Topic: Business Level Strategy and the Industry Environment

1. Can you think of an example in your own life where cognitive bases resulted in you making a poor decision? How might that mistake have been avoided?

2. Discuss the accuracy of the following statement. Formal Strategic Planning systems are irrelevant for firms competing in high-technology industries where the pace of change is so rapid that plans are routinely made obsolete by unforeseen events.

3. What are the strengths of formal strategic planning? What are it weaknesses?