QUESTION FOUR $[25]$

Top managers formulate strategic goals that apply to the organisation over the long term. Strategic goals include a vision, a mission statement, and long$-$term goals. A vision implies that managers need to think about new possibilities that will carry their organisation into the future. The mission statement spells out the mission or overarching goal of the organisation. The mission statement sets the organisation apart from other organisations operating in the same industry by defining it in terms of its unique combination of products, customers, and technology.

Examine the diverse strategic options accessible to organizations, encompassing generic strategies, corporate strategies, internal growth strategies, external growth strategies, turnaround strategies, and corporate combination strategies. Illustrate each strategy with examples and assess their importance in attaining competitive advantage and organizational success.