Learning Path
Question & Answer
Choose the Best Answer
Identifying their unique strengths that differentiate them from competitors
Focusing solely on their weaknesses to improve them
Ignoring threats from competitors since they are established
Considering only opportunities without analyzing strengths or weaknesses
Understanding the Answer
Let's break down why this is correct
Spotting what sets the shop apart gives the owner a clear selling point. Other options are incorrect because The mistake is thinking fixing every flaw will win customers; Skipping threats assumes rivals are harmless.
Key Concepts
Business Strategy
easy level question
understand
Deep Dive: Business Strategy
Master the fundamentals
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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