Miranda Corp. changes its business strategy from a focused differentiation strategy to a focused cost leadership one, as this new strategy works better for the organization. Which of the following steps in the process of strategic management ideally includes this action?
A) Strategy analysis
B) Strategy formulation
C) Strategy assessment
D) Strategy identification
E) Strategy outsourcing

Question

Quizplus · Accepted Answer

Strategy formulation is the step in the process of strategic management that involves choosing a particular strategy to pursue. Miranda Corp. has changed its business strategy from a focused differentiation strategy to a focused cost leadership strategy, indicating a change in strategy formulation.