The process of identifying how a firm can best align its resources to carve out a defensible position in the marketplace is known as
A) scenario building.
B) strategy formulation.
C) contingency planning.
D) stakeholder mapping.

Question

Quizplus · Accepted Answer

Strategy formulation involves identifying a firm's resources and capabilities and determining how they can be best utilized to achieve a competitive advantage and create a defensible position in the marketplace. Scenario building involves imagining various future situations and their potential impact on the firm, contingency planning involves preparing for unexpected events, and stakeholder mapping involves identifying and analyzing the firm's stakeholders. Therefore, strategy formulation is the most appropriate answer to this question.

The Process of Identifying How a Firm Can Best Align