Strategy and management long were the same. Now strategy is an integrated set of choices, positioning an organization to deliver superior competitive value; it requires hard choices to increase odds of success, not eliminate risk. Common mistakes include defining strategy as a vision, plan, status quo optimization, or use of best practices or denying that long-term strategy is even possible. To develop strategy, managers can ask a series of questions representing a decision-making flow, sometimes with many levels of choice and interconnected decisions. This approach avoids strategy traps (e.g., do it all, something for all) and bad strategy signs (e.g., fluff, failure to face challenges, goals mistaken for strategy, bad strategic objectives).

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2. 1. Classify the various difficulties in strategic planning and what management should prepare for, then choose any five and explain, in detail, the strategic repercussions of this risk?

2. Identify and discuss 10 external forces that have to be observed in formulating strategies: economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive? List an example of each.