Strategy vs Planning

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Questions and Answers

What is the difference between planning and strategy?

There is no difference between planning and strategy
Planning is about activities, while strategy is about choices (correct)
Planning is about choices, while strategy is about activities
Planning and strategy are the same thing

What is the main purpose of strategic planning in the world of business?

To open new plants
To have a strategy (correct)
To improve customer experience
To start talent development programs

What does a strategy need to be in order to be considered great?

Based on theory
Better than anyone else's
Coherent and doable (correct)
Translatable into actions

What is one characteristic of a great leader in strategy?

Accepting the fact that you can't be perfect in strategy (A) Signup and view all the answers

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 (A) Signup and view all the answers

How does the text suggest approaching strategy planning?

By having a single-page strategy document (A) Signup and view all the answers

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. (D) Signup and view all the answers

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. (A) Signup and view all the answers