Answer: Option E
Explanation: In simple words, functional level strategies refers to the plans made for several departments so that the overall development of the organisation could take place. These strategies usually specifies the objectives and the expected outcomes.
Mergers and acquisition refers to the situation when one company takes over another company. It does not specify any goals or objectives nor it assigns any duties. It is an action and not a plan.
Hence from the above we can conclude that the correct option is E.