20 Questions
According to Michael Porter, what is a product of both intended and emergent strategies?
Emergent Strategy
What does Henry Mintzberg emphasize as part of strategy?
Emergent Strategy
According to the Three Horizons framework, which horizon involves building emerging businesses with new sources of profit?
Horizon 2
At which level of strategic management is the geographical scope and diversity of products or services considered?
Corporate level
Which level of strategic management focuses on how individual businesses should compete in their particular markets?
Business level
What did the Cheshire cat say to Alice when she asked for directions?
It doesn't matter which road you take.
According to Alfred D. Chandler, what is strategy?
Determining the long-term goals and objectives of an enterprise.
What does competitive strategy focus on, according to the text?
Deliberately choosing a different set of activities.
What was Alice's response when the Cheshire cat asked where she was going?
I don't know.
In the given text, who is the author of the definition of strategy mentioned?
Alfred D. Chandler
What did the Cheshire cat say to Alice when she asked for directions?
It doesn’t matter which road you take if you don’t know where you're going.
According to Alfred D. Chandler, what is strategy?
The determination of the basic long-term goals and objectives of an enterprise.
In strategic management, what does competitive strategy focus on, according to the text?
Deliberately choosing a different set of activities to deliver a unique mix of value.
What is the essence of competitive strategy, based on the text?
Choosing a distinct set of activities to deliver a unique mix of value.
According to the text, what is the primary consideration for making strategic decisions?
The determination of basic long-term goals and objectives of an enterprise.
What does the Three Horizons framework involve?
Building emerging businesses with new sources of profit
What is the focus of the corporate level of strategic management?
Adding value to constituent businesses of the organizational whole
What is the operational (functional) level of strategic management concerned with?
Effectively delivering corporate and business level strategies in terms of resources, processes, and people
What does Henry Mintzberg emphasize as part of strategy?
The actual actions and implementation of strategies, not just what is intended or planned
What is the distinction between intended strategy and emergent strategy?
Intended strategy is a product of both realized and unrealized strategies, while emergent strategy is a product of whatever intended and emergent strategies are actually realized
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.
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.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
