"To exist in this changing business environment and face the competition in the market, plans are devised to meet these challenges".

Identify and explain the plan mentioned above with suitable example.

Answer given by Piyush is correct. Strategy is the type of plan that considers the movement of the competitors. Strategy is a broad outline for the business of an organisation. It has three broad components- to determine the objectives, to decide the course of action, and appropriate allocation of objectives for the achievement of the objectives. The movement of competitors is an important factor that affects the formulation of strategy by a business organisation.

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