Which of the following are the four key components of a business strategy?

The selection of vision, mission, goals, and tactics as the four key components of a business strategy is significant because it encompasses the foundational elements that shape the direction and operations of a business.

The vision of a company defines its long-term aspirations and ultimate purpose, serving as a guiding star that informs all strategic decisions. The mission outlines what the business does and whom it serves, establishing a clear identity for stakeholders. Goals provide specific, measurable objectives that the organization aims to achieve, acting as milestones along the path to realizing the vision. Finally, tactics refer to the actionable steps and methods implemented to reach those goals, ensuring that the strategic plan is actionable and practical.

Understanding these components is crucial in developing a coherent strategy that aligns resources and efforts towards common objectives. While other options might include important business functions, they do not encapsulate the overarching strategic framework necessary for guiding a business toward sustainable success.