When companies adopt the strategy formulation,strategy execution process,the first step is to
A)monitor internal and external developments and initiate corrective adjustments to the business model when necessary.
B)adopt a proven business model,decide on the company's top management team,and craft a strategy.
C)execute the company's chosen strategy efficiently and effectively.
D)set objectives and develop a profitable business model to meet those objectives.
E)develop a strategic vision,mission,and values.

Question

Quizplus · Accepted Answer

The first step in the strategy formulation and execution process is to develop a strategic vision, mission, and values for the company. This helps to set a clear direction for the organization and provides a framework for the development of strategic objectives and actions. Monitoring internal and external developments, adopting a proven business model, deciding on top management, and developing a profitable business model come later in the process.

When Companies Adopt the Strategy Formulation,strategy Execution Process,the First Step