MNG2601 Chapter 7EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
Differentiate between the terms 'strategy' and 'strategic management'.
Strategy - the long-term direction of a business, the means by which businesses
achieve their objectives and the deliberate choice of a set of activities to achieve a
sustainable competitive advantage.
Strategic management - the process of crafting, implementing and controlling
business strategies with the goal of achieving a sustainable competitive
advantage.
Identify the characteristics of a winning strategy.
1. Strategies must be relevant for a business at all levels.
2. There must be a fit between business strategies and the circumstances in their
external and internal environments.
3. Strategies should be feasible in respect of business resources, skills and
capabilities.
4. Managers should also ensure that business strategies are desirable to all
stakeholders.
What is the overall goal of strategic management for the responsible business
The overall goal of strategic management for the responsible business:
1. economic competitive advantage
2. above-average social value creation
3. above-average environmental value creation.
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
Differentiate between the terms 'strategy' and 'strategic management'.
Strategy - the long-term direction of a business, the means by which businesses
achieve their objectives and the deliberate choice of a set of activities to achieve a
sustainable competitive advantage.
Strategic management - the process of crafting, implementing and controlling
business strategies with the goal of achieving a sustainable competitive
advantage.
Identify the characteristics of a winning strategy.
1. Strategies must be relevant for a business at all levels.
2. There must be a fit between business strategies and the circumstances in their
external and internal environments.
3. Strategies should be feasible in respect of business resources, skills and
capabilities.
4. Managers should also ensure that business strategies are desirable to all
stakeholders.
What is the overall goal of strategic management for the responsible business
The overall goal of strategic management for the responsible business:
1. economic competitive advantage
2. above-average social value creation
3. above-average environmental value creation.
