Question : Case Study: ABC Retail Chain
ABC Retail Chain is a popular brand with multiple stores across the country. The company is planning to expand its product range and enter new markets to attract a wider customer base.
Question:
The type of plan that ABC Retail Chain needs to develop for their expansion is:
Option 1: Tactical plan
Option 2: Strategic plan
Option 3: Contingency plan
Option 4: Operational plan
Correct Answer:
Strategic plan
Solution : The correct answer is (b) Strategic plan
A strategic plan is the most appropriate for guiding the overall direction and long-term goals of the organization. It involves making decisions about resource allocation, defining objectives, and setting strategies to achieve those objectives. In the case of ABC Retail Chain, a strategic plan would help outline the expansion goals, target markets, product range, and overall approach to achieving success in new areas.
