Examples of business strategy include all the following EXCEPT: Question 14Answer a. Help keep existing customers b. Grow its business by moving into new markets and taking customers from competitors c. Determine how to keep profit level demanded by the stock market d. Know the business needs to compete in order to be effective
Question
Examples of business strategy include all the following EXCEPT: Question 14Answer
a. Help keep existing customers
b. Grow its business by moving into new markets and taking customers from competitors
c. Determine how to keep profit level demanded by the stock market
d. Know the business needs to compete in order to be effective
Solution
The question is asking for the option that is NOT an example of a business strategy. Let's analyze each option:
a. Help keep existing customers - This is a business strategy known as customer retention. Companies often use strategies like loyalty programs, customer service, and personalized communication to keep their existing customers.
b. Grow its business by moving into new markets and taking customers from competitors - This is a business strategy known as market development or market penetration. Companies often expand into new markets or try to take customers from competitors to grow their business.
c. Determine how to keep profit level demanded by the stock market - This is more of a financial strategy or a goal rather than a business strategy. While it's important for a company to meet the expectations of the stock market, this doesn't guide how a company competes in its market or how it operates its business.
d. Know the business needs to compete in order to be effective - This is a basic understanding that every business needs to have. Knowing that you need to compete to be effective is not a strategy in itself, but it's the basis for developing strategies.
So, the answer is c. Determine how to keep profit level demanded by the stock market. This is not a business strategy, but rather a financial goal or expectation.
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