5 Questions
Competitive Advantage When customers perceive the distinction as being valuable, they will prefer to purchase the business’s product over a competitor’s. Companies strive to provide a product or service that is distinct, or differentiated, in some way from their competitors.
competitive advantage
A company ______ is a comprehensive plan to achieve a goal keeps company aligned with customer’s needs involves a significant commitment of resources Competitors are firms that provide similar products or services.
strategy
Companies must “beat” ______ by striving to improve offerings to customers and be better than alternatives.
competitors
Understanding The Role of Strategy in Management
strategy
Business Organization and Management Module 4: Environments and Strategic Management Module Learning Outcomes Explain the components and considerations of ______ 4.1: Explain the role of strategy in management 4.2: Describe common frameworks used to evaluate the business environment 4.3: Describe common frameworks used for situational analysis 4.4: Explain the stages of strategy, and describe the common types of business strategies 4.5: Explain the key aspects of the environment that can affect strategy
strategic management
Test your understanding of strategic management with this quiz covering the role of strategy in management, common frameworks for evaluating the business environment, situational analysis, and the stages of strategy. Sharpen your knowledge of business organization and management in Module 4.
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