Answered: Crafting a strategy involves A)…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Crafting a strategy involves

A) blending deliberate/planned initiatives with emergent/unplanned reactive responses to changing circumstances, while abandoning planned strategy elements that have failed in the marketplace.

B) developing a five-year strategic plan and then fine-tuning it during the remainder of the plan period.

C) trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage.

D) doing everything possible (in the way of price, quality, service, warranties, advertising, and so on) to make sure the company's product/service is very clearly differentiated from the product/service offerings of rivals.

E) All of these accurately characterize the managerial process of crafting a company's strategy.

Expert Solution

Step 1

A strategy can be defined as all the actions and decisions undertaken by an organization for accomplishing its larger vision. Businesses can become leaders in the market by understanding the type of strategy they need to implement and how to implement that strategy. It is also known as the guiding principle for taking organizational decisions.