A Coffee Chain Was Losing Its Customers to Its Competitors

question 23

Multiple Choice

A coffee chain was losing its customers to its competitors and wanted to increase its sales. Therefore, it started offering complimentary pastries with every cup of coffee to outwit its competitors. Soon, the company registered an increase in its sales. This is an example of a strategic:

• A) ploy.
• B) plan.
• C) position.
• D) pattern.
• E) perspective.

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Definitions:

Functional Strategy

A specific, detailed plan developed for departments such as marketing, finance, or production, focusing on achieving departmental goals aligned with the company’s overall strategy.

Business Strategy

A plan of action employed by businesses to achieve competitive advantage and meet their goals.

Implementing Strategy

The actions, steps, and practices involved in carrying out strategies to achieve organizational goals.

Corporate Strategy

The overall plan or direction that a company adopts in order to achieve its long-term goals and objectives.