Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
A business strategy should focus solely on cost reduction.
B
Understanding market dynamics is crucial for strategic planning.
C
Leveraging organizational strengths can lead to competitive advantage.
D
A business strategy is static and rarely needs to change.
E
Engaging managers in the strategy process enhances its effectiveness.
Understanding the Answer
Let's break down why this is correct
Answer
A successful business strategy starts with a clear, inspiring mission that guides all decisions. It must identify a specific target market and understand its needs better than competitors. The strategy should outline a unique value proposition that sets the company apart. It includes realistic, measurable goals and a plan for allocating resources to achieve them. For example, a small bakery could focus on locally sourced ingredients, target health‑conscious customers, and set quarterly sales targets, adjusting its marketing mix as sales data show what works best.
Detailed Explanation
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
Competitive Advantage
Managerial Roles in Strategy
Topic
Business Strategy
Difficulty
easy level question
Cognitive Level
understand
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