MBA Final Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
strategy : where should we compete and how? integrated set of choices that positions the business in its industry so as to generate superior financial returns over time, Strong strategy is consistent, aligns with intended business model and positioning, How a business performs in its environment compared to competitors purpose and goal of strategy : create a competitive advantage, determines where to engage with the competition and choice of business model Goal: superior performance, substantial positive return, above average profitability, above average return on equity Five Stages of the Strategic Management Process : Analysis - understand unique competitive strengths, how to create value Formulation - vison, mission, goals, objectives, strategic approach Implementation - allocate resources, organizational structure, employees, activities to engage in 2 | P a g e Evaluation - think and respond based on results and analysis Performance - success or failure of strategy Five Questions to Define strategy : Why are firms different How are competitive differences sustained? What is special about strategic decisions What is the nature of strategy in multi-divisional firm? How is strategic effectiveness measured
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