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:
‘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:
Updated On: Feb 19, 2025
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The Correct Option is C
Solution and Explanation
Step 1: A strategy is a long-term plan designed to achieve specific goals and overcome challenges by utilizing available resources.
Step 2: Nikhil's vision and the extensive market research guided the preparation of a clear, long-term plan, which is characteristic of strategic planning.
Thus, the correct answer is option C.
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