Problems with Stratergy

What is essential for effective strategy implementation in organizations?

Managers must maintain a strong sense of strategic direction.

What are planned strategies?

Strategies that are intentionally developed and executed by managers and leaders.

What are emergent strategies?

Strategies that develop over time and are not purposefully planned.

What is strategic drift?

It occurs when a business fails to adapt to external changes and no longer meets customer demands.

How can businesses overcome strategic drift?

They may need to make transformational changes in response to market shifts.

What consequences arise from the separation of ownership and control?

It can lead to conflicts between the interests of shareholders and managers.

What is corporate governance?

The process of monitoring managers' decisions to ensure they align with shareholder interests.

What is contingency planning?

The process of preparing for events that could significantly affect business success.

What is an example of a situation that may require contingency planning?

Potential impacts of Brexit on businesses situated in the UK.

What is a disadvantage of contingency planning?

It can waste resources if plans are created for events that do not occur.

What is a potential advantage of contingency planning?

It prepares a business for rare but serious events that could impact operations.