Which term describes the stretch goal that helps business leaders define core competencies?

• A. Balanced Scorecard
• B. Strategic Intent
• C. SWOT Analysis
• D. Benchmarking

Answer: (B)

Verified step by step guidance

1. Understand the key terms provided in the question: 'Balanced Scorecard,' 'Strategic Intent,' 'SWOT Analysis,' and 'Benchmarking.' Each of these terms has a specific meaning in business strategy and financial accounting.
2. Recognize that the question is asking for the term that describes a 'stretch goal' which helps business leaders define core competencies. A stretch goal is an ambitious target that pushes an organization to innovate and grow.
3. Define 'Strategic Intent': This term refers to a long-term vision or goal that an organization aims to achieve, often requiring significant effort and innovation. It is closely tied to defining and leveraging core competencies.
4. Compare the other options: 'Balanced Scorecard' is a performance measurement tool, 'SWOT Analysis' is a framework for analyzing strengths, weaknesses, opportunities, and threats, and 'Benchmarking' involves comparing performance metrics with industry standards. None of these directly relate to defining core competencies through a stretch goal.
5. Conclude that 'Strategic Intent' is the correct term because it aligns with the concept of setting ambitious goals to define and build core competencies.