<div style='margin-bottom: 20px;'> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What does a company's strategy consist of?</h2> <p style="font-weight: normal; font-size: 1.2rem;">A company's strategy consists of competitive moves and business approaches used by managers to run the company.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the three big strategic questions in strategic management?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The three big strategic questions are: 1. What’s the company’s present situation? 2. Where does the company need to go from here? 3. How should it get there?</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What defines a firm's strategy according to the text?</h2> <p style="font-weight: normal; font-size: 1.2rem;">A firm's strategy is defined by how it plans to grow the business, please customers, outcompete rivals, manage business functions, respond to market conditions, and achieve performance targets.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the key goals of management's action plan according to the text?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The key goals are to grow the business, attract and please customers, compete successfully, conduct operations, and achieve targeted levels of organizational performance.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the key elements of a successful strategy?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Key elements include making competitive moves to appeal to buyers and set the company apart from rivals, and developing a distinctive element to attract customers and produce a competitive edge.</p> </div> </div>