L1 - Intro to Business Strategy Recap

Strategic planning includes:

• long-term planning

• meeting financial goals only

• meeting the requirements of shareholders only

Which type of strategy involves

making decisions to enter new markets?

• Corporate strategy

• Business strategy

• Functional strategy

Rational approach for strategic planning:

• empowers managers to develop strategies

• builds management team with the right strategic skills

• involves prediction of the future

One of the criticisms of strategic planning is:

• It reduces initiative

• Organisations become reactive

• It increases operational efficiency

Which of the following is NOT an ethical consideration in business strategy?

• The ethical climate in which a firm operates

• The return on investment for a strategic plan

• Consider lines of business for ethical reasons