In crafting a company's strategy, managers
A)face the biggest challenge of how closely to replicate strategies of successful companies in the industry.
B)have comparatively little freedom in choosing the "hows" of strategy.
C)are wise not to decide on concrete courses of action in order to preserve maximum strategic flexibility.
D)need to come up with a sustainable competitive advantage that draws in customers and produces a competitive edge over rivals.
E)are well-advised to be risk-averse and develop a "conservative" strategy-"dare-to-be-different" strategies are rarely successful.

Question

Quizplus · Accepted Answer

In crafting a company's strategy, managers need to come up with a sustainable competitive advantage that draws in customers and produces a competitive edge over rivals. This is crucial for the long-term success and growth of the company. Option A is not necessarily the biggest challenge, as replicating strategies may not work for every company. Option B is not true, as managers have a significant amount of freedom in choosing the "hows" of strategy. Option C is not recommended, as concrete courses of action are necessary for effective implementation. Option E is also not advisable, as taking risks and developing innovative strategies can lead to significant success.

In Crafting a Company's Strategy, Managers