Task: Crafting a strategy
1. Puts a premium on management's ability to exhibit astute entrepreneurship because of the constantly evolving nature of a company's situation.
2. Is primarily an entrepreneurial activity that calls for taking risks, being a keen observer of customer needs and expectations, watching for early warnings of shifting market conditions, and being adept at spotting good market opportunities and ways to be innovative?
3. Is mainly an exercise that should be dictated by internal considerations, what is comfortable in terms of risk, and what is acceptable in terms of capital requirements?
4. Usually requires more inside-the-company strategic thinking and analysis than outside-the company thinking and analysis.
5. Both (1) and (2).