Podcast Beta
Questions and Answers
Which of the following is NOT a learning objective of this chapter?
According to Michael Porter, what happens to a company without a strategy?
According to Henry Mintzberg, what is the starting point of strategy?
What is the main focus of strategic management?
Signup and view all the answers
What is the concept that strategic management is limited by?
Signup and view all the answers
Study Notes
Strategy and Strategic Management
- A company without a strategy will drift, according to Michael Porter.
- The starting point of strategy is the concept of "5 Ps" - Plan, Ploy, Pattern, Position, and Perspective, according to Henry Mintzberg.
- The main focus of strategic management is to achieve a sustainable competitive advantage.
- Strategic management is limited by bounded rationality, which assumes that decision-makers have limited cognitive abilities and information processing capabilities.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the fundamentals of strategic management with this quiz. Learn about business policy and strategy, the framework of management, the different levels of strategy within an organization, and the importance of strategic management in government and not-for-profit organizations. See how well you understand the key concepts and principles of strategic management.
