A strategic plan is a carefully crafted set of steps that a firm intends to follow in order to be successful. The business model is a central element of a firm’s strategic plan and describes the process whereby a company hopes to earn profits and outperform the competition. The importance of an effective strategy cannot be overstated. With this in mind provide a substantive response to the questions below:
Think about the best and worst companies you know.
· What is extraordinary (or extraordinarily bad) about these firms?
· Are their strategies clear and focused or difficult to define? Explain.
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