Question

Driving forces analysis Multiple Choice involves identifying the driving forces, assessing whether their impact will make the industry more or less attractive, and determining what strategy changes a company may need to make to prepare for the impact of the driving forces. identifies which strategic group is the most powerful. helps managers identify which industry member is likely to become (or remain) the industry leader and why. helps managers identify which key success factors are most likely to help their company gain a competitive advantage. helps managers identify which of the five competitive forces will be the strongest driver of industry change.

Answer 1

involves identifying the driving forces, assessing whether their impact will make the industry more or less attractive, and determining what strategy changes a company may need to make to prepare for the impact of the driving forces.

Step-by-step explanation:

Business strategy sets the overall direction for the business because 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.

Driving forces analysis involves identifying the driving forces, assessing whether their impact will make the industry more or less attractive, and determining what strategy changes a company may need to make to prepare for the impact of the driving forces. This driving forces determines the competitive and comparative advantage of a company.

Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.

The comparative advantage gives a country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.