7.1c - Strategy

Question 1

Business strategy definition

Answer 1

The direction and scope of an organisation over the long-term

Question 2

Strategic decisions definition

Answer 2

Decisions that form the direction of the business (how it will achieve its corporate objectives)

Question 3

Features of strategic decisions:

Answer 3

• Medium to long-term
• Taken by upper management
• Formed based on results of comparing where business wants to be to where it is now

Question 4

Tactical decisions features:

Answer 4

• Short to medium-term
• Made by heads of functional areas
• Allow business to achieve the functional objectives so it can achieve its corporate objectives
• It is how a business will do something