Which of the following is true about business strategies?
A) An organization should stick with its strategy for the life of the business.
B) All firms within an industry will adopt the same strategy.
C) Well defined missions make strategy development much easier.
D) Strategies are formulated independently of SWOT analysis.
E) Organizational strategies depend on operations strategies.

Question

Quizplus · Accepted Answer

Well defined missions provide a clear purpose and direction for the organization, which can inform the development of effective strategies. However, it is important for organizations to continuously review and adapt their strategies in response to changing internal and external factors. A) Sticking with the same strategy indefinitely may not be sustainable or effective in the long term. B) Firms within the same industry may adopt different strategies to differentiate themselves and gain a competitive advantage. D) SWOT analysis is often used in the formulation of strategies to identify internal strengths and weaknesses and external opportunities and threats. E) Organizational strategies and operations strategies are interconnected, but not dependent on one another.

Which of the Following Is True About Business Strategies