<div style='margin-bottom: 20px;'> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the three strategic questions a company must answer to define its strategy?</h2> <p style="font-weight: normal; font-size: 1.2rem;">1. The company's present situation. 2. Where the company needs to go from here. 3. How the company should get there.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What defines a firm's strategy according to the text?</h2> <p style="font-weight: normal; font-size: 1.2rem;">A firm's strategy is defined by how it plans to grow the business, please customers, outcompete rivals, manage business functions, respond to market conditions, and achieve performance targets.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is the primary purpose of a strategy in a business context?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The primary purpose is to determine the long-term goals and objectives of an enterprise, adapt courses of action, allocate resources for these goals, and define the long-term direction of an organization.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does management's 'action plan' contribute to a company's strategy?</h2> <p style="font-weight: normal; font-size: 1.2rem;">It consists of competitive moves and business approaches to grow the business, attract and please customers, compete successfully, conduct operations, and achieve targeted organizational performance.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the different levels of strategy within an organization?</h2> <p style="font-weight: normal; font-size: 1.2rem;">1. Corporate Level Strategy: Overall purpose and scope. 2. Business Level Strategy: Competing in the market. 3. Operational Level Strategy: Delivering the strategy through resources, processes, and people.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the key elements of developing a successful strategy?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Developing a successful strategy involves making competitive moves to appeal to buyers, set the company apart from rivals, carve out a market position, and develop a distinctive element to attract customers and produce a competitive edge.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">Why is it important for managers to analyze their business environment?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Because business environments are dynamic and complex, and analyzing them carefully helps managers manage influence from environmental changes.</p> </div> </div>