The alternative strategic plans available to an organization. The degree of choice in formulating a firm's business strategy is likely to be determined by its resources and by such external factors as competition and environmental issues. Managerial competence, in terms of a firm's ability to manage a new area of activity or an acquisition, will also influence the choice and, therefore, a firm's future strategic development. See diversification; external growth; internal growth.
Subjects: Human Resource Management.