Tim Hortons has become a major Canadian cultural icon and business success due to a well-planned and carefully executed marketing strategy. In its annual planning process, once Tim Hortons establishes its business mission, conducts a SWOT analysis, and goes through a goal formulation process, it is ready to go through a step called ________ to continue with a strategic-planning process.

Question

Quizplus · Accepted Answer

Once Tim Hortons has established its goals, it needs to go through a strategy formulation step in its strategic-planning process. This step involves developing and evaluating strategic alternatives to achieve the company's goals. Implementation and feedback and control are later steps in the process, while functional analysis and program formulation are more specific processes within the strategic-planning process.

Tim Hortons Has Become a Major Canadian Cultural Icon and Business