What Is Strategy

Question 1

What areas are analysed when creating a strategy?

Answer 1

Macro environment
Micro environment (industry)
Resources and competences
Organisatioal structure
Control and co-ordination

Question 2

What does strategy help to define?

Answer 2

Mission
Vision
Values
Objectives

Question 3

What should a strategy statement include

Answer 3

Goals
Scope of activities
Advantages of capabilities its brings

Question 4

Exploring Strategy Framework 3 elements

Answer 4

1) Strategic Position
2) Strategic choices for future
3) Strategy in action

Question 5

4 Strategy lenses

Answer 5

1) Design
2) Experience
3) Variety
4) Discourse

Question 6

Strategic Management

Answer 6

Process of formulating, implementing and evaluating cross-functional decisions that enable the organisation to define and achieve its mission

Question 7

3 Levels of Strategy

Answer 7

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

Question 8

Prescriptive Strategy

Answer 8

Where the objective has been defined in advanced and whose main elements have been developed before the strategy commences

Question 9

Emergent Srategy

Answer 9

Where the final objective is unclear and whole elements are developed during the course of its life as a strategy proceeds.
It’s an emerging and changing strategy based on its environment (Darwinian)

Question 10

Mintzberg’s Strategy Typology

Answer 10

Intended strategy -> Deliberate Strategy -> Realised Strategy
| ^
Unrealised Strategy Emergent Strategy

Question 11

Abel’s Framework for defining business mission

Answer 11

Is consumer orientated

1) Customer groups
2) Cusomter needs
3) Distinctive Competencies