Question

‘Best Electronics’ is led by its visionary Chief Executive Officer, Nikhil. It has a reputation for good quality products and customer service. Nikhil recognised the need to continually innovate and provide customers with the latest products. He wanted the company to be the market leader in electronics.

Nikhil knew that to realise his ambitious vision, he needed a clear and well-defined plan that would provide broad contours of the company’s business. His team conducted extensive market research to uncover emerging trends, customer preferences, and potential competitors. On its basis, a plan was prepared defining the company’s direction and scope in the long run. On the implementation of the plan ‘Best Electronics’ became the market leader in two years. The type of plan which helped ‘Best Electronics’ to become the market leader was:

Options

• Policy

• Rule

• Strategy

• Procedure

Answer 1

Strategy

Explanation:

A strategy is a detailed plan that sets an organization's direction and scope while achieving long-term goals. Nikhil and his team devised a market research-based plan to establish "Best Electronics" as a market leader, focusing on innovation and customer preferences. The strategic strategy guided the company's efforts and helped it achieve its goal of becoming the market leader.