Business strategy at midnight

What is Strategy?

• A description of past events in a business.
• A set of random actions without a goal.
• a long term plan to achieve competitive advantage in a changing environment

• A method for analyzing market trends.

What is strategic management

• Strategic management focuses only on day-to-day operations.
• an ongoing process by which top management determines the long term direction and performance by ensuring that strategy is carefully formulated, implemented, and evaluated

• Strategic management is solely about financial planning.
• Strategic management is the process of hiring new employees.

What is the goal of strategic management?

• Is to create above-average returns for investors

• To define an organization's direction and allocate resources effectively.
• To focus solely on short-term profits and ignore long-term goals.
• To increase employee salaries without regard to performance.

What do you need to be aware of about the environmental factors

• They are always changing, failing to adapt to them will make business and organisation struggle to survive

• Focus solely on economic factors
• Be aware of climate, air and water quality, biodiversity, and their impacts on health and ecosystems.
• Be aware of the latest fashion trends

what are the benefits of strategic management

• Improved understanding of a rapidly changing environment

• Increased employee turnover
• Sharper focus on what is strategically important

• Clearer sense of strategic vision for the firm

what are the three levels of strategy

• Corporate strategy

• Business strategy

• Functional strategy

• Financial strategy

Which strategy has the highest rank in a hierarchy

• Corporate strategy

• Business strategy

• Functional strategy

• Financial strategy

which strategy has the lowest rank in a hierarchy

• Corporate strategy

• Business strategy

• Functional strategy

• Financial strategy

What does Corporate strategy do

• Corporate strategy focuses solely on marketing tactics.
• Corporate strategy is only concerned with employee management.
• Corporate strategy determines daily operational tasks.
• Corporate strategy determines the business of the organisation

What are the 4 areas of focus of Corporate level strategy

• Diversification management

• Synergy between units

• Investment priorities

• Business level strategy approval but not crafting

• Create sustainable competitive advantages