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 evaluated the firm's internal and external strengths.What is the next step in the strategic management process?

Question

Quizplus · Accepted Answer

The strategic management process includes seven steps: (1) ask, "Where are we now as a business?" (2) evaluate the firm's internal and external strengths, weaknesses, opportunities, and threats; (3) formulate a new business direction; (4) decide on strategic goals; and (5) choose specific strategies or courses of action. Steps (6) and (7) are to implement and then evaluate the strategic plan.

Holt Tractor Company Needs a New Strategic Plan as a Result