Chapter 1 - The power of principles: a historical perspective Flashcards
1
Q
factors
A
merchants who brought the goods bought from local farmers to major markets in search of buyers
2
Q
agents
A
represent out-of-town merchants
3
Q
infrastructure
A
includes those assets that assist in the production or distribution of goods and services that the firm itself cannot easily provide
- basic research
- transportation, communication and financing
- …
4
Q
A successful strategy results from …
A
… applying consistent principles to constantly changing business conditions
–> strategies are the adaptive but principled responses of firms to their surroundings
