In order to cope with the competitors, market leader Maruti adopted new technologies for manufacturing their recent models. Which type of plan is highlighted in the above statement?

Strategy

The correct answer is option 2- Strategy.

The statement mentions that Maruti adopted new technologies to cope with competitors, which indicates a broad, long-term plan of action to achieve a competitive advantage. This aligns perfectly with the concept of a strategy. 

Strategy provides the broad contours of an organisation’s business. It will also refer to future decisions defining the organisations direction and scope in the long run. Thus, we can say a strategy is a comprehensive plan for accomplishing an organisation objectives. This comprehensive plan will include three dimensions, (i) determining long-term objectives, (ii) adopting a particular course of action, and (iii) allocating resources necessary to achieve the objective. Whenever a strategy is formulated, the business environment needs to be taken into consideration. The changes in the economic, political, social, legal and technological environment will affect an organisation’s strategy.