BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A strategy is a comprehensive game plan for attaining your organization’s goals. It is a combination of competitive movements and actions taken by senior management to achieve goals. Strategies are practical and action-oriented activities that are based on practical experiences rather than academic understanding.

Detailed explanation-2: -Strategy as we’ve identified refers to the long-term goal or roadmap for an organization, and how it plans to reach them. Or, the path the organization will take towards its goals. Conversely, tactics refer to the specific set of actions taken to reach the organizational goals, or strategy.

Detailed explanation-3: -Strategic planning and strategic management are those set of decisions and actions that result into the formulation, selection and implementation of organization’s long-term objectives. That is, the setting of strategies for achieving organization’s objectives. A strategy is simply a company’s game plan.

Detailed explanation-4: -Answer: Option A. Solution: Strategies are the means by which long term objectives will be achieved. Business strategies may include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint venture.