Question

Rajan has a small size business. He aims to increase his market share by 25% in the next three years.

Specify the type of plan chosen by Rajan. Illustrate any three of its features.

Answer 1

The type of plan chosen by Rajan is ‘Strategy’. A strategy is a plan or blueprint that specifies the organisation’s desired future. It focuses on an organisation’s long-term vision and direction.

Three features of strategy are as follows:

1. Strategy focuses on achieving goals over time, giving a road map for long-term success.
2. Strategy is flexible and dynamic in nature, allowing it to rapidly adjust to changes in the external environment.
3. Top management is responsible for strategy formulation.