Explain Strategy Revision

Question

What is Strategy Revision?

Answer 1

Strategy Revision:

When weak performance is caused by terrible strategy, the job of strategy overhaul can proceed along any of the several paths: (i) shifting to a new competitive approach to reconstruct the firm’s market position, (ii) overhauling internal operations and functional region strategies to superior support the same overall business strategy, (iii) integrating with another firm in the industry and outside a new strategy keyed to the newly merged firm’s strengths, and (iv) retrenching into a decreased core of products and consumers more closely matched to the firm’s strengths.