Answered: 1 The terminology ‘strategy’ comes…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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What is the difference between business strategy and corporate strategy? Provide examples.
Crafting and executing strategy are thus core management tasks. Among all the things managers do, nothing affects a company’s ultimate success or failure more fundamentally than how well its management team charts the company’s direction, develops competitively effective strategic moves, and pursues what needs to be done internally to produce good day-in, day-out strategy execution and operating excellence. Indeed, good strategy and good strategy execution are the most telling and trustworthy signs of good management. The rationale for using the twin standards of good strategy making and good strategy execution to determine whether a company is well managed is therefore compelling: The better conceived a company’s strategy and the more competently it is executed, the more likely the company will be a standout performer in the marketplace. In stark contrast, a company that lacks clear-cut direction has a flawed strategy, or can’t execute its strategy competently is a company whose…
In what ways are the strategic management of business and military strategy alike? In what ways are they different?

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1 The terminology ‘strategy’ comes from the Greek word ‘Strategos’ meaning ‘The Art of the General’. How is the `art of the general ‘related to the world of business in the present day context of competitive business world?