Collecting and evaluating information on competitors is essential for successful
A)strategy evaluation.
B)strategy implementation.
C)internal analysis.
D)strategy management.
E)strategy formulation.

Question

Quizplus · Accepted Answer

Collecting and evaluating information on competitors is an important part of the external analysis that is conducted during the strategy formulation phase. This information helps in identifying the strengths and weaknesses of competitors, assessing their strategies and capabilities, and understanding their customer base. This, in turn, helps in formulating effective strategies that can help in gaining a competitive advantage. Hence, option E - strategy formulation - is the correct choice.

Collecting and Evaluating Information on Competitors Is Essential for Successful