Question

Summarize the strategic hands for problem-solving, and give an example of the meaning of each one

which of the following best summarizes the strategic hand there may be more than one strategy and provide an example of the meaning

A there may be several strategies to solving the problem, however only one of them will find the correct answer. For example, there is more than one strategy to stop exit squared plus 3X +2 = 0 however, only one of them will provide the correct answer

B There may be several strategies to solving a problem and all of the strategies are equally efficient. For example there’s more than one strategy to solve exquisite plus 3X +2=0, all taking the same amount of time at work

C if there is more than one strategy that can be used to find an answer, the problem is not valid. For example since there is more than one way to solve 5/4 X +7=1/8 this problem is not valid.

D there may be several strategies to solving a problem. However, not all of the strategies are equally efficient. For example, there is more than one strategy to solve X quired plus 3X +2 =0 however, using the quadratic formula involves more time and work

Answer 1

Answer)

Chapter 1:

1.

a. Strategy

It is to planned approach to carry forward the operations of the organization to achieve its short term and long term goals and objectives. It is the strategy that is aligned with the organization’s goals. Accordingly, the work and resources are planned to achieve success.

b. Sustainable competitive advantage

It is the advantage that is achieved over the competitors for a prolonged period of time. For example, achieving economy of scale, gives sustainable competitive advantage by reducing prices in comparison to competitors while maintaining a profitable level for the organization.

c. Business model

It is the planned structure of generating revenue for the organization. Under the business model, the organization identifies the products to be manufactured, customers to be offered and funds to be procured. It helps organization to start the operation and convert intangible ideas into tangible saleable products.

2.

Four commonly used strategic approaches are as follows:

a. Cost leadership

It is used when a company targets bigger mass of the consumers with focus on reduced prices. It is generally seen when products such as food items are homogeneous in nature.

b. Differentiation

Here, companies sell the product on the basis of quality and differentiating factor. It is used in gadgets and electronic products where products can be easily differentiated.

c. Focus

It is the approach where a company focuses on selected consumer groups or niche segments. Manufacturers of luxury products apply this strategy.

d. Integrated cost leadership and differentiation

It is a combination of cost leadership as well as differentiation when competition is very high. Here, products differentiating in quality are sold at reduced prices to enter into the market.

3.

Strategy is designed to achieve the objectives and objectives can only be achieved when a sustainable competitive advantage is built in the market. Thus, it is the strategy that helps in building sustainable competitive advantage. Without a carefully designed strategy, it cannot be achieved.

4.

Yes, it should be tightly connected because, it is the strategy that makes organization to act in such a way that sustainable competitive advantage is built.

It makes a difference because sustainable competitive advantage helps companies to quickly achieve its goals and objectives. Strategy, advantages and objectives are interlinked with each other.