Exam 1: The Concept of Stategy

In the twenty-first century strategy has become less about sustaining competitive advantage and more about

The 1950s/60s style of corporate planning assumed that

The shift from Corporate Planning to Strategy Making implies

Select the best answer. Modern business strategy has evolved across time due to

A sound strategy relies on four factors: simple, long-term and consistent goals; profound understanding of the competitive environment; objective appraisal of resources; and effective implementation of strategic decisions.

Corporate social responsibility

From the military arena, tactics are about actions and techniques for winning battles, whereas strategy is about winning the war.

Strategy is in essence a long-term plan for an organization to achieve its long-term objectives.

The simplest useful definition of business strategy would be

In summary, strategy has evolved from "strategy as a detailed plan" to become "strategy as direction" in the early 21st century.

Strategic decisions are likely to significantly affect the organization as a whole and involve major resource commitment.

Appraising a firm's resources consists of

Strategic goals should be

To determine a large firm's strategy, it's sufficient to read the annual corporate report.

Strategy today is essentially a detailed plan which every member of the organization must follow to ensure success.

Strategy in the 1950s and 1960s was dominated by top-down corporate planning and so-called scientific management.

Some observers have noticed that there's only a weak link between a firm's intended or stated strategy, and its actual or realized strategy.

If a firm's strategy ensures it is consistent with both its internal and external environment, it achieves

Paradoxically, the most consistently profitable companies are those whose primary goals are NOT stated in terms of profits.