Question

Which of the following options describe the actions that a company can take to modify or improve its strategy?

1) Abandon certain strategy elements that have grown stale or become obsolete
2) Modify the current strategy when market and competitive conditions take an unexpected turn or some aspects of the company's strategy hit a stone wall
3) Modify the current strategy in response to the fresh strategic maneuvers of rival firms
4) Take proactive actions to improve this or that piece of the strategy
5) All of these

Answer 1

A company can improve its strategy by abandoning obsolete elements, adapting to market changes, responding to competitors' moves, and taking proactive steps to upgrade its strategy. This includes production adjustments, pricing, mergers, facility, and workforce management, as well as product line changes.

Step-by-step explanation:

The actions that a company can take to modify or improve its strategy include the following: Abandon certain strategy elements that have grown stale or become obsolete. Modify the current strategy when market and competitive conditions take an unexpected turn or some aspects of the company's strategy hit a stone wall. Modify the current strategy in response to the fresh strategic maneuvers of rival firms. Take proactive actions to improve this or that piece of the strategy. All these options describe viable actions for a company looking to refine its approach to maintain or gain a competitive advantage. These actions could involve changes in production levels, pricing strategies, expansion or closure of facilities, workforce adjustments, and the introduction or discontinuation of products. Furthermore, companies may consider mergers or broaden their financial assets to support strategic changes.