Executing Strategy Quiz practice exam with verified solutions
Execution - answer Series of "actions" that put the plan to the test
Not an end point
Hard to standardize a process for it because it is particular to each organization's situation, capabilities, &
environment
Strategy process - answer The continuos feedback loop of:
1.) strategy formulate
2.) put in to action
3.) Change as new information arises
What does a major shift in strategy require? - answer Organizational transformation
Strategy formulation - answer Part of the strategy process involving continually gathering insights about the industry & market, weighing alternatives, & developing imperatives
It is a hypothesis
Output of strategy formulation - answer Strategy
Strategy - answer Integrated set of choices that positions a firm to compete successfully in an industry &
generate superior financial returns over the long-run
Strategy execution - answer Concerned w/ carrying out the strategy Turning the integrated set of choices into action
Involves continually aligning organizational task structures, processes, & capabilities to sustain competitive performance
It is a CHANGE
Shift in strategy - answer Prompted by dissatisfaction w/ the status quo
Leaders identify gaps between current & desired performance
Triggers for rethinking strategy formulation or execution - answer Performance Gap & Opportunity Gap
Performance Gap - answer Quantified short-fall between actual results & desired results
Opportunity Gap - answer Discrepancy between current results & those "achievable" by successfully pursuing a new opportunity New product, technology, service, or business Model
To Close Gap - answer Combine strategy formulation w/ execution
Actions that involve building the necessary capabilities & carrying out the initiatives that will deliver desired results
Common reasons for strategy failure - answer Ineffective or broken strategy
A focus on maintaining the status quo
Execution - answer Series of "actions" that put the plan to the test
Not an end point
Hard to standardize a process for it because it is particular to each organization's situation, capabilities, &
environment
Strategy process - answer The continuos feedback loop of:
1.) strategy formulate
2.) put in to action
3.) Change as new information arises
What does a major shift in strategy require? - answer Organizational transformation
Strategy formulation - answer Part of the strategy process involving continually gathering insights about the industry & market, weighing alternatives, & developing imperatives
It is a hypothesis
Output of strategy formulation - answer Strategy
Strategy - answer Integrated set of choices that positions a firm to compete successfully in an industry &
generate superior financial returns over the long-run
Strategy execution - answer Concerned w/ carrying out the strategy Turning the integrated set of choices into action
Involves continually aligning organizational task structures, processes, & capabilities to sustain competitive performance
It is a CHANGE
Shift in strategy - answer Prompted by dissatisfaction w/ the status quo
Leaders identify gaps between current & desired performance
Triggers for rethinking strategy formulation or execution - answer Performance Gap & Opportunity Gap
Performance Gap - answer Quantified short-fall between actual results & desired results
Opportunity Gap - answer Discrepancy between current results & those "achievable" by successfully pursuing a new opportunity New product, technology, service, or business Model
To Close Gap - answer Combine strategy formulation w/ execution
Actions that involve building the necessary capabilities & carrying out the initiatives that will deliver desired results
Common reasons for strategy failure - answer Ineffective or broken strategy
A focus on maintaining the status quo
