12 Questions
What are the assumptions behind strategy planning?
Underlying assumptions that guide the strategy planning process.
Explain the importance of mission statements in corporate identity.
Mission statements reflect a company's impact and commitments.
What are the options for competitive strategy?
Low-cost, differentiation, customer service, and network effects.
Define core values and their role in guiding corporate behavior.
Core values guide corporate behavior and align with customer expectations.
What is the concept of competitive strategy?
Understanding how to be distinct in the market and choose a unique value proposition.
How does the Blue Ocean Strategy differ from traditional competitive strategies?
Blue Ocean Strategy focuses on creating uncontested market space rather than competing in existing markets.
What are the different strategies discussed in the text for competitive advantage?
Low-cost, differentiation, customer service, and network effects
What is the alternative approach presented by the Blue Ocean Strategy?
Creating new market space
Name two tools used for external environment scanning.
PESTEL Analysis and Porter’s 5 forces
What are the different types of growth strategies discussed in the text?
Intensive growth, internationalisation, integrative growth, and diversification
Explain the concept of SMART objectives.
Specific, Measurable, Achievable, Relevant, Time-bound
What is the distinction between general objectives and SMART objectives?
General objectives lack specificity and measurability, while SMART objectives are Specific, Measurable, Achievable, Relevant, Time-bound
Learn about key concepts and tools related to strategy planning, including strategy planning process, assumptions, and references to works by Mintzberg and others. Understand how strategy planning is defined, the underlying assumptions, and the process of strategy planning in organisations.
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