The Importance of Strategic Management
Chapter 1:- Strategy
The Strategy’s Central Questions are:
1. Where are we now? This is about Current financial performance, industry condition, market standing.
2. Where do we want to go from here? This is about what buyer needs to try to satisfy, which growth opportunities to emphasize, How to change the business makeup?
3. How are we going to get there? This is the most important one because it is about which competitive moves and business approaches to use as a strategy.
Q1.
Managers in all types of businesses must address the central strategic question?
A.
Where are we now?
B.
Where do we want to go from here?
C.
How are we going to get there?
D.
When will we know we are there?
E.
All of these
What Does Strategy Mean?
It is all about how: 1- Attract and please customers, 2- Compete against rivals, 3- Position the firm in the marketplace to capitalize on attractive growth opportunities, 4- Respond to changing economic and market conditions, 5- Manage each functional piece of the business, 6- Achieve the firm’s targets.
Q2.
A company's strategy consists of
A.
Actions to develop a more appealing business model than rivals.
B.
Plans involving alignment of organizational activities and strategic objectives.
C.
Offensive and defensive moves to generate revenues and increase profit margins.
D.
Competitive moves and approaches that managers have developed to grow the business attract and please customers, conduct operations, and achieve targeted objectives.
E.
Its strategic vision, its strategic objectives, and its strategic intent.
Strategy Definition: consists of the competitive moves and business approaches management has developed to attract and please customers, compete successfully, capitalize on opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve performance objectives.
Q3.
The competitive moves and business approaches a company's
The Strategy’s Central Questions are:
1. Where are we now? This is about Current financial performance, industry condition, market standing.
2. Where do we want to go from here? This is about what buyer needs to try to satisfy, which growth opportunities to emphasize, How to change the business makeup?
3. How are we going to get there? This is the most important one because it is about which competitive moves and business approaches to use as a strategy.
Q1.
Managers in all types of businesses must address the central strategic question?
A.
Where are we now?
B.
Where do we want to go from here?
C.
How are we going to get there?
D.
When will we know we are there?
E.
All of these
What Does Strategy Mean?
It is all about how: 1- Attract and please customers, 2- Compete against rivals, 3- Position the firm in the marketplace to capitalize on attractive growth opportunities, 4- Respond to changing economic and market conditions, 5- Manage each functional piece of the business, 6- Achieve the firm’s targets.
Q2.
A company's strategy consists of
A.
Actions to develop a more appealing business model than rivals.
B.
Plans involving alignment of organizational activities and strategic objectives.
C.
Offensive and defensive moves to generate revenues and increase profit margins.
D.
Competitive moves and approaches that managers have developed to grow the business attract and please customers, conduct operations, and achieve targeted objectives.
E.
Its strategic vision, its strategic objectives, and its strategic intent.
Strategy Definition: consists of the competitive moves and business approaches management has developed to attract and please customers, compete successfully, capitalize on opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve performance objectives.
Q3.
The competitive moves and business approaches a company's