Test Your Strategic Thinking with the Three Horizons Quiz!
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Questions and Answers

What are the 'three horizons' of long-term planning?

  • Horizon 1: new and risky ventures, Horizon 2: emerging activities, Horizon 3: defending and extending current business
  • Horizon 1: emerging activities, Horizon 2: defending and extending current business, Horizon 3: new and risky ventures
  • Horizon 1: defending and extending current business, Horizon 2: new and risky ventures, Horizon 3: emerging activities
  • Horizon 1: defending and extending current business, Horizon 2: emerging activities, Horizon 3: new and risky ventures (correct)

What is the objective of business strategy?

  • To maximize profits at all costs
  • To fulfill stakeholder expectations (correct)
  • To expand the scope of the business
  • To eliminate competition from the market

What are some factors that organisations need to consider when setting strategy?

  • Internal and external stakeholders, boundaries, people with differing views and interests (correct)
  • External stakeholders only
  • Company profits and losses
  • Internal stakeholders only

Study Notes

Long-term Planning

  • The "three horizons" framework is a model for long-term planning, which involves simultaneous focus on three time horizons: the present (horizon 1), the emerging (horizon 2), and the future (horizon 3)

Business Strategy

  • The objective of business strategy is to create a sustainable competitive advantage, which is a unique and valuable position that sets the organisation apart from its competitors

Setting Strategy

  • Organisations need to consider various factors when setting strategy, including: • Internal strengths and weaknesses • External opportunities and threats • Resource allocation and budgeting • Stakeholder expectations and needs • Industry trends and market analysis • Competitor analysis and benchmarking

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"Mastering the Three Horizons of Strategy: Test Your Knowledge!" - Are you familiar with the concept of three horizons in business strategy? This quiz will challenge your understanding of the long-term approach to defending, extending, and exploring new business ventures. Test your knowledge on Horizon 1, Horizon 2, and Horizon 3 activities and see if you have what it takes to formulate a successful strategy for your organization.

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