Question : Statement 1: Strategy involves setting long-term goals.
Statement 2: Strategies are formulated at different levels of an organization.
Option 1: Both statements are correct.
Option 2: Only statement 1 is correct.
Option 3: Only statement 2 is correct.
Option 4: Neither statement 1 nor statement 2 is correct.
Correct Answer: Both statements are correct.
Solution : The correct answer is (a) Both statements are correct.
Statement 1 is correct. Strategy often involves determining long-term goals and objectives to guide an organization in achieving a sustainable competitive advantage or fulfilling its mission.
Statement 2 is also correct. Strategies are developed at various levels of an organization, including corporate, business, and functional levels. Different levels of management contribute to the overall strategic direction of the organization.
Therefore, both statements are accurate.
Statement 2: Strategies are formulated at different levels of an organization
Question : Statement 1: Strategy involves long-term goals.
Statement 2: Strategies are exclusively formulated by top management.
Question : Statement 1: Strategy provides a competitive advantage.
Statement 2: Strategies are formulated to exploit opportunities.
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