Setting Strategic Goals Is the First Step in Strategy Formulation

question 115

Multiple Choice

Setting strategic goals is the first step in strategy formulation. What is the next step?

• A) Analyzing the company and its environment
• B) Segmenting the markets the company wants to penetrate
• C) Preparing an organizational plan
• D) Matching company strengths with environmental characteristics
• E) Developing a mission statement

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Definitions:

Parol Evidence Rule

A legal principle that prevents parties from presenting extrinsic evidence to modify, vary, or contradict the terms of a written contract.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party, if the latter has relied on that promise to their detriment.

Parol Evidence Rule

A legal rule that excludes the admission of oral statements, written agreements outside the contract, or preliminary agreements in interpreting a written contract.

Parol Evidence Rule

The parol evidence rule is a legal principle that prevents parties in a written contract from presenting external evidence that contradicts or adds to the written terms of the contract.