Being aware of one’s own weaknesses and risks but at the same time gearing one’s strengths to the opportunities as they emerge is the key to success in any business. Thus, the first step in strategy development is to deal with the realities and dynamics of the market. This is the only way to define one’s own position in the market and set oneself off from one’s competitors. Only after having taken this step one is in a position to direct the company’s strengths towards securing its unique selling proposition on a sustainable and profitable basis. Getting to this point requires spotting the chances and adopting an innovative approach.
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