Holt Tractor Company needs a new strategic plan as a result of losing market share to other farm equipment companies.A management team at the firm is following the steps of the strategic management process.So far,the team has performed external and internal audits.What is the next step in the strategic management process?

Question

Quizplus · Accepted Answer

C)The strategic management tasks are (1)defining the business and developing a mission; (2)evaluating the firm's internal and external strengths,weaknesses,opportunities,and threats; (3)formulating new business and mission statements; (4)translating the mission into strategic goals;and (5)formulating strategies or courses of action.Therefore,the team needs to develop a new mission statement next.

Holt Tractor Company Needs a New Strategic Plan as a Result