Strategy

What is often mistaken for strategy in business?

• Customer feedback

• Market research

• Investment in technology

• A list of planned activities

According to the video, what does strategic planning often lack?

• Detailed financial planning

• Internal coherence and a clear goal

• A focus on costs

• Customer satisfaction surveys

What is essential for a strategy to be considered effective?

• It must be approved by all stakeholders

• It must position the company to win competitively

• It must include a list of activities

• It must control costs effectively

What is a key difference between strategy and planning highlighted in the video?

• Strategy requires less financial resource than planning

• Planning is more about leadership, strategy about management

• Planning is about controlling costs, strategy is about competitive outcomes

• Strategy focuses on controllable outcomes, planning does not

What role does simplicity play in effective strategy formulation?

• It is irrelevant to strategy success

• It ensures the strategy can be summarized on one page

• It complicates decision-making

• It helps in making the strategy adaptable