Question : A company wants to introduce a new product. What type of plan should it prepare?
Option 1: Objective
Option 2: Strategy
Option 3: Policy
Option 4: None of these
Correct Answer: Strategy
Solution :
Strategy formulation is the task of top level people and it is must to scan and understand clearly the business environment before framing the strategy. Strategy defines the future decision regarding the organisation direction and scope in the long run. Strategy directs future direction making and scope in long run.
Hence, option 2 is the correct answer.