Week 1 - Ch.1

Question 1

Mission Statements

Answer 1

aims to provide employees and stakeholders with clarity about what the organisation is fundamentally there to do.

Question 2

Vision Statements

Answer 2

is concerned with the desired future state of the organisation

Question 3

Statement of (Corporate) Values

Answer 3

communicate the underlying and enduring core ‘principles’ that guide an organisation’s strategy and define the way that the organisation should operate

Question 4

Corporate-level strategy

Answer 4

is concerned with the overall scope of an organisation and how value is added to the constituent businesses of the organisation as a whole

Question 5

Business-level strategy

Answer 5

how an individual business competes in its particular market

Question 6

Functional strategy

Answer 6

how the components of an organisation deliver effectively the corporate- and business-level strategies in terms of resources, processes and people

Question 7

strategic position

Answer 7

the impact on strategy of the external environment, the organisation’s strategic capability (resources and competences), and the organisation’s goals and culture

Question 8

Strategic Choices

Answer 8

involve 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 9

Strategy in action

Answer 9

this is about how strategies are formed and how they are implemented

Question 10

objectives

Answer 10

statements of specific outcomes that are to be

achieved (often expressed in financial terms)

Question 11

Exploring Strategy Framework

Answer 11

includes understanding the strategic position of an organization (context); assessing strategic choices for the future (content); and managing strategy in action (process)

Question 12

strategy

Answer 12

the long-term direction of an organisation

Question 13

strategy lenses

Answer 13

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

Question 14

strategy statements

Answer 14

should have three main themes: the fundamental goals that the organization seeks, which typically draw on the organization’s stated mission, vision and objectives; the scope or domain of the organization’s activities; and the particular advantages or capabilities it has to deliver all of these

Question 15

three-horizons framework

Answer 15

suggests organizations should think of themselves as comprising three types of business or activity, defined by their ‘horizons’ in terms of years