What Is the First Step in the Strategic Management Process

question 58

Multiple Choice

What is the first step in the strategic management process?

• A)formulating a strategy
• B)asking, "Where are we now as a business?"
• C)evaluating the strategic plan
• D)implementing an environmental scan

Understand the concept and significance of a franchise in the business world.

Acknowledge the factors contributing to small and family business successes.

Identify key reasons for new business failures and strategies to mitigate them.

Understand the implications of lack of experience, expertise, and commitment on business operations and success.

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Definitions:

Freight-In

The cost associated with transporting raw materials or goods into a facility, typically considered as part of the inventory cost.

Cost of Goods Sold

The total cost of materials and labor directly involved in producing goods sold by a company during a specific period.

Perpetual Inventory

An inventory tracking system that updates the quantity and cost of each item automatically as sales and purchases occur in real-time.

Current Asset

Assets likely to be converted into cash, sold, or consumed within one year or within the business's normal operating cycle.