What term describes any medium to long-term plan outlining how a business intends to achieve its goals?

• A. Decision-making
• B. Business plan
• C. Strategy
• D. Planning tools

Answer: (C)

Strategy is the term that describes the medium- to long-term plan outlining how a business intends to achieve its goals. It sets the direction for the organization, clarifies which markets to compete in, what products or services to offer, and how to allocate resources to gain a sustainable competitive position. This is what guides major, long-range decisions across the company.

A decision-making process is about choosing between options, not the overall plan. A business plan is a formal document that outlines goals and the steps to achieve them, often used to attract funding, and can include strategic elements but isn’t the overarching plan itself. Planning tools are the methods and instruments used to plan, not the plan.