A plan is not a strategy

What is the main difference between strategy and planning?

• Strategy involves setting goals, while planning is about achieving them.

• Strategy and planning are essentially the same thing.

• Strategy focuses on winning in a competitive field, while planning is a list of activities.

• Planning is for short-term goals, and strategy is for long-term goals.

Which statement best describes what planning typically involves for a company?

• A detailed analysis of market trends and competitor actions.

• A set of activities a company intends to perform.

• A theory about how to achieve a competitive advantage.

• A method for controlling customer behavior.

Why might a company's plans not lead to desired results?

• The plans were too ambitious.

• The company lacked sufficient resources.

• The company did not have a clear strategy.

• The market conditions changed unexpectedly.

What is the definition of strategy?

• A detailed schedule of future events.

• An integrative set of choices that positions you to win.

• A list of tasks to be completed by employees.

• A financial budget for the upcoming year.

For a strategic theory to be effective, what two qualities must it possess?

• It must be complex and innovative.

• It must be coherent and doable.

• It must be flexible and adaptable.

• It must be widely accepted and popular.

Why is planning often considered "comfortable" for businesses?

• It allows for creative freedom without constraints.

• It focuses on activities and resources that the company controls.

• It guarantees immediate financial success.

• It involves less risk than developing a strategy.

What is a key challenge when developing a strategy, unlike planning?

• It requires more financial investment.

• It involves predicting future technological advancements.

• It depends on factors outside the company's direct control, like customer behavior.

• It demands a larger team to implement.

What was Southwest Airlines' strategy aimed at achieving?

• Becoming the largest airline in the US.

• Offering a more convenient and affordable alternative to bus travel.

• Providing luxury travel experiences to customers.

• Expanding to international routes rapidly.

What was a key difference in Southwest Airlines' flight strategy compared to other major airlines?

• Flying only international routes.

• Using a hub-and-spoke system.

• Flying point-to-point routes.

• Offering only long-haul flights.

What was a unique aspect of Southwest Airlines' aircraft fleet?

• They used a variety of different aircraft models.

• They primarily flew only one type of aircraft.

• They used only large, wide-body planes.

• They leased all their aircraft from other companies.