Which of the following is the first step in developing a business strategy?

Question

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The first step in developing a business strategy is to identify problems or opportunities. This involves conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to determine the current state of the business and identify areas for improvement or potential growth. Once the problems or opportunities have been identified, the next steps involve diagnosing and assessing them, analyzing firm performance, and selecting and implementing a course of action.

Which of the Following Is the First Step in Developing