Question : Statement 1: Strategy involves long-term goals.
Statement 2: Strategies are exclusively formulated by top management.
Option 1: Both statements are correct.
Option 2: Only statement 1 is correct.
Option 3: Only statement 2 is correct.
Option 4: Neither statement 1 nor statement 2 is correct.
Correct Answer:
Only statement 1 is correct.
Solution : The correct option is (b) Only statement 1 is correct.
Statement 1 is correct. Strategies often involve setting long-term goals and determining the actions needed to achieve those goals. Long-term planning is a common characteristic of strategic management.
Statement 2 is not universally correct. While top management is often involved in formulating strategies, it is not exclusive to top management. In some organizations, strategies may involve input and collaboration from various levels within the organization.
Therefore, only statement 1 is correct.
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