The combination of competitive moves and business approaches that managers employ to grow the company and attract customers.

• A. Value chain
• B. Strategy formulation
• C. Strengths
• D. Core competence

Answer: (B)

The idea being tested is how managers craft the plan for competing and growing—the process of strategy formulation. This focuses on selecting and coordinating a set of competitive moves and business approaches to position the company for growth and to attract customers. In other words, strategy formulation is about deciding what actions to take, and how to align resources and initiatives, to create a coherent path to success. The other terms describe parts of the firm or its capabilities (the value chain, strengths, core competence) rather than the planning and decision-making process that leads to a growth-oriented approach.