Strategy is a plan that aims to give the enterprise a competitive advantage over
ID: 411911 • Letter: S
Question
Strategy is a plan that aims to give the enterprise a competitive advantage over rivals through differentiation. Strategy is about understanding what you do, what you want to become, and-most importantly-focusing on how you plan to get there. Select one O True False The pressure to grow often causes organizations to cease making trade-offs, to dilute their uniqueness, and to wander into imitative, me- too competition, which can increase the organization's competitive exposure and reduce profitablity Select one True False 5 paradigms or the way we see the world coExplanation / Answer
The correct answer is true.
Strategy is nothing but the plan of action made to meet the overall goal of an organization Strategy provides proper direction to business in meeting the goals. It is important for the firm to decide its strategic positioning. This refers to deciding how a firm should compete and serves the customers in the market. This is done by picking a viable position on the efficiency frontier; configuring its internal operations to support that position and to make sure the firm has the right organizational structure. In order to select strategies, resource availability should be considered. Strategy is very important part of business world because it focus on using the limited resources available. Strategy can be designed by innovative thinking which can be beneficial for the long run.