Essential Products Inc.manufactures a wide range of healthcare products for infants,toddlers,and adults.The company is not able to allocate large budgets for each of its product groups because of resource constraints,and it is making huge losses in most of its product groups.In the context of strategic planning,which of the following is the final phase that Essential Products Inc.should adopt to revive its business?

Question

Quizplus · Accepted Answer

Formulating an organizational portfolio plan is the final phase that Essential Products Inc. should adopt to revive its business. This involves analyzing the performance of each product group and deciding which ones to continue, which ones to divest, and which ones to invest in further. This will help the company to allocate its resources more effectively and focus on the products that have the most potential for growth and profitability. Creating an organizational mission, setting organizational objectives, and creating organizational strategies are all important steps in the strategic planning process, but they come before the final phase of formulating an organizational portfolio plan.