Tactics vs Strategies: Understanding the Differences
12 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main purpose of a vision and mission statement for an organization?

  • To play according to the local rules
  • To analyze present company policies
  • To keep costs or expenses low with open options
  • To provide a sense of direction and mission (correct)

    • Which approach involves examining whether established ends are likely to be achieved?

  • Classical Approach
  • Competitive Strategy Analysis
  • Evolutionary Approach (correct)
  • Processual Approach

    • In developing policies and strategies, what is the significance of specific objectives?

  • It keeps costs or expenses low with open options
  • It outlines corporate objectives purposely developed for the organization (correct)
  • It plays according to the local rules
  • It provides a sense of direction and mission

    • Which of the following best describes the role of vision and mission statements in policy and strategy formulation?

    <p>Providing highest importance in strategy formulation</p> Signup and view all the answers

    What is a benefit of strategic management according to Wheelen and Hunger (2004)?

    <p>Clearer sense of strategic vision for the firm</p> Signup and view all the answers

    According to Wheelen and Hunger, which strategic type focuses on product innovation and market opportunities?

    <p>Prospectors</p> Signup and view all the answers

    What is the main difference between business policies and operational strategies?

    <p>Business policies guide decisions, while operational strategies address long-term profit-seeking.</p> Signup and view all the answers

    How do tactics differ from strategy in terms of information needs?

    <p>Tactics require a large amount of information</p> Signup and view all the answers

    How do top management define strategy according to Wright, Kroll, and Parnell (1996)?

    <p>As the organization's plan to achieve its mission and goals.</p> Signup and view all the answers

    What distinguishes strategy from tactics in terms of the time horizon?

    <p>Strategies have short durations and are more uniform</p> Signup and view all the answers

    What does Thompson and Strickland (1999) characterize strategy as at the operational level?

    <p>A set of competitive moves and business approaches.</p> Signup and view all the answers

    In the context provided, what is the difference between intended strategy and realized strategy?

    <p>Original vs. actual and eventual</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser