Questions and Answers
What does the term 'strategy' originally refer to?
The art and science of directing military forces
How is business strategy defined?
A well thought of and systematic plan of action designed to achieve a long-term or overall aim
Why is the idea of strategy injected into business organisations?
To reduce uncertainty caused by changes in the environment
What is the purpose of formulating strategies in anticipation of rivals' moves?
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How does business strategy aim to relate the goals of the organisation to the means of achieving them?
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Study Notes
Definition of Strategy
- The term 'strategy' originally refers to the art of generalship or military command.
Business Strategy Definition
- Business strategy is defined as a long-term plan of action designed to achieve a particular goal or set of goals.
Origins of Business Strategy
- The idea of strategy was injected into business organisations because it was borrowed from the military context, where it was used to outmanoeuvre and outperform opponents.
Anticipating Rivals' Moves
- Formulating strategies in anticipation of rivals' moves allows businesses to prepare for and respond to competitors' actions, thereby maintaining a competitive advantage.
Relating Goals to Means
- Business strategy aims to relate the goals of the organisation to the means of achieving them by identifying the most effective and efficient ways to allocate resources, allocate tasks, and make decisions.
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Description
Test your knowledge of business strategy with this quiz! Explore the origins and principles of strategy, and learn how it applies to business and entrepreneurship. Challenge yourself with questions about strategic planning, competitive advantage, and more.
