Final answer:
Simon and his team at MG Corp. are engaged in strategic planning, which involves setting long-term goals and determining the overall direction for the organization over a period of up to 25 years. Therefore, the correct option is 4.
Step-by-step explanation:
Simon and his team are most likely engaged in strategic planning. Strategic planning is the process of defining a company's direction and making decisions on allocating its resources to pursue this strategy. This type of planning typically involves setting long-term goals that look ahead several years, often up to 25 years in the future, as is the case for MG Corp. established by Simon and his team. The goal of strategic planning is to determine the overall direction for the organization and to set the stage for other types of planning, such as tactical or operational planning, which involve shorter time horizons and more immediate actions. Strategic planners must consider a wide array of factors, including the market environment, competitive landscape, internal resources and capabilities, and potential external threats or opportunities. For MG Corp., their 25-year plan encapsulates a commitment to long-term thinking and preparation, reflecting an understanding that strategic superiority requires foresight and a deep understanding of the factors that could impact the global business environment.