Asked by Andres Llamas on Sep 26, 2024
Verified
Georgia is the owner of Blue Heron Cleaning. She wants to know how to tell if she is in the right competitive niche (the market her business is uniquely qualified to pursue) . What strategic management tool should you recommend?
A) Strategic implementation
B) Scenario analysis
C) Equifinality
D) Trend analysis
E) SWOT analysis
Competitive Niche
A specialized segment of the market for a particular kind of product or service where a business can achieve a dominant position.
Strategic Management Tool
Instruments, frameworks, or methodologies used by individuals and organizations to analyze, plan, and execute strategies aimed at achieving competitive advantage.
Trend Analysis
The practice of collecting information and attempting to spot a pattern, often used in financial markets, business strategy, and research.
- Identify key strategic management tools such as SWOT analysis and their components.
Verified Answer
DF
Diana Ferman3 days ago
Final Answer :
E
Explanation :
SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is the best strategic management tool to recommend in this scenario. It helps Georgia to identify her company's strengths and unique qualifications, as well as any areas that need improvement. Additionally, it helps her to analyze the market opportunities and potential threats, which will ultimately help her to determine whether or not she is in the right competitive niche.
Learning Objectives
- Identify key strategic management tools such as SWOT analysis and their components.