

What are strategic decisions about?

Answer 21

The long term direction of a company
The scope of an organization’s activities
Gaining advantage over competitors
Addressing changes in the business environment
Building on resources and competences
Values and expectations of stakeholders

Question 22

What are strategic decisions likely to be?

Answer 22

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

Question 23

What are the three horizons for strategy?

Answer 23

1) extend and defend core business
2) build emerging businesses
3) create viable options

Question 24

What are stakeholders?

Answer 24

Those individuals or groups that depend on an organisation to fulfil their own goals and on whom, in turn, the organisation depends

Question 25

What are the three levels of strategy?

Answer 25

1) Corporate Level 2) Business level 3) Operational strategy

Question 26

Using Vice Media as an example, what does it do at each strategy level (corporate, business & operational)?

Answer 26

Corporate: it diversified to activities like retail, publishing and video Business: it does marketing and content improvements to attract more readers Operational: these strategies are geared to meeting its investment needs and raising finance

Question 27

What is corporate level strategy concerned with?

Answer 27

The overall scope of an organisation and how value is added to the constituent business units

Question 28

What is business level strategy concerned with?

Answer 28

The way a business seeks to compete successfully in its particular market

Question 29

What is operational strategy concerned with?

Answer 29

How different parts of the organisation deliver the strategy in terms of managing resources, processes and people

Question 30

Which strategy level concerns where to compete?

Answer 30

Corporate

Question 31

Which strategy level concerns how to compete?

Answer 31

Business strategy

Question 32

Which strategy level concerns how to implement?

Answer 32

Operational functional strategy

Question 33

What three main themes should strategy statements have?

Answer 33

Goals, scope and advantages

Question 34

What is the strategic position concerned with?

Answer 34

The impact on strategy of the external environment, the organisations strategic capability, the organisation's goals and the organisation's culture

Question 35

What are the strategic choices concerned with?

Answer 35

The options for strategy in terms of both the directions in which strategy might move and the methods by which strategy might be pursued

Question 36

What is strategy in action concerned with?

Answer 36

How strategies are formed and how they are implemented - emphasis on the practicalities

Question 37

What is in Context (internal & external)?

Answer 37

Industry analysis Resource based view Cultural analysis

Question 38

What is in Content (strategic options)?

Answer 38

Strategy & performance

Question 39

What is in Process (formation & implementation?

Answer 39

Strategic planning Choice & change Strategy as practice

Question 40

What are strategy lenses?

Answer 40

Ways of looking at strategy issues differently in order to generate additional insights

Question 41

What are the four strategy lenses?

Answer 41

Design Experience Variety Discourse

Question 42

Describe the design strategy lense:

Answer 42

Strategy can be designed in advance and a detailed plan conceived by strategists This approach is rational and objective Little attention paid to cultural, political or unpredictable aspects of strategy Design lens is systematic, analytical and logical

Question 43

Describe the Experience strategy lense:

Answer 43

Influenced by the experience of managers | Organisations culture and the taken-for-granted assumptions and ways of doing things drive strategy

Question 44

Describe the Variety strategy lense:

Answer 44

Emerges from an uncertain & changing environment Comes from a variety of initiatives New ideas 'bubble up' from unpredictable sources and not just the top Organisations need to encourage diversity / look for initiatives at the bottom of org

Question 45

Describe the Discourse strategy lense:

Answer 45

Attention focused on how managers use language to frame problems, make strategy proposals, debate issues and communicate Helps to uncover the personal interests and politicking of managers