Question:medium
After studying Entrepreneurship in Class XII, Neel completed a baking course and started a bakery, 'Cakes and Bakes'. He set a target of earning a modest 10% return on investment in the first year. As he was supplying healthy bakery products, the demand kept increasing. 'Cakes and Bakes' became a famous bakery in a year. He now wanted to develop a plan to define the direction and scope of 'Cakes and Bakes' for the long run. He made a marketing plan to decide if he could charge higher price to improve his return on investment, how to advertise the products, etc.
Quoting lines from the above paragraph, identify and explain two types of plans discussed in the above case.
After studying Entrepreneurship in Class XII, Neel completed a baking course and started a bakery, 'Cakes and Bakes'. He set a target of earning a modest 10% return on investment in the first year. As he was supplying healthy bakery products, the demand kept increasing. 'Cakes and Bakes' became a famous bakery in a year. He now wanted to develop a plan to define the direction and scope of 'Cakes and Bakes' for the long run. He made a marketing plan to decide if he could charge higher price to improve his return on investment, how to advertise the products, etc.
Quoting lines from the above paragraph, identify and explain two types of plans discussed in the above case.
Quoting lines from the above paragraph, identify and explain two types of plans discussed in the above case.
Show Hint
Objectives are specific, measurable goals, while strategies are broader plans designed to achieve these objectives over the long term.
Updated On: Feb 8, 2026
Show Solution
Solution and Explanation
Two plan types were discussed:
(i) Objective:
"He set a target of earning a modest 10% return on investment in the first year."
An objective is a precisely defined goal for an organization, to be accomplished within a specified timeframe. The target ROI in this instance serves as a distinct objective.
(ii) Strategy:
"He now wanted to develop a plan to define the direction and scope of 'Cakes and Bakes' for the long run."
A strategy provides a comprehensive action plan intended to meet overarching objectives and achieve long-term aims, such as increasing ROI and promoting products efficiently.
(i) Objective:
"He set a target of earning a modest 10% return on investment in the first year."
An objective is a precisely defined goal for an organization, to be accomplished within a specified timeframe. The target ROI in this instance serves as a distinct objective.
(ii) Strategy:
"He now wanted to develop a plan to define the direction and scope of 'Cakes and Bakes' for the long run."
A strategy provides a comprehensive action plan intended to meet overarching objectives and achieve long-term aims, such as increasing ROI and promoting products efficiently.
Was this answer helpful?
1
