According to a survey of 250 consumer packaged goods (CPG) companies by a reputed firm, 75% of brand owners say they’re going to spend significantly more on packaging as it is critical to their brand’s success. Identify the type of plan being described in the above lines.

Strategy

The correct answer is option 3 i.e. Strategy.

The passage is describing a plan related to spending significantly more on packaging, which aligns with a strategic decision. Therefore, the type of plan being described is a strategy. The companies are strategizing to invest more in packaging, considering it critical to the success of their brands.

A 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.