Final Answer:
A firm's Strategy is defined as its theory about how to gain competitive. Thus, the corrct answer is option 4) Strategy
Step-by-step explanation:
A firm's strategy is defined as its theory about how to gain competitive advantages. It encompasses the deliberate actions and plans formulated to achieve specific objectives and outperform competitors. Strategy involves making choices about resource allocation, target markets, and competitive positioning to create a sustainable advantage in the market.
A company's objectives outline specific, measurable goals it aims to achieve. These objectives align with the broader mission and vision, which define the purpose and long-term aspirations of the organization. However, it is the strategy that serves as the roadmap, detailing how the firm plans to navigate the competitive landscape and accomplish its objectives.
In essence, while objectives, mission, and vision provide the overarching direction and purpose, strategy is the dynamic framework that guides day-to-day decisions and actions. It involves a continuous process of assessing market conditions, adjusting tactics, and innovating to stay ahead. A well-crafted strategy not only defines the path to success but also adapts to the changing business environment, ensuring the firm's relevance and competitiveness.
Thus, the corrct answer is option 4) Strategy