MGT 3659 Study Guide - Quiz Guide: Competitive Advantage, Strategic Management, Whole Foods Market
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The second element is accomplished through strategy formulation, resulting in the firm"s functional, business-level, and corporate-level strategies. In order to compete successfully against its many competitors, burger bomb has decided to focus on quality and an interesting, unique menu that uses locally sourced, organic ingredients. Since most of its competitors are pursuing a low-cost position and doing well, quick eats also wants to adopt the same strategy. Role of strategy in a firm"s quest for competitive advantage. Strategy, which is inherently competitive, is a juxtaposition of competitive challenges and the resources that can be marshaled by the firm. This activity is important because as a manager, you must be able to articulate the role of strategy in a firm"s quest for competitive advantage. Select the option that best defines strategy in the context of business: generals make battle plans based upon the forces available to them and their understanding of the enemy"s forces.
