Strategy Formulation Is

question 49

Multiple Choice

Strategy formulation is

• A)mostly hidden to outside view and is deliberately kept under wraps by top-level managers (so as to catch rival companies by surprise when the strategy is launched).
• B)typically planned well in advance and usually deviates little from the planned set of actions and business approaches because of the risks of making on-the-spot changes.
• C)static over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy.
• D)typically a blend of proactive and reactive strategy elements.
• E)developed solely on the fly because managers must make constant efforts to come up with fresh moves to keep a company's product offering clearly set apart from the product offerings of rival firms.

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Definitions:

International Specialization

The economic strategy where countries focus on producing goods and services they are most efficient at in order to trade for goods they are less efficient at producing.

Domestic Consumers

Individuals or households within a country that purchase goods and services for personal use or consumption.

Domestic Producers

Companies or individuals that produce goods and services within a country's borders, contributing to the domestic economy.

Terms of Trade

This concept measures the ratio of a country's export prices to its import prices, indicating the relative strength of its economy in the global market.