Understanding Strategy and Its Features

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The word 'strategy' is derived from the Greek word stratus (meaning army) and 'ago' (meaning ______)

leading/moving

Strategy is an action that managers take to attain one or more of the organization’s ______

goals

Strategy is a well-defined roadmap of an ______

organization

Strategy defines the overall mission, vision, and directions of an ______

organization Signup and view all the answers

The objective of a strategy is to maximize an organization’s strengths and to minimize the strengths of the ______

competitors Signup and view all the answers

Strategy deals with long-term developments rather than ______ operations

routine Signup and view all the answers

Without a perfect foresight, firms must be ready to deal with ______ events which constitute the business environment.

uncertain Signup and view all the answers

Strategies dealing with employees will predict the employee ______.

behavior Signup and view all the answers

Components of a Strategy Statement include Vision, Mission, Goals, and ______.

Objectives Signup and view all the answers

Strategy is created to take into account the probable behavior of ______ and competitors.

customers Signup and view all the answers

Strategy deals with long-term developments rather than routine ______.

operations Signup and view all the answers

The word 'strategy' is derived from the Greek word stratus (meaning army) and 'ago' (meaning leading/______).

moving Signup and view all the answers

Core Values: Identifies the fundamental beliefs and principles that guide the organization's behavior and ______-making.

decision Signup and view all the answers

Target Market or Audience: Specifies the customers, clients, or stakeholders that the organization aims to serve or ______.

impact Signup and view all the answers

Competitive Advantage: Highlights the unique strengths, capabilities, or advantages that set the organization apart from its ______.

competitors Signup and view all the answers

Key Initiatives or Strategies: Articulates the major approaches or actions that the organization will take to achieve its goals and fulfill its ______.

mission Signup and view all the answers

Vision and Mission Vision: Definition: The vision statement outlines the organization's long-term aspirations and what it aims to achieve in the ______.

future Signup and view all the answers

Mission: Purpose and Present Focus: The mission statement outlines the organization's fundamental purpose or reason for ______.

existence Signup and view all the answers