Which of the following statements is correct? a. Once a firm has defined its pur

Question

Which of the following statements is correct? a. Once a firm has defined its purpose, scope, and objectives, it must develop a strategy or strategies for achieving its goals. The statement of corporate strategies sets forth detailed plans rather than broad approaches for achieving a firm's goals b. A firm's corporate purpose states the general philosophy of the business and provides managers with specific operational objectives c. Operating plans provide management with detailed implementation guidance, consistent with the corporate strategy, to help meet the corporate objectives. These operating plans can be developed for any time horizon, but many companies use a 5-year horizon d. A firm's mission statement defines its lines of business and geographic area of operations e. The corporate scope is a condensed version of the entire set of strategic plans

Explanation / Answer

Operating plans provide management with detailed implementation guidance. These guidances will be in tune with the corporate strategy and will help the management to meet the company objectives. Typicall companies employ a 5 year time horizons for opeating plans though it can be devleoped for any time horizon.

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