Question

A company that creates a broad plan that identifies its most promising markets and analyzes competitor solutions and market opportunities has developed what kind of plan?

Select one:

a. Operational Plan

b. Strategic Plan

c. Functional Plan

d. Marketing Plan

Answer 1

The correct answer is Strategic plan.

Strategic planning is nothing but the process by which the organization define its strategy and allocate its resources appropriately to proceed with the strategy. Strategic planning is done based on the following:-

• The current status of the organization in terms of profits, success, reputation, etc.
• The long term goals of the organization.
• How to achieve the long term goals.

The major components of strategic management are environmental scanning, strategy formulation, strategy implementation and strategy evaluation.