Translating Strategy into Action Is the Essence of the Step

question 3

Multiple Choice

Translating strategy into action is the essence of the step in the strategic management process.

• A)perform external and internal audits
• B)translate the mission into strategic goals
• C)formulate a strategy to achieve strategic goals
• D)implement the strategy
• E)define the business and its mission

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Definitions:

Variable Cost

Costs that change in proportion to the level of output or production activity.

Baking Supplies

Items and ingredients specifically used for the process of baking, such as flour, yeast, baking soda, and baking pans.

Law of Diminishing Returns

This economic law states that as one factor of production is increased while others are held constant, the incremental gains in output will eventually diminish.

Product Outputs

The quantity of goods or services produced by a business or economy in a given period.