When considering strategic actions for global competition, the first step for a strategist is to
A)Thoroughly understand the nature of your industry.
B)Strengthen the resources and capabilities that help you compete more effectively.
C) Understand the rules of the game for domestic and international competition.
D) Determine whether collusion or competition is the best course of action.

Question

When considering strategic actions for global competition, the first step for a strategist is to
A)​Thoroughly understand the nature of your industry.
B)​Strengthen the resources and capabilities that help you compete more effectively.
C) ​Understand the rules of the game for domestic and international competition.
D) ​Determine whether collusion or competition is the best course of action.

Quizplus · Accepted Answer

Thoroughly understanding the nature of the industry is the first step for a strategist because it will provide insight into the competitive landscape, key players, and emerging trends. This understanding will inform decisions about how to strengthen resources and capabilities, understand the rules of competition, and determine the best course of action. Without a deep understanding of the industry, any strategic actions taken may be misdirected or unsuccessful.

When Considering Strategic Actions for Global Competition, the First Step