Podcast
Questions and Answers
What does the term 'strategy' originally refer to?
What does the term 'strategy' originally refer to?
- The art and science of directing military forces (correct)
- The process of product development
- The art of negotiation in business
- The management of human resources
How is business strategy defined?
How is business strategy defined?
- A short-term plan for immediate gains
- A plan focused solely on defeating rivals
- A random set of actions without a specific goal
- A well thought of and systematic plan of action designed to achieve a long-term or overall aim (correct)
Why is the idea of strategy injected into business organisations?
Why is the idea of strategy injected into business organisations?
- To reduce uncertainty caused by changes in the environment (correct)
- To create chaos within the organization
- To focus solely on short-term gains
- To increase uncertainty in decision-making
What is the purpose of formulating strategies in anticipation of rivals' moves?
What is the purpose of formulating strategies in anticipation of rivals' moves?
How does business strategy aim to relate the goals of the organisation to the means of achieving them?
How does business strategy aim to relate the goals of the organisation to the means of achieving them?
Flashcards
What is the original meaning of 'strategy'?
What is the original meaning of 'strategy'?
The art and science of directing military forces.
What is the definition of business strategy?
What is the definition of business strategy?
A well thought-out and systematic plan of action designed to achieve a long-term or overall aim.
Why is strategy important for businesses?
Why is strategy important for businesses?
To reduce uncertainty caused by changes in the environment.
What is the purpose of developing strategies in anticipation of competitors' actions?
What is the purpose of developing strategies in anticipation of competitors' actions?
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How does business strategy connect goals to means?
How does business strategy connect goals to means?
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Study Notes
Definition of Strategy
- The term 'strategy' originally refers to the art of generalship or military command.
Business Strategy Definition
- Business strategy is defined as a long-term plan of action designed to achieve a particular goal or set of goals.
Origins of Business Strategy
- The idea of strategy was injected into business organisations because it was borrowed from the military context, where it was used to outmanoeuvre and outperform opponents.
Anticipating Rivals' Moves
- Formulating strategies in anticipation of rivals' moves allows businesses to prepare for and respond to competitors' actions, thereby maintaining a competitive advantage.
Relating Goals to Means
- Business strategy aims to relate the goals of the organisation to the means of achieving them by identifying the most effective and efficient ways to allocate resources, allocate tasks, and make decisions.
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