Business Strategy

1. Why is it important for you to understand business strategy?

2. How would you describe/define strategy?

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3. What are the four choices that are part of strategy formulation?

4. What are the two generic strategies, or primary ways, in which com- panies attempt to offer unique value relative to competitors?

5. Who is ultimately responsible for a company’s strategy? Who does this individual (or individuals) call on for help in formulating strategy for the firm?

6. According to Michael Porter’s “five forces” model, why do some firms earn higher profits than other firms?

7. What are resources and capabilities, what is the difference between them, and why do firms need to assess them?

8. What are three keys to the successful implementation of a company strategy?

9. Who are the four primary stakeholder groups that influence strate- gic decisions in a company?