In Order to Design a Successful Strategy, Managers Must Understand

question 11

True/False

In order to design a successful strategy, managers must understand the full nature of the competitive forces that are present, and take an individualistic view of their company's structure.

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Definitions:

Factor Market

This refers to markets where services of the factors of production (not the actual products) such as labor, capital, and land are bought and sold.

Resources

Inputs used in the production of goods and services, including labor, capital, land, and technology.

Goods and Services

The tangible and intangible outputs of an economy that satisfy consumer needs and wants.

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the public.