Week 1

Question 1

What is strategy

Answer 1

a plan of action or policy designed to achieve a major or overall aim.

Question 2

Strategic Issues

Answer 2

Failing to think and can strategically can have extreme consequences. A local retailer who does not plan for competition from international megastores will face a strategic issue whether he likes it or not. and his business will be fundamentally changes whatever he does.

Question 3

Red Lobsters strategy

Answer 3

To make sure Lobster is always available

Question 4

Strategic Choices

Answer 4

To succeed you need to understand your market, your competition, your clients and what impact your strategic choices your firm is making.

Question 5

Strategic Confusion

Answer 5

Business plan or strategic plans are often referred to as the brick. They can be so complex and confusing to the average manager.

Question 6

Planning vs Strategy

Answer 6

Strategy is the art of developing resources.

Question 7

Competitive Advantage

Answer 7

Low cost
Differentiation
Niche
Human Capital

Question 8

Comparative advantage

Answer 8

a country with a large population compared to others (for example)