Question : Case Study: XYZ Manufacturing Company
XYZ Manufacturing Company is a well-established firm that produces consumer electronics. The management is planning to launch a new line of smart home appliances.
Question:
The type of plan that XYZ Manufacturing Company should develop to introduce the new line of smart home appliances 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 outlines the long-term goals and objectives of the company. For XYZ Manufacturing, this would involve defining the vision for the new smart home appliances, understanding the market, identifying target customers, and positioning the products in the competitive landscape. It provides the overall direction and framework for achieving success in the market.
