Learning Path
Question & Answer
Choose the Best Answer
It allows businesses to allocate resources based on past performance only.
It helps businesses to anticipate market changes and allocate resources efficiently to meet future demand.
It focuses solely on reducing costs without considering market needs.
It encourages businesses to invest only in traditional methods without considering innovation.
Understanding the Answer
Let's break down why this is correct
By watching what is happening now, a business can see which products or services will be needed later. Other options are incorrect because Some think that trends only show past results, so managers would keep doing exactly what worked before; It is common to think trends are just ways to cut costs.
Key Concepts
Business Strategy
medium level question
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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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