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.
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)- A6% (3)
- B88% (42)
- C2% (1)
- D4% (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.
A mission statement defines the organization's purpose and what it does, rather than a detailed long-term plan.
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.
Goals are specific targets or aims that an organization wishes to achieve, but they are components of a broader strategy, not the strategy itself.
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
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