Which term addresses what strategic decisions are about and what the intention is?
Which statement(s) is (are) true?
According to McGee et al. strategic planning is the process by which the firm organizes its resources and actions in relation to an external environment in order to achieve its goals and objectives. This is conducted in a very hierarchical and formal manner.
According to Mintzberg and Waters (1985), some strategies may be planned, at least in their first stages, but many more just simply emerge in an organization without being consciously intended or being deliberate acts.
Logical incrementalism (Quinn, 1980) combines rational-resource allocation thinking with practical learning by doing; longer-term plans and targets with evolutionary, learningbased patterns of movement on the way.
All of the above statements are true
By modeling the process of interactive decision making by rival firms, game theory can predict the outcome of a range of competitive situations.
Given the plethora of external influences, understanding the external environment requires managers to:
- Use a framework or a system that allows them to organize information and rank factors
- Monitor their rivals closely to detect signals of change in their strategies
- Use all existing techniques to gather and analyze information
- Work on the matter full-time
Richard Branson runs Virgin using norms and values like “question authority” and “staff first, then customers and shareholders.” In terms of Mintzberg’s five P’s for strategy (in Lecture 1), this reflects the view of strategy as: