Understanding Strategy in Business

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Questions and Answers

What is a key characteristic of strategic thinking?

  • Focuses on short-term gains
  • Involves only small picture analysis
  • Incorporates systems thinking and big picture focus (correct)
  • Relies solely on traditional strategic planning

According to Beaufre, what is a necessary capacity for a strategist?

  • Synthesis capacity but not analysis
  • Both analysis and synthesis capacity (correct)
  • Only analytical capacity
  • Only creative capacity

Why is there no generally accepted definition for strategic thinking?

  • Lack of common agreement on its role or importance (correct)
  • Due to a lack of importance in strategy making
  • Because it is primarily based on strategic planning
  • Because it is an uncommon ideal

What does strategic thinking involve in an organizational strategic management process?

<p>Generating and applying unique business insights and opportunities (B)</p> Signup and view all the answers

What is regarded as a benefit of group strategic thinking in highly competitive environments?

<p>Gaining other people's perspectives on critical and complex issues (B)</p> Signup and view all the answers

What is the main focus of this unit on Strategic Thinking?

<p>The philosophy and mindset of strategic thinking (A)</p> Signup and view all the answers

How is strategic thinking defined in the given text?

<p>As a mindset or way of thinking about a business or organization (B)</p> Signup and view all the answers

What distinguishes strategic thinking according to the text?

<p>It is distinguishable by several characteristics (B)</p> Signup and view all the answers

Why do different theorists have varying explanations of strategic thinking?

<p>Due to the diversity in research orientation and academic nature (A)</p> Signup and view all the answers

What is the purpose of understanding the basic idea about Strategic Thinking in this unit?

<p>To appreciate specific issues in subsequent units (D)</p> Signup and view all the answers

What is one reason there is no definitive answer about what strategy really is?

<p>Different people think about strategy in different ways. (B)</p> Signup and view all the answers

According to Gerry Johnson and Kevan Scholes, what does strategy determine?

<p>The direction and scope of an organization over the long term. (A)</p> Signup and view all the answers

What does Michael Porter emphasize as the need for strategy?

<p>To define and communicate an organization's unique position. (D)</p> Signup and view all the answers

How do some people prefer to evolve their strategies according to the text?

<p>Organically. (A)</p> Signup and view all the answers

What is one reason why strategy has been studied for years by business leaders and theorists?

<p>It determines how resources should be configured to meet the needs of markets and stakeholders. (D)</p> Signup and view all the answers

What is the main focus of corporate strategy?

<p>How to structure the business units within the corporation (A)</p> Signup and view all the answers

What does business unit strategy address?

<p>How to compete successfully in individual markets (A)</p> Signup and view all the answers

What is a key factor in developing business unit strategy?

<p>Building strong internal competences (D)</p> Signup and view all the answers

What is an important consideration at the corporate level strategy?

<p>Sharing technologies and resources between business units (B)</p> Signup and view all the answers

Which tool would be helpful for high-level analysis and planning at the corporate level strategy?

<p>Porter's Generic Strategies (C)</p> Signup and view all the answers

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