The Second Component of the Strategic Management Process Is

question 6

Multiple Choice

The second component of the strategic management process is

• A) an analysis of the organizations internal environment
• B) development of the mission statement
• C) a statement of the vision for the organization
• D) an analysis of the organization's external environment
• E) a statement of the key values of the organization

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Definitions:

Company Culture

Company culture encompasses the shared values, attitudes, standards, and behavior that characterize the members of an organization and define its nature.

Innovator's Imperative

The necessity for innovators to continually adapt and evolve their products or services to meet changing market demands and stay ahead of competition.

Local Market Problems

Challenges or issues specific to a particular regional market, including competition, regulatory changes, or consumer preferences.

Trade Secrets

Confidential business information that provides an enterprise a competitive edge, such as formulas, practices, processes, designs, instruments, or patterns.