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