Learning Path
Question & Answer
Choose the Best Answer
Market Development
Product Development
Diversification
Market Penetration
Understanding the Answer
Let's break down why this is correct
Choosing a new market means the company wants to sell its current products to different customers. Other options are incorrect because The idea of making a new or improved product is about staying in the same group of buyers; Diversification means the firm starts offering something completely new, like a phone company selling shoes.
Key Concepts
Strategic Decision-Making
medium level question
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Deep Dive: Strategic Decision-Making
Master the fundamentals
Definition
Strategic decision-making involves evaluating alternatives and selecting the best course of action to achieve organizational goals. It requires analyzing data, forecasting outcomes, and considering long-term implications. Effective strategic decision-making is essential for sustainable growth and competitive advantage.
Topic Definition
Strategic decision-making involves evaluating alternatives and selecting the best course of action to achieve organizational goals. It requires analyzing data, forecasting outcomes, and considering long-term implications. Effective strategic decision-making is essential for sustainable growth and competitive advantage.
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