ENTREPRENEURSHIP

Detailed explanation-1: -a reactive marketing strategy characterised by a desire to avoid confrontation with competitors; the company seeks to keep things in the industry the way they were, and thus avoid the expensive task on taking on a competitor directly.

Detailed explanation-2: -The status quo is defined as the current or existing state of affairs. To maintain the status quo is to keep things the way they are.

Detailed explanation-3: -Stability strategies do not have growth and new business development in their focus but rather are geared towards getting “more” out of the existing business (i.e. profitability-driven-strategy) or “stay-as-it-is” (i.e. Status-quo strategy) because the current situation already works well for the organization.

Detailed explanation-4: -It’s important to realize status quo is a bias. It’s a preference that things stay the same. In a sense, it’s an aversion to change. Adhering to this bias is problematic, especially in business, because growth requires change.