Learning Path
Question & Answer
Choose the Best Answer
By focusing solely on cost-cutting measures
By ignoring competitor strategies
By integrating SWOT analysis into strategic planning
By limiting innovation to existing products
Understanding the Answer
Let's break down why this is correct
Using SWOT analysis helps a firm see its strengths, weaknesses, opportunities, and threats. Other options are incorrect because Cutting costs alone can save money but often removes ideas and skills; Ignoring competitors makes a company blind to shifts in the market.
Key Concepts
Business Strategy
medium 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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