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August 4, 2023

Examination for Business Strategy

Please explain why it is important for companies to develop a strategy? (3pts)
Please name and explain the five strategic approaches that a company may pursue. (5pts)
a.
b.
c.
d.
e.
Describe what is required for companies to have a successful strategy. (3pts)
Discuss which individuals are responsible for establishing corporate strategy and what role do these individual play? (2pts)
Explain the purpose of a strategic plan and what are the components of it? (3pts)
Please list and describe the six components of the macro-environment. (6pts)
a.
b.
c.
d.
e.
f.
Compare and contrast the differences between horizontal and vertical integration. Is one better than the other? Please explain. (5pts)
Companies will sometimes use offensive and/or defensive strategies to improve market position. Please explain the difference between these two strategies. (5pts)
What is the problem with utilizing the SWOT analysis and how can this weakness be overcome? (2pts)
What types of tools are utilized to evaluate if a company’s current strategy is working? (3pts)
Can benchmarking be a successful tool for non-related companies/industries? Please explain why you answered the way you did. (2pts)
Why are organizational capabilities more difficult to identify than resources? (2pts)
What is required for a company to maintain a competitive advantage? (2pts)
Explain when a company may be better served by utilizing outsourcing services. (3pts)
What are the four components that make up a company’s strategic plan. (4pts)

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