A firm in the strategic planning process is answering the question, "What business are we operating in?" This represents the ________ step in strategic planning.

Question

Quizplus · Accepted Answer

Defining the scope of the product/service involves identifying the specific business or industry in which the firm operates. This is an important step in strategic planning as it helps to define the boundaries within which the firm will compete and sets the stage for subsequent steps such as assessing internal resources and developing a competitive strategy.

A Firm in the Strategic Planning Process Is Answering the Question