Firms and managers can learn from the failure resulting from a mistake-that is, what not to do when seeking competitive advantage.

Question

Quizplus · Accepted Answer

Learning from mistakes is an essential part of improving performance and gaining competitive advantage. By reviewing and analyzing what went wrong in a failed attempt, firms and managers can identify areas for improvement and adjust their strategies accordingly. This helps them avoid making the same mistakes in the future and develop more effective approaches to achieving their goals.

Firms and Managers Can Learn from the Failure Resulting from a Mistake-That