2. Under what conditions would it be more appropriate to fill a key management position with someone from outside the firm when a qualified insider is available?
3. How has the emergence of the Internet affected the strategies of companies already in the global marketplace?
1. How does the concept "translate thought into action" bear on the relationship between business strategy and operating strategy? Between long-term and short-term objectives?
The business strategy gives a strategic direction to the business; it chalks out the approaches devised by the management to achieve its overall business objectives. It involves the fundamental thought process of the management. On the other hand the operating strategy is the bridge between the business strategy and implementation. The operating strategy lays down the tactics with which the business strategy is implemented. The operating strategy denotes action that implements the strategy. ...
Strategic Management is discussed very comprehensively in this explanation..