Exam 1: The Concept of Strategy

Strategic goals should be:

Ryanair's strategic position is as Europe's lowest-cost airline may be attributed to:

Strategic choices involve two basic questions: where and how to compete?

The dynamic, future-oriented dimension of a firm's strategy is described by its mission and vision statements and its performance targets.

Strategic decisions are important, involve a significant commitment of resources, and should be easily reversible.

The applicability of the tools and techniques of strategy analysis to not-for-profit organizations is:

Strategy denotes an overall plan whereas a tactic is a scheme for a specific action.

Military strategy and business strategy differ in that:

The main factor causing the transition from corporate planning to strategic management was the increasing inability of companies to forecast economic conditions four or five years into the future.

Strategy assists the quality of strategic decision making by:

The extent to which an organization's strategy is determined by decentralized emergence rather than by centralized design depends mainly upon:

The primary distinction between corporate strategy and business strategy is:

A key component of an effective strategy is clear, consistent, long-term goals.

For both individuals and businesses, successful strategies are characterized by:

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both:

A description of a company's organizational purpose is called a:

According to Henry Mintzberg, firm strategy should be formulated by top management through rational deliberation utilizing all available data.

When a firm's external environment becomes more turbulent and unpredictable:

The two questions of "where" and "how" to compete define:

Contingency theory postulates that a firm's strategy must to flexible in order to meet any possible contingency.