Exam 1: The Concept of Stategy

Sound strategy and implementation largely determine the probability and extent of the success of a firm.

In practice, strategy making is

Business strategy has largely evolved from the theories put forward by academics.

The approach taken in the textbook primarily assumes that

In regard to strategy making, most firms are likely to exhibit

Select the best answer. Business strategy is a combination of

The balance between designed strategy and emergent strategy depends mostly on

Much can be learned about a firm's actual strategy by looking at where it invests most money, and what products, services, and technologies it is working on.

The shift in strategy from a plan to a direction leads to

A strategy can be described as

Business strategy can be summarized as

The underlying purpose of studying strategy is

Strategy today has been forced to evolve to cope with an increasingly fast-paced and volatile environment, making inflexible long-term plans redundant.

Strategy and tactics

The fundamental role of strategy is to

Maximising shareholder value

As the environment becomes more turbulent, or unpredictable,

Corporate strategy is also called business strategy, or competitive strategy.

Profit-making firms are about creating value:

Business strategy defines