What Is the First Step of Strategy Development If a Firm

question 5

Multiple Choice

What is the first step of strategy development if a firm follows a resource-based view?

• A) targeting profitable market segments
• B) analyzing the firm's strengths and weaknesses
• C) assessing the company's external environment
• D) identifying sustainable competitive advantages

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Definitions:

McClelland's Theories

McClelland's Theories focus on human motivation, particularly the needs for achievement, power, and affiliation and their impact on human behavior.

Herzberg's Theories

A motivational theory, which distinguishes between hygiene factors that can prevent dissatisfaction, and motivators that can lead to satisfaction in the workplace.

Employee Engagement

The level of enthusiasm and dedication a worker feels towards their job, characterized by emotional attachment and willingness to go above and beyond.

Financial Performance

A measurement of how well an entity is using its assets to generate earnings, often evaluated through indicators like revenue, profit, and return on investment.