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Strategy Fundamentals

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Questions and Answers

What is the primary purpose of aligning goals, resources, and capabilities with the external environment?

To diversify into new markets

To realize corporate goals and achieve competitive advantage (correct)

To reduce competition in the industry

To allocate resources more efficiently

What is the primary focus of corporate strategy?

Emerging from individual managers' interpretations

Defining the firm's scope and making decisions on diversification (correct)

Gaining competitive advantage in specific industries

Allocating resources to achieve corporate goals

What is the characteristic of emergent strategies?

They are focused on achieving corporate goals

They are dynamic and flexible approaches

They are realized through negotiation and compromise

They emerge from individual managers' interpretations and adaptations (correct)

What is the role of strategy analysis in strategy formulation?

To identify and classify relevant factors to deepen understanding Signup and view all the answers

What is a characteristic of effective strategy formulation?

It is a dynamic, flexible, and innovative approach Signup and view all the answers

What is the primary difference between design and emergence in strategy formulation?

Design encompasses intended strategies, while emergence emerges from individual managers' interpretations Signup and view all the answers

What is the primary distinction between a plan and a strategy?

A plan is a detailed roadmap, while a strategy provides coherence and direction. Signup and view all the answers

Which of the following is NOT a key internal factor in strategy analysis?

Industry environment Signup and view all the answers

What is the primary purpose of a SWOT analysis?

To assess the firm's strengths and weaknesses, as well as external opportunities and threats Signup and view all the answers

What is a common challenge of SWOT analysis?

Oversimplification of complex issues Signup and view all the answers

What is the primary requirement for a successful strategy?

It must align with internal and external characteristics of the firm Signup and view all the answers

What is the relationship between strategy and goals?

Strategy provides direction and coherence to achieve goals Signup and view all the answers