WHAT IS STRATEGY?
Complete this phrase: “Strategy is about deciding what not to ______.”
“Do.”
What are the three main phases of strategic management?
Analysis, Formulation, Implementation.
What does the “P” in PESTEL stand for?
Political.
The internal environment is assessed using what popular tool?
SWOT
Name one of Porter’s three generic strategies.
Cost leadership, differentiation, focus.
Strategy is fundamentally about making what?
Choices
The continuous cycle of planning and adjusting strategy is called what?
Strategic Management Process.
Social trends affect what key business area?
Consumer behavior.
Strengths and weaknesses represent which part of the SWOT?
Internal.
Bowman’s strategy that offers moderate price with high perceived value is called what?
Hybrid strategy.
What is the primary purpose of strategy?
To guide decisions toward a long-term desired outcome.
Name one tool used in strategic analysis.
PESTEL, SWOT, Five Forces, Value Chain, etc.
Give one example of an Economic factor.
Inflation rates, interest rates, unemployment, GDP trends, etc.
What is the “Business DNA Match-Up” activity designed to identify?
Founders' internal strengths, gaps, and alignment with the business.
Entrepreneurs face what three main types of personal risk?
Financial, career, personal/lifestyle.
What is the difference between an idea and a strategic choice?
An idea is a possibility; a strategic choice commits to a direction.
Strategic management helps organizations align internal strengths with what?
External opportunities.
Which PESTEL category includes climate change and sustainability?
Environmental.
A factors belong to the internal environment?
The micro (internal) environment is company’s resources, culture, and capabilities
What is the Opportunity Lens used for?
Evaluating whether a business idea is a real opportunity.
What are the two main elements of defining a strategy?
(1) Understanding the environment, (2) Choosing a direction.
What is a personal business strategy statement?
A written statement outlining one’s unique value, direction, and goals.
A new law regulating data privacy would fall under which category, and what is its likely impact?
Legal; increased compliance costs/need for data protection.
What is a leverage point?
A key internal strength that can create outsized strategic advantage.
A strategy where a startup finds an underserved niche and serves it better than competitors is called what?
Focus or niche differentiation strategy.