What is the first step in the strategic management process?
A)formulating a strategy
B)defining the current business
C)translating a mission into goals
D)implementing an environmental scan

Question

Quizplus · Accepted Answer

B) The first step in the strategic planning process is defining a firm's current business situation,which involves assessing what products are sold,where the products are sold,and how the products differ from those offered by the competition.This step is followed by performing internal and external audits,which may involve using an environmental scanning worksheet.A firm would then formulate a new mission and translate the mission into strategic goals before developing a strategy to achieve those goals.

What Is the First Step in the Strategic Management Process