Crafting a Strategy Involves

question 24

Multiple Choice

Crafting a strategy involves

• A) blending deliberate,planned initiatives with emergent,unplanned reactive responses to changing circumstances,while abandoning planned strategy elements that have failed in the marketplace.
• B) developing a five-year strategic plan and then fine-tuning it during the remainder of the plan period.
• C) trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage.
• D) doing everything possible (in the way of price,quality,service,warranties,advertising,and so on) to make sure the company's product and/or service is very clearly differentiated from the product and or service offerings of rivals.
• E) All of these accurately characterize the managerial process of crafting a company's strategy.

---

Definitions:

Entrepreneur

An individual who creates, organizes, and manages a business venture, taking on financial risks in the quest for profit.

Monitor

To monitor is to regularly observe and check the progress or quality of something over a period of time, often to detect changes or to ensure that it is in a satisfactory condition.

Leader

An individual who guides or directs a group towards achieving specific goals or objectives, often exhibiting qualities such as vision, initiative, and inspiration.

Formal Organization

An organization structured with established laws, regulations, policies, and procedures to achieve specific objectives, characterized by a defined hierarchy and roles.