What Is the First Step in the Strategic Planning Process

question 106

Multiple Choice

What is the first step in the strategic planning process?

• A) putting together the human resource management team
• B) executing the human resource plan
• C) establishing the mission, vision, and values of the organization
• D) aligning the human resource plan and the strategic plan

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Definitions:

Demand

The level of demand for a good or service, depending on consumers' readiness and capacity to buy at various prices.

Equilibrium

A state in an economy or market where demand equals supply, and there is no tendency for change.

Complements

Goods or services that are used together, where the increase in the demand for one leads to an increase in the demand for the other.

Substitutes

Goods or services that can replace each other in usage, providing similar utility to the consumer.