What Is the Most Critical Element in Effective Strategic Planning

question 23

Multiple Choice

What is the most critical element in effective strategic planning?

• A) creativity
• B) top management support and participation
• C) continual attention
• D) the use of a BCG portfolio matrix
• E) a stringent and narrow mission statement

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded, also known as the market-clearing price.

Equilibrium Quantity

The quantity of goods or services that are supplied and demanded at the equilibrium price, where the amount producers are willing to sell equals the amount consumers are willing to buy.

Price of Ingredients

The cost of raw materials used in the production of goods, which can impact the final price of the product and profitability of producers.