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A firm's strategy is crucial because it provides a clear roadmap for achieving its goals and objectives, guiding decision-making and resource allocation. It helps distinguish the company from competitors, ensuring it can effectively respond to market changes and customer needs. Additionally, a well-defined strategy fosters alignment among employees, enhancing coordination and motivation towards common aims. Ultimately, a strong strategy can drive long-term growth and sustainability.
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Using contract manufacturing as a strategy to reach global markets offers firms the advantage of?
Reducing Risks
Do firms need a marketing strategy?
yes - unless they have a monopoly of a scarce and popular product- as do other organisations, entrepreneurs etc
When firms develop products and marketing strategies that appeal to the customer tastes and buying habits of particular national markets they are using kind of stategy?
multidomestic strategy
An important principle for firms desiring to export is?
A) sell to countries with high standards of living.
Follow the leader pricing?
Follow-the-leader pricing is a pricing strategy where a company sets its prices based on the prices set by a dominant competitor in the market. This approach is often used in oligopolistic markets, where a few firms have significant market power and closely monitor each other’s pricing decisions. By aligning their prices with the leader, firms aim to maintain market share and avoid price wars. However, this strategy can limit price competition and innovation within the industry.
What competitive environmental forces influence the firms strategy?
The competitive environmental forces influence the firms customers, rival firms, new entrants, substitutes, and supplies.
What are some good IT consulting firms in London?
There are many good IT consulting firms located in London, England. Firms such as Bain and Company, Oliver Wyman, OC and C Strategy, and Candesic are all good IT Consulting Firms in London.
Why it is important for the managers to understand macroeconomics?
Business managers need to know about macroeconomics because firms operate in and are influenced by the behavior of the overall economy. Factors such as interest rates, employment, inflation, money supply, etc., affect the business environment and financial conditions in general, so firms must address macroeconomic issues in their planning and management strategy. Macroeconomic forecasts and strategies are more important for large firms than for small businesses.
Using contract manufacturing as a strategy to reach global markets offers firms the advantage of?
Reducing Risks
Why are small firms important?
Small firms are important because it helps the beginner businessman to start his business with a limited initial capital investment.
What is a price-skimming strategy?
With a price-skimming strategy, the price is initially set high, allowing firms to generate maximum profits from customers willing to pay the high price
Who should use a concentrated marketing strategy?
The concentrated strategy, which aims to serve a large share of one or a very few markets, is best suited for firms with limited resources
What is the strategy of Ford motor company?
The stratergies of Ford is to: Cover costs Make Profit Compete with other firms
Do firms need a marketing strategy?
yes - unless they have a monopoly of a scarce and popular product- as do other organisations, entrepreneurs etc
What is a sentence for strategy?
Ramone had a well-researched strategy. Having a strategy is important. Ted used a time-tested strategy. The strategy is to stay on course.
Why is strategy important in management?
strategy is to solve the problem: where we are? where want to go? And how we get there? Without the strategy, aimless in management.
What exemplifies an intangible durable strategy used by firms to prevent competition?
Using brand name or trademark as a reflection of product quality
