The First Component of the Strategic Management Process Is

question 59

Multiple Choice

The first component of the strategic management process is:

• A) crafting the organization's mission statement.
• B) coming up with a damage control plan.
• C) analyzing the macroenvironment.
• D) determining the firm's employee turnover rate.
• E) deciding on a fit between the organization's strengths and weaknesses and the environment's opportunities and threats.

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Definitions:

Economic Policy

Actions taken by government to influence its economy through taxation, spending decisions, and fiscal management.

Multinational Corporation

A large company that operates in multiple countries around the world, beyond its home country.

Facilities

Buildings, equipment, services, and other resources provided for a specific purpose or activity.

Political Policies

Strategies and decisions made by a government or political party that guide the administration of a country and affect its citizens and economic conditions.