In simple terms, a retrenchment strategy involves the abandonment of those products or services, which are no longer profitable for the organization. It also includes withdrawal of the business from those markets where even sustenance is difficult. For example, a corporate hospital may decide to focus only on specialized treatments, and thus, realize higher revenues. Besides, a retrenchment strategy also [...]
Five forces model of Michael Porter is a powerful and widely used tool for systematically diagnosing the significant competitive pressures in the market and assessing their strength and importance. The model holds that the state of competition in an industry is a composite of competitive pressures operating in five areas of the overall market. Michael Porter has identified five competitive [...]
100+ Multiple Choice Questions and Answers on Strategic Management (MCQs). Strategic Management MCQ: Multiple Choice Questions and Answers on Strategic Management 1. The fundamental purpose for the existence of any organization is described by its a. policies b. mission c. procedures d. strategy Ans. b 2. The fundamental purpose of an organization's mission statement is to a. create a good [...]