Strategic Management Lesson 1: The Meaning of Strategy

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Questions and Answers

What is the meaning of strategy based on the text?

  • A short term plan of change and improvement for an organization
  • A plan devised at the relevant level of management to disrupt the company's vision and mission
  • An action to embark on setting corporate track or course without considering available resources
  • A long term plan of change and improvement for an organization employing available and limited resources to realize the company’s vision and mission (correct)

What does the word 'strategy' mean, based on its Greek origin?

  • The act of moving or guiding an army
  • A plan made for a campaign in war
  • An army led by a general (correct)
  • The games of generals seeking to defeat an enemy

In military parlance, what does strategy mean?

  • The plans made for a campaign in war
  • The games of generals seeking to defeat an enemy (correct)
  • The way the army moves and disposes forces in war
  • The act of disrupting the enemy's vision and mission

What is an essential aspect of strategy according to the text?

<p>Employing available and limited resources to realize the company’s vision and mission (A)</p> Signup and view all the answers

According to Sun Tzu, what is the highest form of victory?

<p>Conquering the enemy without having to resort to war (D)</p> Signup and view all the answers

What is the primary focus of guerrilla warfare according to Mao Zedong?

<p>Attacking, retreating, and hiding repeatedly (A)</p> Signup and view all the answers

Which type of guerrilla marketing focuses on word-of-mouth distribution?

<p>Viral or Buzz Marketing (C)</p> Signup and view all the answers

What does Carl von Clausewitz believe strategy should be based on in chaotic situations?

<p>Adapting to physical impediments (A)</p> Signup and view all the answers

According to Sun Tzu, what is imperative in order to conquer the business warfare?

<p>Knowing both the internal and competitors' strengths and weaknesses (C)</p> Signup and view all the answers

What does Sun Tzu consider as essential for victory in a battle?

<p>&quot;Knowing when to fight an&quot; (B)</p> Signup and view all the answers

What does the term 'friction' refer to according to Carl von Clausewitz?

<p>Physical impediments to military action (A)</p> Signup and view all the answers

Which guerrilla marketing type strives to blend into a natural environment?

<p>Ambient Marketing (C)</p> Signup and view all the answers

"He who comes later to the scene and rushes into the fight is weary" is a quote by which military strategist?

<p>&quot;Sun Tzu&quot; (B)</p> Signup and view all the answers

"Guerillas will attack, retreat, hide, then do it again, again and again until the competitors moves on to other market" is a principle of which military strategist?

<p>&quot;Mao Zedong&quot; (A)</p> Signup and view all the answers

"Stealth Marketing" is a low cost strategy that strives to market to a customer without the customer realizing they are being marketed to. This is an example of which guerrilla marketing type?

<p>&quot;Stealth Marketing&quot; (D)</p> Signup and view all the answers

"Strategy should come not from formula or rules of engagement but from adapting to what he called 'friction'". Who emphasized this principle?

<p>&quot;Carl von Clausewitz&quot; (B)</p> Signup and view all the answers

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