6 The use of advisers by CEOs and top management teams (Arendt et al., 2005). If managers...

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6 The use of advisers§ by CEOs and top management teams (Arendt et al., 2005). If managers completely comprehend their ‘competitive environment’ and the ‘competitive dynamics’ of their firm, they can then make effective strategic decisions that enhance performance – in this case, profitability

(Ketchen et al., 2004).

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