The Set of Decisions and Actions Used to Formulate and Implement

question 6

Multiple Choice

The set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as:

• A) strategy formulation.
• B) strategic planning.
• C) strategic management.
• D) strategy implementation.
• E) strategy evaluation.

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Definitions:

Niche Brands

Brands that cater to specific, targeted segments of the market, often offering specialized products or services.

Market Opportunities

Potentially profitable gaps or areas within a market where demand can outstrip supply, signaling a chance for new or existing companies to grow.

Design Thinking

A problem-solving approach that involves empathy, creativity, and rationality to meet users' needs and resolve complex issues, often resulting in innovative solutions or products.

Counterfeits

Imitation products made or sold, typically illegally, with the intent to deceive consumers by passing them off as genuine branded goods.