Crafting a Strategy Involves

question 40

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 its rivals.
• E)All of these accurately characterize the managerial process of crafting a company's strategy.

---

Definitions:

Vision

A future-oriented declaration of the organization's goals and aspirations, intended to guide its internal decision-making.

Corporate Strategy

The overall plan and direction devised by the management of a company to achieve long-term business objectives.

Business Strategy

A plan of action designed by an organization to achieve its long-term goals and secure a competitive position in the market.

Product Domain

The complete range of products that a company creates or plans to offer within its market.