The Strategic Management Process Is

question 121

Multiple Choice

The strategic management process is

• A)a set of activities that will assure a sustainable competitive advantage and above-average returns for the firm.
• B)a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment.
• C)a process directed by top-management with input from other stakeholders that seeks to achieve above- average returns for investors through effective use of the organization's resources.
• D)the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness.

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Definitions:

Planning Budget

A budget created at the beginning of a period, based on estimates of revenues and expenses.

Employee Salaries And Wages

The compensation paid to employees for their labor, including both hourly wages and fixed salaries.

Planning Budget

A budget created at the beginning of a period, based on forecasted levels of activity, to guide business operations and financial planning.

Total Expenses

encompass all costs incurred by a business or individual within a specified period, including operational, financial, and non-operational expenses.