Questions and Answers
Which of the following is NOT a learning objective of this chapter?
Understanding the limitations of strategic management
According to Michael Porter, what happens to a company without a strategy?
It is willing to try anything
According to Henry Mintzberg, what is the starting point of strategy?
Consequence
What is the main focus of strategic management?
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What is the concept that strategic management is limited by?
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Study Notes
Strategy and Strategic Management
- A company without a strategy will drift, according to Michael Porter.
- The starting point of strategy is the concept of "5 Ps" - Plan, Ploy, Pattern, Position, and Perspective, according to Henry Mintzberg.
- The main focus of strategic management is to achieve a sustainable competitive advantage.
- Strategic management is limited by bounded rationality, which assumes that decision-makers have limited cognitive abilities and information processing capabilities.
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Description
Test your knowledge on the fundamentals of strategic management with this quiz. Learn about business policy and strategy, the framework of management, the different levels of strategy within an organization, and the importance of strategic management in government and not-for-profit organizations. See how well you understand the key concepts and principles of strategic management.
