Topic:Business Policy and Strategic Planning
- Explain the difference between a company’s business model and a company’s strategy.
- What is the connection between a company’s strategy and its quest for sustainable competitive advantage?
- List five things to look for in identifying the components of an organization’s strategy.
- Explain why a company’s strategy cannot be completely planned out in advance and why crafting a company’s strategy cannot be a one-time, once-and-for-all managerial exercise. Identify at least 3 factors that account for why company strategies evolve.
- What are the five phases of the strategy-making, strategy-executing process and what does each one involve?
- What are the roles/obligations of a company’s board of directors in the strategy-making, strategy-executing process?
- What is the meaning of the term “balanced scorecard?” What are the merits of using a balanced scorecard in judging a company’s performance?
- What is the difference between a mission statement and a strategic vision?
- What is the strategy-making hierarchy for a diversified company? How does it differ from the strategy-making hierarchy for a single business company?
- Is a strategy ethical if all of its elements are legal? Why or why not?
