While it is socially responsible to be a good steward of the natural environment, doing
so will not enable a firm to gain competitive advantage.
In the last five years, the position of chief strategy officer (CSO) has diminished in
comparison to other top management ranks of many organizations.
Relative market share position is given on the x-axis of the BCG Matrix.
When additional stock is issued to finance implementation of strategy, ownership and
control of the enterprise are strengthened.
After segmenting markets so a firm can target particular customer groups, the next step
is to find out what customer groups want and expect.
To perform an external audit, a company first must gather competitive intelligence and
information about social, cultural, demographic, environmental, economic, political,
legal, governmental, and technological trends.
Qualitative forecasts are most appropriate when historical data are available and when
the relationships among key variables are expected to remain the same in the future.
Changing a strategy to fit an existing culture is not as effective as changing a firm’s
culture to fit a new strategy.
If an organization chooses to have both a mission and a vision, the mission statement
should be established first.
Although cash budgets can be a useful financial tool, publicly held companies are not
required to complete them.
Strategists should strive to create a work environment in which change is recognized as
necessary and beneficial so that individuals can more easily adapt to change.
Increased education and diversity of the workforce at all levels are reasons why the
top-down approach should be favored in organizations.
When measuring organizational performance, you need to compare expected results to
actual results.
A mission statement can sometimes be called a statement of philosophy.