Very Short Question Answer 1. What is premise control ? Premise control is designed to check methodically and constantly whether the premises on which a strategy is grounded on are still valid. If it is discovered that an important premise is no longer valid, the strategy may have to be changed. 2. What is special […]
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Chapter 14: Strategy Implementation
Very Short Question Answer 1. What do you mean by strategy implementation? Strategy implementation is the process by which strategies and policies are to put into action through the development of programs, budgets and procedures. This is the most important component of strategic management. 2. What is simple structure? The simple structure has a very […]
Chapter 13: Strategy Formulation and Strategic Choice
Very Short Question Answer 1. What do you mean by suitability of strategic alternatives? Suitability emphasizes the strategic fit with the environmental factors. It assesses how the identified strategic alternative would sustain or improve the competitive position of the organization. It can be referred as consistency test. 2. What do you mean by feasibility of […]
Chapter 12: Strategic Options
Very Short Questions Answer 1. What do you mean by corporate strategy? Corporate strategy is the master strategy for an organization. It follows the vision and mission of an organization. A corporate strategy involves selecting and managing a group of different businesses which are competing in different product markets to gain competitive advantage. 2. Enlist […]
Chapter 11: Evaluating Company Resources And Competitive Capabilities
Very Short Questions Answer 1. What is threshold resource? Threshold resources are those capabilities needed for an organization to meet the necessary requirement to compete in a given market. These are the fundamental resources. Without these resources, an organization cannot run smoothly. 2. Define competitive advantage. Competitive advantage may be defined as the advantage over […]
Chapter 3: The Role of Information in an Economy
Transaction costs and Information costs It is costly to bring buyers and sellers The costs associated with making exchange possible are transaction costs such as travel cost, negotiation cost, and property rights enforcement cost, and the cost of acquiring information. Transaction costs are costs of bringing buyers and sellers together. In real world markets-even those […]