- 10 Marks
Question
a. Explain the definition of strategy provided by Chandler (1962) and extract its essential elements in a way that will help a would-be entrepreneur understand what a business strategy is all about. (10 Marks)
Answer
(a) Chandler’s Definition of Strategy
Chandler (1962) defined strategy as the determination of the basic long-term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary for executing these goals.
Essential elements of the definition:
i) Determination of long-term goals and objectives.
ii) Identification and adoption of alternative courses of action.
iii) Allocation of resources.
- Tags: Business Strategy, Chandler's Definition, Entrepreneur, Long-term Goals
- Level: Level 2
- Uploader: Cheoli