Podcast
Questions and Answers
What is the primary focus of Strategic Position in the market?
What is the primary focus of Strategic Position in the market?
What are the two factors that are beyond the control of the entity in the Environment aspect of Strategic Position?
What are the two factors that are beyond the control of the entity in the Environment aspect of Strategic Position?
What is the primary focus of Strategic Choices?
What is the primary focus of Strategic Choices?
What is the primary focus of Strategy into Action?
What is the primary focus of Strategy into Action?
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What are the three aspects of Strategic Capability?
What are the three aspects of Strategic Capability?
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How many levels of planning are involved in Strategic Planning?
How many levels of planning are involved in Strategic Planning?
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What is the main focus of Strategic Management?
What is the main focus of Strategic Management?
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According to Mintzberg, what are the 5 Ps of strategy?
According to Mintzberg, what are the 5 Ps of strategy?
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What is the definition of strategy given by Johnson, Scholes, and Whittington?
What is the definition of strategy given by Johnson, Scholes, and Whittington?
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What level of strategy deals with how to compete successfully in the market?
What level of strategy deals with how to compete successfully in the market?
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Who defined strategy as a pattern of activities that seek to achieve the objectives of an organization?
Who defined strategy as a pattern of activities that seek to achieve the objectives of an organization?
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What level of strategy involves carrying out decisions by top managers?
What level of strategy involves carrying out decisions by top managers?
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Study Notes
Strategic Management
- Strategic Management is a branch of management that deals with formulating, implementing, and evaluating cross-functional decisions to achieve an organization's objectives.
Definition of Strategy
- Henry Mintzberg defined strategy as 5 Ps: Plan, Ploy, Pattern, Position, and Perspective.
- Alfred Chandler defined strategy as the determination of an organization's long-term goals and objectives, and the allocation of resources to achieve them.
- Peter Drucker defined strategy as a pattern of activities that achieve an organization's objectives and adapt to environmental changes.
- Johnson, Scholes, and Whittington defined strategy as the direction and scope of an organization over the long term, achieving advantage in a changing environment through resource configuration and competencies.
Levels of Strategy
- Corporate Strategy: determines how value is added to various strategic business units, carried out by top managers.
- Business Strategy: determines how to compete successfully in the market, considering different strategic business units, carried out by middle-level managers.
- Functional Strategy: employed at the operational level to support other two elements of strategic management.
Elements of Strategic Management
- Strategic Position: where the company is presently in the market and where they are trying to get to.
- Strategic Choices: highlighting different possible strategies and making a choice on the preferred one to adapt.
- Strategy into Action: implementing the chosen strategy.
Strategic Position
- Environment: threats and opportunities around the entity, beyond the entity's control.
- Strategic Capability: internal strengths and weaknesses, within the entity's control.
- Expectation and Purposes: mission of the entity, where they expect to be.
Strategic Choices
- Corporate Level and International Strategies
- Business Level Strategies
- Development Directions and Methods
Strategy into Action
- Organisational Structure: type of structure to suit the chosen strategy.
- Managing Change: managing the transition from old to new style.
- Enabling: making effective use of resources.
Levels of Planning
- Strategic Planning
- Tactical Planning
- Operational Planning
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Description
This quiz covers the basics of strategic management, including the definition of strategy, types of strategy, and its role in achieving organizational objectives. Explore the concepts of plan, ploy, pattern, position, and perspective in strategic management.
