Which two questions does strategy typically answer?

The understanding of strategy in a business context revolves around defining the overarching plan that guides an organization toward its goals. The correct focus is on how an organization plans to achieve its goals, which is fundamental to strategic thinking.

Specifically, strategy involves outlining the methodologies and approaches that will be employed to reach desired outcomes. This encapsulates both the planning aspect and the operational techniques that will be utilized, addressing the need for structured processes and frameworks to implement successfully. By exploring the methodologies, an organization can determine the most effective and efficient ways to work towards its objectives.

The other choices, while relevant to strategic discussions, do not directly reflect the essence of what strategy typically encompasses. Questions about vision and goals, challenges, budget, competitors, and strengths contribute to the broader understanding of the business landscape but do not focus specifically on the tactical planning and methodologies that define the execution of a strategy.