Learning Path
Question & Answer
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A business strategy should focus solely on cost reduction.
Understanding market dynamics is crucial for strategic planning.
Leveraging organizational strengths can lead to competitive advantage.
A business strategy is static and rarely needs to change.
Engaging managers in the strategy process enhances its effectiveness.
Understanding the Answer
Let's break down why this is correct
Successful strategies watch how markets change, use what the company does well, and ask managers to help shape the plan. Other options are incorrect because Some people think cutting costs alone is the key, but this ignores what customers want and how competitors act; Others say a strategy never changes, but markets shift and new ideas appear.
Key Concepts
Business Strategy
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Deep Dive: Business Strategy
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Definition
Business strategy refers to the long-term direction and scope of an organization to achieve a competitive advantage in a dynamic environment. It involves leveraging resources and competencies to adapt to changes and drive success. Managers play a crucial role in contributing to strategic discussions and decision-making processes.
Topic Definition
Business strategy refers to the long-term direction and scope of an organization to achieve a competitive advantage in a dynamic environment. It involves leveraging resources and competencies to adapt to changes and drive success. Managers play a crucial role in contributing to strategic discussions and decision-making processes.
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