Focusing Too Narrowly on Current Customers, Technologies, and Competitors Can

question 27

Multiple Choice

Focusing too narrowly on current customers, technologies, and competitors can lead to a failure to notice important changes on the periphery of their environment that may trigger the need to redefine industry boundaries and identify a whole new set of competitive relationships. This is a result of relying

• A)on traditional definitions of all industries and competitive environments.
• B)on traditional definitions of the relevant industry and competitive environment.
• C)solely on intuition.
• D)on a superficial evaluation of the relevant industry and competitive environment.

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Definitions:

Compliance

Compliance involves following and adhering to laws, regulations, standards, and ethical practices in one's personal actions or in the operations of a business or institution.

Activity-Based Measure

A performance metric or accounting method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each.

5C Model

A marketing model encompassing five essential elements: Company, Customers, Competitors, Collaborators, and Context.

Balanced Scorecard

A strategic planning and management system used to align business activities to the vision and strategy of the organization, tracking performance against strategic goals.