Exam (elaborations)

STRATEGY & MARKETING

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STRATEGY & MARKETING What characteristics does a strategic decision have? What does it require? - CORRECT ANSWER-Has long term, significant and non-reversible effects on the final goal of the organization (decision maker) (usually) requires a large amount of resources and top management involvement Has a cross cutting impact Define strategy, what is it, why is it, how is it? - CORRECT ANSWER-Identifies the scope and the direction of the organisation, through the definition of objectives Is aimed to obtain long term performances superior to competitors, that is a competitive advantage Integrates a coherent set of strategic decisions Definitively, strategy create and sustain competitive advantage. What is a tactical decision? how is it different from a strategic decision? - CORRECT ANSWER they distinguish themselves from strategy ones, since they are linked to short term operational decisions. However, they always allow to pursue and implement a broader strategy. Mention some ways of defining strategy, fex military view, Ohmae or Henderson - CORRECT ANSWER-The military way to look at strategy is to look at it as the space between policy and tactics: Policy is derived from a purpose or cause Strategy is concerned with how achieve the policy or goal with means available Tactics are particular movement and actions while engaged in battle For Ohmae, strategy is all about competitive advantage, that is to gain a sustainable edge over its competitors. Thus, corporate strategy implies an attempt to alter company's strength relative to that of its competitors in the most efficient way. For Henderson, strategy is a deliberate search for a plan of action that will develop a business's competitive advantage and compound it. The objective is to enlarge the scope of advantage, that can only happen at someone's else expenses.

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