Learning Path
Question & Answer
Choose the Best Answer
The company invested heavily in marketing without analyzing its market position
The company effectively utilized its existing resources and competencies to innovate
The company reduced its workforce to cut costs
The company followed its competitors' strategies blindly
Understanding the Answer
Let's break down why this is correct
Using the company’s own strengths and skills, it created something new that customers liked. Other options are incorrect because People often think more money spent on ads automatically wins customers, but ads only raise awareness; Cutting jobs can save money, but it usually hurts teamwork and ideas.
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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