Learning Path
Question & Answer
Choose the Best Answer
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
Focusing on your company’s unique strengths gives you a clear advantage over rivals. Other options are incorrect because Thinking that only cutting costs matters ignores ideas, people and customer needs; Knowing how the market moves is useful, but it is not enough by itself.
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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