What is the component of a strategy that specifies the range of markets in which an organization will compete?

Check out the new look and enjoy easier access to your favorite features

18. The _____ is the component of a strategy that specifies the range of markets in which an organization will compete.a.divestitureb.competencyc.scoped.resource deploymente.deskillingANSWER:RATIONALE:The scope of a strategy specifies the range of markets in which an organization will compete.c

-Scopeof a strategy specifies the range of markets in which an organization willcompete.-Resourcedeployment—how it will distribute its resources across the areas in which it competes.Business-Level Strategy- is a set of strategic alternatives from which an organization chooses as itconducts business in a particular industry or market. Alternatives help the organization focus itscompetitive efforts for each industry or market in a targeted and focused mannerCorporate-level Strategy-is the set of strategic alternatives from which an organization chooses as itmanages its operations simultaneously across several industries and several markets. They developbusiness level strategies for every industry or market; they also develop an overall strategy that helpsdefine the mix of industries and markets that are of interest to the firm.Strategy Formulation= the set of processes involved in creating or determining the organization’sstrategiesStrategy Implementation= the methods by which those strategies are operationalized orexecutedSWOTAnalysis(strengths, Weaknesses, Opportunities, and Threats) = formulates strategy. acareful evaluation of an organization’s internal strengths and weaknesses as well asits environmental opportunities and threats. In SWOT analysis, the best strategiesaccomplish an organization’s mission by (1) exploiting an organization’s opportunities and strengthswhile (2) neutralizing its threats and (3) avoiding (or correcting)its weaknesses.Organizational strengthsare skills and capabilities that enable an organization to createand implement its strategies. Strengths may include things like a deep pool of managerialtalent, surplus capital, a unique reputation and/or brand name, and well-establisheddistribution channelDistinctive Competence=a strength possessed by only a small number of competing firms,(rare among competitors)Organizational weaknessesare skills and capabilities that do not enable an organizationto choose and implement strategies that support its mission. An organization has essentially twoways of addressing weaknesses.1), it may need to make investments toobtain the strengths required to implement strategies that support its mission.2)it may need to modify its mission so that it can be accomplished with the skills andcapabilities that the organization already possesses.