BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Product market stakeholders refer to parties who influence or are affected by the company’s offer. They consist of customers, suppliers, local communities, and government.
Detailed explanation-2: -Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. A firm has a competitive advantage when it implements a strategy competitors are unable to duplicate or find too costly to try to imitate.
Detailed explanation-3: -A more formal definition tells us that strategic management “is the process by which a firm manages the formulation and implementation of its strategy.”
Detailed explanation-4: -Capital-market stakeholders are groups that affect the availability or cost of capital-shareholders, venture capitalists, banks, and other financial intermediaries. Product-market stakeholders include parties with whom the firm shares its industry, including suppliers and customers.