Final answer:
Option A) 'When should we introduce product/service in the market?' is not a question that needs to be addressed when crafting a business-level strategy as it relates to timing rather than strategy formulation. The focus during strategy creation is on customer needs, customer segments, product choices, production processes, output levels, pricing strategies, and labor requirements, which are shaped by market structure and competitive dynamics.
Step-by-step explanation:
Among the questions managers should ask when crafting a business-level strategy, option A) 'When should we introduce product/service in the market?' is not one that typically needs to be addressed during the strategy formulation phase.
The other options, including determining the needs, wants, and desires of customers (option B), understanding why those customer needs should be satisfied (option C), and identifying the specific customer segments to serve (option D), are all central to developing an effective strategy.
Managers must consider several key questions during the strategy formulation process, including:
- What product or products should the firm produce?
- How should the firm produce the products (i.e., the production process)?
- How much output should the firm produce?
- What price should the firm charge for its products?
- How much labor should the firm employ?
The answers to these questions are dependent on the production and cost conditions affecting each firm and are significantly influenced by the market structure in which the firm operates. Aspects of market structure include the level of competition, product differentiation, and barriers to entry. These factors collectively determine a firm's market power and its ability to successfully compete.