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Questions and Answers
What are strategies designed to achieve?
What are strategies designed to achieve?
A specific aim of the company.
What is strategic planning?
What is strategic planning?
The process of identifying the company’s internal and external characteristics which contribute to goal attainment.
Which of the following are components of a strategic plan? (Select all that apply)
Which of the following are components of a strategic plan? (Select all that apply)
What does the differentiation strategy focus on?
What does the differentiation strategy focus on?
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Internal analysis focuses on the market position relative to rivals.
Internal analysis focuses on the market position relative to rivals.
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Match the following keys to their definitions:
Match the following keys to their definitions:
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Strategies involve setting ______ and planning actions.
Strategies involve setting ______ and planning actions.
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Study Notes
Strategies
- Plans designed to achieve a specific company aim
- Involves setting goals, actions to achieve goals, and resource maximization
Strategic Planning
- Process of identifying company internal and external characteristics
- Contributes to attaining goals by pointing to specific directions and formulating policies
- Aims to maximize resources to achieve specific goals
Components of a Strategic Plan
- Identification of long-term goals and objectives
- Adoption of different courses of action
- Allotment of resources
Porter’s Generic Strategies
- Cost Leadership Strategy: Focuses on increasing profits by reducing operational costs and charging lower prices, investing on new technology for efficient logistics, low spending on labor, materials, and facilities.
- Differentiation Strategy: Concentrates on developing services that are attractive and unique compared to competitors.
- Focus Strategy: Focuses on developing services for niche markets, requiring deep understanding of customer needs.
Internal and External Assessments
- Internal analysis: Takes stock of company resources and assets, highlighting organizational strengths.
- External analysis: Focuses on positioning within the market relative to competitors.
Strategizing for the Future
- Considers demographic, economic, natural, and competitive forces.
Other Stakeholders and Relevant Groups
- Includes resource suppliers, capital suppliers, and labor supply.
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Description
Test your understanding of strategic planning elements and Porter’s generic strategies. This quiz covers goals, resource maximization, and approaches to gaining competitive advantage. Assess your knowledge on cost leadership, differentiation, and focus strategies.
