Changing strategies in response to another firm’s competitive advantage
3 important questions on Changing strategies in response to another firm’s competitive advantage
When does a firm typically decide to change its strategy?
Changes in strategy are uncommon and occur primarily when:
- Competitive advantages are lost
- Another firm's new strategy disrupts the market
- Firms are forced to rethink their entire strategic management process
Why do firms struggle with abandoning their traditional strategies?
Difficulties arise because:
- It often involves changing identity
- Firms have to redefine their purposes
- Resistance to change due to established practices
What is the advantage of changing a firm's strategy before it fails?
Proactively changing strategy allows firms to:
- Maintain existing resources and abilities
- Develop necessary new capabilities
- Ensure a smoother transition to a new strategy
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
