The Set of Decisions and Actions Used to Formulate and Implement

question 6

Multiple Choice

The set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as:

• A) strategy formulation.
• B) strategic planning.
• C) strategic management.
• D) strategy implementation.
• E) strategy evaluation.

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Definitions:

Standard Price

The predetermined cost of acquiring a product or receiving a service under normal conditions.

Pounds

Often refers to a unit of weight used primarily in the British imperial and United States customary systems.

Materials Variance

The difference between the actual cost of materials used in production and the expected (standard) cost of those materials.

Price Variances

The difference between the actual cost of a good or service and its standard or expected cost, which can be favorable or unfavorable.