Which of the following lists correctly identifies the different levels of strategy that can exist in a business?

A) corporate strategy, business strategy, and functional strategy
B) institutional strategy, corporate strategy, and business strategy
C) growth strategy, retrenchment strategy, and stability strategy
D) corporate strategy, divisional strategy, and work group strategy
E) top-level strategy, middle-level strategy, and lower-level strategy

The correct levels of strategy in a business are corporate strategy, which involves the overall direction and scope of the entire organization; business strategy, which focuses on how a company competes within a particular market or industry; and functional strategy, which involves specific operational areas such as marketing, finance and human resources. Option A lists these three levels correctly. Option B is incorrect as institutional strategy is not an established level of strategy. Option C lists different types of corporate strategies. Option D lists a corporate strategy alongside a divisional strategy and work group strategy, both of which fall under the category of functional strategy. Option E lists levels of management instead of levels of strategy.