3 Questions
What are the 'three horizons' of long-term planning?
Horizon 1: defending and extending current business, Horizon 2: emerging activities, Horizon 3: new and risky ventures
What is the objective of business strategy?
To fulfill stakeholder expectations
What are some factors that organisations need to consider when setting strategy?
Internal and external stakeholders, boundaries, people with differing views and interests
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
"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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