Final answer:
A company creates a strategic plan to maintain competitive advantages, laying out a roadmap with specific actions to achieve its goals. This plan is crucial to guide the organization beyond just market-driven growth and to ensure deliberate, strategic advancement.
Step-by-step explanation:
In order to achieve and sustain competitive advantages, a company devises and adopts a set of directed actions known collectively as a c) Strategic plan. The development of a strategic plan involves a detailed assessment of the current market situation, company strengths and weaknesses, and the competitive environment. This plan outlines the series of steps and initiatives a company will take to achieve its goals, such as improving market share, entering new markets, or launching new products or services. Unlike a mission or vision statement, which declare a company's purpose or future goals, a strategic plan focuses on the how - the actionable steps the company will take to reach its objectives.
Even companies that operate effectively under market forces, experiencing growth and prosperity, may need a strategic plan to guide their decisions and actions. This ensures they are not simply operating on "autopilot," but are making conscious choices to foster sustainable development and a competitive edge in their industry.
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