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700-150 · Question #106

Which of the following could be defined as a long-term plan that enables the business to work toward achieving its vision by considering business operations, value proposition, customers, and finance?

The correct answer is B. Strategy. A strategy is a long-term plan that guides a business towards its vision by considering operations, value proposition, customers, and financial aspects.

Understanding Customer Business Challenges and Opportunities

Question

Which of the following could be defined as a long-term plan that enables the business to work toward achieving its vision by considering business operations, value proposition, customers, and finance?

Options

  • AMission
  • BStrategy
  • CGoals
  • DObjectives

How the community answered

(48 responses)
  • A
    6% (3)
  • B
    88% (42)
  • C
    2% (1)
  • D
    4% (2)

Why each option

A strategy is a long-term plan that guides a business towards its vision by considering operations, value proposition, customers, and financial aspects.

AMission

A mission statement defines the organization's purpose and what it does, rather than a detailed long-term plan.

BStrategyCorrect

A strategy defines the overall approach and long-term plan a business employs to achieve its vision and goals, taking into account various facets like operations, market position, customer engagement, and financial management. It provides a framework for decision-making and resource allocation.

CGoals

Goals are specific targets or aims that an organization wishes to achieve, but they are components of a broader strategy, not the strategy itself.

DObjectives

Objectives are measurable steps taken to achieve goals, making them more granular than a comprehensive long-term strategy.

Concept tested: Definition of business strategy

Topics

#business strategy#long-term planning#business vision

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