Final answer:
The term 'corporate-level strategy' refers to the overall organizational strategy on determining the scope of business engagements for a company. It is distinct from firm-level strategy, which is focused on competitive positioning within an industry. The correct answer to the question is 'c. corporate-level strategy'.
Step-by-step explanation:
The term corporate-level strategy refers to the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?" This type of strategy involves decisions made by top management about the scope and breadth of an organization. It determines how a company allocates its resources across different businesses, manages its portfolio of businesses, and identifies areas for expansion or divestiture. The corporate-level strategy is about defining the scope of the firm and the markets or industries in which the organization competes.
In contrast to corporate-level strategy, firm-level strategy focuses on the competitive position within a particular industry, portfolio strategy deals with the mix of business units and product lines that fit together in a way that provides synergy and competitive advantage, industry-level strategy pertains to how a company will compete in a particular industry, and operations strategy is concerned with how to efficiently produce products and services. According to the given information, option d. firm-level strategy does not correctly answer the question because it describes the strategy related to a company's competitive position within a specific industry, rather than the overall organizational strategy encompassing multiple businesses. In this context, the correct option for the term that addresses the strategic question stated in the student's question is c. corporate-level strategy.