The principles of game theory can be applied in strategic planning by anticipating the reactions of competitors to any given situation. This involves studying the competition and their likely responses, and then making strategic decisions based on this information. This can help to level the playing field, or even provide a competitive advantage. An example of this can be seen in the television show, Survivor, where a contestant was able to win by strategically losing a challenge, thereby setting a series of events in motion that eliminated some of the competition.
Have you ever had to dissect a complicated business scenario and were confused as to where to begin,...
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