Which statement about strategy implementation and strategy formulation is true? A) Strategy implementation is played out over longer periods of time than strategy formulation. b) Strategy implementation involves more people than strategy formulation c) Strategy implementation and strategy formulation are independent. d) A and B e) A and B and C

Who is Michael Porter?  What is his argument as it relates to business strategy?

List and explain the two major models of what strategy is, and how it should be developed.

According to Paul Spee, strategy-as-practice is: Practicing strategy until you get it right. A way that organizations develop strategy by practicing strategic planning. A new way of developing strategy that focuses on how we practice. A way to distinguish between economic and psychological models of strategic planning. A new field of research that focuses on how members of organizations actually perform strategy development and implementation.

The tools presented in the strategy formulation framework are applicable to all sizes and types of organizations and can help strategists identify, evaluate, and select strategies. Which of the below tools, used in the process,  allows strategists to evaluate alternative strategies objectively based on previously identified external and internal critical success factors? a. SPACE Matrix b. Internal-External (IE) Matrix c. SWOT Analysis d. Quantitative Strategic Planning Matrix

30. Market strategies are SELECTED based on which of the following Group of answer choices Costs and benefits of the strategy Probabilities of success of the strategy Competitive structure, marketing dynamics and opportunity costs The offering itself All of the above 31. Successfully implementing a marketing mix is both an art and science that requires an understanding of markets, competitor reactions, and environmental forces among other things. Group of answer choices   True False

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Crafting and executing strategy are thus core management tasks. Among all the things managers do, nothing affects a company’s ultimate success or failure more fundamentally than how well its management team charts the company’s direction, develops competitively effective strategic moves, and pursues what needs to be done internally to produce good day-in, day-out strategy execution and operating excellence. Indeed, good strategy and good strategy execution are the most telling and trustworthy signs of good management. The rationale for using the twin standards of good strategy making and good strategy execution to determine whether a company is well managed is therefore compelling: The better conceived a company’s strategy and the more competently it is executed, the more likely the company will be a standout performer in the marketplace. In stark contrast, a company that lacks clear-cut direction has a flawed strategy, or can’t execute its strategy competently is a company whose…

3. In the hierarchy of strategy, what purpose do corporate and business level strategies serve? Why should firms have a business strategy? What information is needed for the proper formulation of strategy? Why?

B.1 Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment to meet the needs of the market and to fulfill stakeholders’ expectations.” So, how important are relationships to being a successful strategic manager?