MNG3701_EXAM PACK.

MNG3701_EXAM PACK. Define the concept of strategy and briefly explain its relationship to strategic management. Solution Strategy:  It’s generally seen as the result or outcome of fundamentally important pre-emptive, innovative management decisions about an organisation‘s strategic direction and strategic action plans to attain a sustainable competitive advantage and achieve its long-term objectives in rapidly changing and competitive external business  is the direction provided by the actions and decisions of strategists in pursuit of organisational goals.  a deliberate choice of activities  coherent narrative about the future direction of the organisation  provides members of the organisation with a framework to guide their decision making  the verbalisation of the organisation‘s aspirations and can inspire, unite and motivate members of the organisation