Podcast
Questions and Answers
According to Michael Porter, what is a product of both intended and emergent strategies?
According to Michael Porter, what is a product of both intended and emergent strategies?
What does Henry Mintzberg emphasize as part of strategy?
What does Henry Mintzberg emphasize as part of strategy?
According to the Three Horizons framework, which horizon involves building emerging businesses with new sources of profit?
According to the Three Horizons framework, which horizon involves building emerging businesses with new sources of profit?
At which level of strategic management is the geographical scope and diversity of products or services considered?
At which level of strategic management is the geographical scope and diversity of products or services considered?
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Which level of strategic management focuses on how individual businesses should compete in their particular markets?
Which level of strategic management focuses on how individual businesses should compete in their particular markets?
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What did the Cheshire cat say to Alice when she asked for directions?
What did the Cheshire cat say to Alice when she asked for directions?
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According to Alfred D. Chandler, what is strategy?
According to Alfred D. Chandler, what is strategy?
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What does competitive strategy focus on, according to the text?
What does competitive strategy focus on, according to the text?
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What was Alice's response when the Cheshire cat asked where she was going?
What was Alice's response when the Cheshire cat asked where she was going?
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In the given text, who is the author of the definition of strategy mentioned?
In the given text, who is the author of the definition of strategy mentioned?
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What did the Cheshire cat say to Alice when she asked for directions?
What did the Cheshire cat say to Alice when she asked for directions?
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According to Alfred D. Chandler, what is strategy?
According to Alfred D. Chandler, what is strategy?
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In strategic management, what does competitive strategy focus on, according to the text?
In strategic management, what does competitive strategy focus on, according to the text?
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What is the essence of competitive strategy, based on the text?
What is the essence of competitive strategy, based on the text?
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According to the text, what is the primary consideration for making strategic decisions?
According to the text, what is the primary consideration for making strategic decisions?
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What does the Three Horizons framework involve?
What does the Three Horizons framework involve?
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What is the focus of the corporate level of strategic management?
What is the focus of the corporate level of strategic management?
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What is the operational (functional) level of strategic management concerned with?
What is the operational (functional) level of strategic management concerned with?
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What does Henry Mintzberg emphasize as part of strategy?
What does Henry Mintzberg emphasize as part of strategy?
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What is the distinction between intended strategy and emergent strategy?
What is the distinction between intended strategy and emergent strategy?
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Study Notes
- Strategy refers to the long-term goals and objectives of an enterprise, and the adoption of courses of action and allocation of resources to achieve those goals.
- Alfred D. Chandler of Harvard Business School defines strategy as the determination of an enterprise's basic long-term goals and objectives, and the adoption of courses of action required to achieve them.
- Michael Porter of Harvard Business School states that competitive strategy is about being different and deliberately choosing a unique set of activities to deliver a mix of value.
- Henry Mintzberg of McGill University defines strategy as a pattern in a stream of decisions or actions, resulting from both intended and emergent strategies.
- Intended strategies are deliberate and planned, while emergent strategies are unplanned and often successful.
- Honda is an example of a company that successfully implemented an emergent strategy with the production of 50cc bikes, despite initially intending to focus on 305cc and 250cc bikes.
- Strategy can be seen as a unified, comprehensive, and integrated plan designed to ensure the basic objectives of the enterprise are achieved.
- Strategy includes both deliberate and emergent patterns, emphasizing difference and competition, as well as the roles of cooperation and imitation.
- The long-term direction of an organization is referred to as exploring strategy, which includes both deliberate and emergent patterns.
- The long-term direction of an organization can be divided into three horizons: Horizon 1 focuses on extending and defending the core business, Horizon 2 on building emerging businesses, and Horizon 3 on creating viable options.
- Strategy is concerned with the overall scope of an organization and adding value to its constituent businesses.
- The corporate level is concerned with the overall scope of the organization and the allocation of resources between its different elements.
- Business level strategy is about how individual businesses should compete in their particular markets and might be stand-alone businesses or business units within larger corporations.
- Operational (functional) level strategy is concerned with how the components of an organization deliver the corporate and business level strategies effectively in terms of resources, processes, and people.
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Description
This quiz covers the second lecture on introducing strategy in the field of strategic management. It delves into the concept of strategy and its importance in decision-making processes.
