A successful business strategy sets out the long-term direction for an organisation and allows it to respond to the changing business environment in which it operates, as well as the changing needs of its customers. Strategic decisions are not easy to make and there are many courses of action which an organisation can follow. Managers must use their skills, knowledge and experience to evaluate each option carefully before making a strategic decision. This is critical in order to reduce risk and uncertainty. In 1985, UCI…

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