After earning $8 billion in profit, Royal Castle decided to strive to double its profits within the next five years. Which of the following management functions should it perform first to achieve its goal?

Question

Quizplus · Accepted Answer

The first step towards achieving any goal is planning. Royal Castle needs to create a strategic plan that outlines specific objectives and action items to double its profits within five years. This plan should consider factors such as market conditions, competition, and internal resources. Only then can the company move on to organizing, motivating, dominating, and controlling.

After Earning $8 Billion in Profit, Royal Castle Decided to Strive