Which of the following statements best define strategy?
A) It describes how an organization can create value for its customers while differentiating itself from its competitors.
B) It is an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control.
C) It is an organization's ability to offer products or services its customers perceive to be superior and unique relative to the products or services of its competitors.
D) It describes how an organization motivates its employees to work for more hours without any increase in their wages.

Question

Quizplus · Accepted Answer

Strategy is about creating value for customers and differentiation from competitors. Option A captures this definition accurately. Options B and C capture important components of strategy, but are not comprehensive enough. Option D is incorrect and irrelevant to the definition of strategy.

Which of the Following Statements Best Define Strategy