What Is the First Step in the Comprehensive Strategic-Management Model

question 118

Multiple Choice

What is the first step in the comprehensive strategic-management model?

• A) Developing vision and mission statements
• B) Performing external audits
• C) Performing internal audits
• D) Measuring and evaluating performance
• E) Establishing long-term objectives

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Definitions:

Marginal Benefit

The additional benefit received from consuming one more unit of a good or service.

Marginal Cost

The cost of producing one additional unit of a good or service, which can vary depending on the level of production.

Rational Decision Maker

A theoretical entity in economics and decision theory that systematically and logically evaluates options before making a choice.

Rational Choice

The theory that individuals make decisions based on the maximization of their benefits and the minimization of their costs.