Question

The competitive moves and business approaches a company’s management uses to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations, and achieve organizational objectives are referred to as:

Answer 1

Answer:

Strategy.

Explanation:

The competitive moves and business approaches a company’s management uses to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations, and achieve organizational objectives are referred to as strategy.

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

An organization's strategy sets the overall direction for its business; it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.

Basically, for an organization to formulate strategies that are in tandem with its mission, the organization will need to assess internal weaknesses and strengths, know its core competencies, analyze its rivals (competitors) and examine the external environment.