The strategic management process consists of defining a company's mission and vision, its overarching strategy, and crafting its strategic plans and control.
- A company that gradually eliminates product lines or liquidates inventory is engaging in a defensive strategy.
- This defensive strategy is also known as a retrenchment strategy, which involves scaling back the organization's efforts.
- For example, a company might minimize expenses by selling off (liquidate) assets—such as land, buildings, and inventories.
A defensive strategy aids organizations in consistently lowering costs and phasing out product lines or services..
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