10 Questions
What is the difference between planning and strategy?
Planning is about activities, while strategy is about choices
What is the main purpose of strategic planning in the world of business?
To have a strategy
What does a strategy need to be in order to be considered great?
Coherent and doable
What is one characteristic of a great leader in strategy?
Accepting the fact that you can't be perfect in strategy
What is the benefit of laying out the logic of a strategy clearly, according to the text?
To refine the strategy as you go along
How does the text suggest approaching strategy planning?
By having a single-page strategy document
What is the main difference between planning and strategy?
Planning is more comfortable because it involves controlling costs, while strategy is more challenging because it involves achieving a competitive outcome.
What did Southwest Airlines' strategy focus on?
Flying point to point instead of hub and spoke, using only one type of aircraft, not offering meals on short flights, and encouraging online bookings.
What did the major carriers in the airline industry fail to have?
A theory of how to be better than their competitors.
What is the main challenge associated with developing a strategy?
It cannot be proven in advance whether the strategy will succeed.
Test your knowledge on the difference between strategy and planning with this insightful quiz. Explore the nuances between these two concepts and enhance your understanding of strategic planning.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
