The Strategic Planning Process Begins with an Assessment of the Current

question 72

True/False

The strategic planning process begins with an assessment of the current state of the business and the environmental forces that may be important during the planning cycle.

---

Definitions:

Firm

An organization that uses resources to produce goods or services for profit in an economic system.

Goods

Items or products that are produced to satisfy wants or needs of consumers. Goods can be tangible, like food and cars, or intangible, like services.

Services

Intangible and non-physical goods provided by individuals or companies, such as healthcare, education, and financial consulting.

Total Product

The total quantity of output produced by a firm or economy as a result of its production process.