Final answer:
Strategic Management is the set of activities aimed at positioning a firm for competitive success in the marketplace by drafting and implementing effective business strategies.
Step-by-step explanation:
The term that describes the set of activities that firm managers undertake to put their firms in the best possible position to compete successfully in the marketplace is a) Strategic Management. Strategic Management involves high-level decision-making and the formulation of business strategies that help align the company's resources and capabilities with its business opportunities and competitive environment. This encompasses various activities such as analyzing competitive environments, setting organizational goals, developing policies and plans to achieve these goals, and allocating resources to implement the plans.