Study the videos and the book carefully to prepare yourself for a multiple choice. In the test there are 10 questions. In each question there are 3 choices for an answer. Choose only 1 out of 3. Each...

Page | 5
Summary
Strategy
The strategy used by the manager is to do one or more of the organization. A company's strategy serves as a roadmap for decisions, outlining its aims and goals, essential policies, plans for reaching those goals, and a description of its market.
Features of Strategy
Since predicting the future is impossible, strategy is important. The organisations must be prepared to handle the uncertain occurrences that make up the business environment even without full foresight.
Instead of focusing on daily operations, the strategy considers long-term trends, such as the likelihood that new technologies may result in innovative goods, production methods, or markets in the future.
Traditional Strategy process
Today, it is commonly acknowledged in management theory and practice that firms operate in an environment that is becoming increasingly complex, dynamic, and unpredictable. Managers need to adopt new methods of thinking and acting in light of this circumstance. However, many managers still rely on conventional approaches to strategic positioning and planning. This fundamental framework has shown its value and has now taken over as the predominant framework for strategic thought. But recent rapid changes have shown many businesses that this strategy has its limitations.
The 20th century saw an evolution of the conventional strategy process as it is explained in this article. As the post-war economy grew increasingly complicated, ideas like positioning, analysis, strategic alternatives, portfolio management, and others were created. These were the years in which a growing number of substantial, multinational, multi-product businesses developed into final global corporations. Global interdependencies and competition grew more intense. Businesses in this circumstance required more advanced management tools than their predecessors, who were much smaller and more focused locally.
Strategic Management
It's thrilling and difficult to practise strategic management. It makes crucial choices regarding a company's future course, including its goals, available resources, and interactions with its surroundings. The organization's personnel, money, production processes, consumers, and other factors all play a part in strategy.
“Strategic management is concerned with the determination of the basic long-term goals and the objectives of an enterprise, and the adoption of courses of action and allocation of resources necessary for carrying out these goals”.
– Alfred Chandler, 1962
“Strategic management is a stream of decisions and actions which lead to the development of an effective strategy or strategies to help achieve corporate objectives”.
–...