- 10 Marks
BMIS – Nov 2017 – L1 – Q7a – Competitive advantage and strategic direction
Explain Critical Success Factors (CSFs) and stages in managing strategy using CSFs.
Question
a) A strategy is a course of action, including the specification of resources required to achieve a specific objective. Strategy is concerned with the higher direction of an enterprise that involves top management.
As an alternative to a systematic goal-structured approach, an organization may focus on Critical Success Factors (CSFs) to manage strategy. Johnson and Scholes describe SIX stages in the process of managing strategy using CSFs.
Required:
i) What are Critical Success Factors (CSFs)?
(2 marks)
ii) Explain any FOUR of the stages of managing strategy using CSFs.
(8 marks)
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