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Questions and Answers
What is the focus of strategic choices?
What is the focus of strategic choices?
- Strategic intensification, strategic diversification, and strategic exits (correct)
- Combination strategies and strategic alliances
- Relative costs & risks and benefits of corporate strategies
- Formulating strategic options
What is strategy described as?
What is strategy described as?
- A passive approach to business decision-making
- A deliberate search for a plan of action to develop competitive advantage (correct)
- An automatic process that leads to optimal performance
- A random sequence of actions to achieve business success
What does strategy formulation involve?
What does strategy formulation involve?
- Delegation of decision making to business units
- Random allocation of resources
- Well thought of decision making and allocation of resources (correct)
- Hasty decision making without coordination
At what levels are strategies formulated?
At what levels are strategies formulated?
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What is the purpose of combination strategies and strategic alliances?
What is the purpose of combination strategies and strategic alliances?
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Study Notes
Strategic Choices
- Focus on reconciling trade-offs, allocating resources, and prioritizing opportunities to achieve organizational goals.
Strategy Definition
- Described as a plan of action to achieve organizational goals, taking into account internal and external environments.
Strategy Formulation
- Involves analyzing the organization's internal and external environments, identifying opportunities and threats, and making decisions about how to allocate resources to achieve strategic goals.
Levels of Strategy Formulation
- Formulated at three levels: corporate, business, and functional.
Combination Strategies and Strategic Alliances
- Purpose is to create competitive advantage by combining the strengths of multiple organizations or businesses to achieve shared goals or overcome shared challenges.
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Description
Test your understanding of strategic choices in corporate management, including strategic intensification, diversification, exits, and alliances. Explore the formulation of strategic options and the factors influencing the adoption of various corporate strategies.
