Test Bank For Foundations of Strategy By Robert M.Grant
Chapter 1
The Concept of Strategy
- Strategy today is essentially a detailed plan which every member of the organization must follow to ensure success.
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- Strategy is in essence a long-term plan for an organisation to achieve its long-term objectives.
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- For most firms, although good luck may play a part, success is more likely to be a result of a soundly grounded and well executed strategy.
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- Sound strategy and implementation largely determine the probability and extent of the success of a firm.
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- A sound strategy relies on four factors: simple and consistent goals; sound understanding of the competitive environment; objective appraisal of resources; and effective implementation of strategic decisions.
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- Usually, business success has been proved to rely in the end on superior resources.
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