What is the primary goal of business strategy?
The goal of business strategy is to create a sustainable competitive advantage that allows a company to achieve its objectives and outperform competitors.
Why is SWOT analysis important in strategic planning?
SWOT analysis helps organizations assess their strengths, weaknesses, opportunities, and threats, which is essential for making informed strategic decisions.
What does the policy component in strategic management ensure?
Policies provide guidelines that align operations with strategic goals, ensuring consistency and regulatory compliance.
How does strategic alignment benefit an organization?
Strategic alignment ensures all departments and employees work toward the same goals, improving efficiency and performance.
What is the role of corporate governance in strategy?
Corporate governance establishes accountability, ethical behavior, and oversight in strategic decision-making processes.
What is the significance of a mission statement in strategy?
A mission statement defines the organization's purpose and guides decision-making to align with its core values and vision.
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How do key performance indicators (KPIs) support strategy?
KPIs measure progress toward strategic goals, enabling performance evaluation and necessary adjustments.
What is the purpose of environmental scanning in strategic planning?
Environmental scanning involves analyzing external and internal factors that influence business success and strategy.
How does strategic flexibility help businesses?
Strategic flexibility allows businesses to adapt to market changes and remain competitive in dynamic environments.