The fundamental role of strategy is to
A)determine how the firm will make a profit in its industry environment.
B)determine how the firm will deploy its resources to satisfy its short-term financial goals.
C)determine how the firm will deploy its resources to satisfy its long-term goals, given the conditions in the competitive environment.
D)determine how the firm can organize its own activities and achieve dominance.

Question

Quizplus · Accepted Answer

The fundamental role of strategy is to determine how the firm will deploy its resources to satisfy its long-term goals, given the conditions in the competitive environment. Strategy helps a firm to identify its competitive advantages and use them to attain a sustainable advantage over its competitors in the long run. Short-term financial goals can be achieved through tactics, but strategy is focused on achieving long-term goals that align with the firm's mission and vision.

The Fundamental Role of Strategy Is to