Which of the following statements best describes the function of a firm's strategy?
A) It states the firm's standardized rules and procedures.
B) It specifies how the firm intends to achieve its goals.
C) It provides information for stakeholder mapping.
D) It classifies the internal business environmental factors.

Question

Quizplus · Accepted Answer

A firm's strategy specifies how it intends to achieve its goals, which includes outlining the actions and decisions necessary to succeed in its chosen markets and business environment. It is not focused on standardized rules and procedures (A), stakeholder mapping (C), or classifying internal business environmental factors (D).

Which of the Following Statements Best Describes the Function of a Firm's