In order to compete effectively, a firm must ________.
A)neutralize its strengths and weaknesses
B)devise and use the same competitive action across all market environments
C)understand the structure of the competitive environment in which it operates
D)generate only reactive strategies

Question

Quizplus · Accepted Answer

In order to compete effectively, a firm must understand the structure of the competitive environment in which it operates. This includes identifying the strengths and weaknesses of its competitors, as well as any opportunities for growth or threats to its market share. Deviating from a generic competitive action plan and devising a strategy that is unique to the specific market environment is crucial for a firm's success. The firm should also look to create proactive and not just reactive strategies to sustain a competitive advantage. Neutralizing strengths and weaknesses may help, but it is not the sole method of competing effectively.

In Order to Compete Effectively, a Firm Must ________