Qr One of the important lessons about competing in a globally competitive market
ID: 434868 • Letter: Q
Question
Qr One of the important lessons about competing in a globally competitive marketplace that emerges from participating in The Business Strategy Game simulation exercise is that o the compettive among rivals tends to be very intense initially but then begins to weaken O gradually offerings of rval companies and thus avoid mutually destructive head-to-head compettion as more and more companies find ways to set their product offering apart from the o the dynamic, evolving nature of the competitive battle among rival the managers of every company to carefully study what competitors are doing and are likely to do next and then determine what changes in their own company's strategy and product offe have the best prospects for improving their company's competitiveness vis-a-vis rivals and boosting their companys overall performance o the strategies and actions of rival companies, are so unpredictable that the safest way for managers to try to improve their company's performance is to copy as closely as possible every O aspect of the strategy and decisions most recently used by the top-performing company in the O a industry o it is very hard to determine why the product offerings of some companies are more competitively appealing than others and even harder to figure out what strategic actions one's own company needs to take to improve its competitiveness vis-a-vis rivals-it takes a lot of luck to be an industry leader Qu in a globally competitive market it is extremely difficult for trailing companies to know what to do a to make their product offerings more competitive with the product offering of the industry-leading company, only lucky companies can overtake an industry leader-and then only if the industry leader becomes unlucky and stumbles alExplanation / Answer
as part of the competition we need to concentrate on our own actions at the most, and at the same time we need to understand or guess the activities and approaches of comeptitors also. then only we can make a best plan or procedure to compete in the market. if we only focus on our activities and forget the competitors, we do not know how they planned to acquired the market. Hence, our careful watch must be there on the activities of rivals also.
So, option B is correct answer in my perception.