Use your understanding of the strategic management process to complete the sentences below.

A firm’s is the plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization’s goals.

By acquiring a technology company that develops smartphone apps, a video-streaming business hopes to achieve , combining its video rights with mobile technology to increase profits.

For each example, choose the element of competitive advantage that it represents.

Example
Drybar, which started in Brentwood, California, in 2010, is a hair salon catering entirely to people with curly or frizzy hair who want their hair straightened. No cuts, perms, or coloring happen here. The store now has over 40 locations.

Applewood Seed Co. of Colorado has fifty years of experience growing and supplying native wildflowers, grasses, and herbs to seed distributors, landscapers, golf courses, state highway departments, parks departments, government agencies, garden centers, mining companies, hydroseeders, and reclamation companies. Applewood has both an in-depth horticultural knowledge of native plants and the ability to supply in bulk.

A meditation instructor partners with a technology developer to market relaxation apps featuring soothing natural sounds and guided meditation exercises. The tech expert writes the code, and the meditation instructor develops the apps’ content.

A firm’s Strategy is the plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization’s goals.

Explanation:

A firm’s Strategy is the plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization’s goals.

By acquiring a technology company that develops smartphone apps, a video-streaming business hopes to achieve Synergy , combining its video rights with mobile technology to increase profits.

Example

Drybar, which started in Brentwood, California, in 2010, is a hair salon catering entirely to people with curly or frizzy hair who want their hair straightened. No cuts, perms, or coloring happen here. The store now has over 40 locations.-Target Customer

Applewood Seed Co. of Colorado has fifty years of experience growing and supplying native wildflowers, grasses, and herbs to seed distributors, landscapers, golf courses, state highway departments, parks departments, government agencies, garden centers, mining companies, hydroseeders, and reclamation companies. Applewood has both an in-depth horticultural knowledge of native plants and the ability to supply in bulk-This statement is an example of exploit core competencies

A meditation instructor partners with a technology developer to market relaxation apps featuring soothing natural sounds and guided meditation exercises. The tech expert writes the code, and the meditation instructor develops the apps’ content.-This is an example of building up the Synergy