30 Questions
What is strategy formulation?
Formulating long-term organizational plans to assist in carrying out activities.
Who typically develops the vision statement of an organization?
Top management which may include CEO, President, managing director, chairman, etc.
How would you define the mission statement of an organization?
It describes the reason for the existence of the organization and specifies its culture and values.
Why are long-term objectives important in strategy formulation?
Organizational plans are usually long term and need long-term objectives.
What does a strategy of an organization help in realizing?
Mission and objectives of the organization.
Name one area that objectives of an organization may include.
Profitability, competitive position, public image, ROI, productivity, employees' growth, etc.
What is the goal of the capstone course recommended by the Ford Foundation for business schools?
Integrate knowledge across different business fields to help students devise better ideas for addressing complex business problems.
What is the role of a chief strategy officer (CSO) in many companies today?
To oversee strategic planning and implementation across different functional areas.
According to the characteristics outlined, why is strategy considered a systematic phenomenon?
Strategy involves a series of action plans that are not contradictory and are based on a common theme.
How is strategy described as multidisciplinary?
Strategy involves multiple functional areas like marketing, finance, human resources, and operations.
Explain the hierarchical nature of strategy as outlined in the text.
Corporate strategies come first, followed by business unit strategies, and finally functional strategies.
What distinguishes a good idea from a strategy according to the text?
A strategy not only involves a good idea but also requires implementation to make that idea a reality.
What do policies refer to in strategy formulation and implementation?
Policies refer to a set of instructions used for strategy formulation and implementation.
What is the focus of corporate level strategy?
Corporate level strategy focuses on outlining growth, stability, acquisition, or retrenchment goals.
Which level of strategy formulation concentrates on daily actions and resource allocation?
Functional level strategy concentrates on daily actions and resource allocation.
What is the purpose of business level strategy?
Business level strategy answers how an organization will compete.
What is the next step after formulating a strategy?
The next step is to ensure effective implementation of the formulated strategies.
Name one decision area that policies may focus on.
Policies may focus on decisions like whether to enter international markets.
What are the two main aspects that a good strategy aims at in terms of a company's market opportunities?
Capturing growth opportunities and defending against external threats
What is a core competency in the context of a company's resources and capabilities?
A skill or set of activities that an organization performs better than others
Give three examples of core competencies.
Analytical thinking, conflict resolution, critical thinking
What are the characteristics of core competencies that make them valuable?
Rare, difficult to imitate, valuable, accessible to different markets
Why is rarity an important feature of core competencies?
To have a competitive advantage as few competitors have similar competencies
What does it mean for core competencies to be difficult to imitate?
They are not easily copied by competitors
What is the importance of successful implementation in strategic management?
Without successful implementation, a well-devised strategy is of no use.
How should strategic management be approached in terms of involving people?
Strategic management should be a people process more than a paper process.
What is the significance of keeping the strategic management process simple?
The strategic management process should be kept as simple as possible.
Why should strategic management welcome bad news?
Strategic management should welcome bad news.
How does societal, political, regulatory, and citizenship factors influence strategy?
Societal, political, regulatory, and citizenship factors play a vital role in shaping a company's strategy.
Why is it important for a company's strategy to be tailored to fit competitive conditions?
A company's strategy should be tailored to fit industry and competitive conditions.
This quiz covers strategies for achieving competitive advantage, with a focus on policies used for strategy formulation and implementation. It delves into decision-making processes related to entering new businesses, expansion, international markets, mergers, and more.
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