All of the Following Are Steps Involved in the Strategic

question 98

Multiple Choice

All of the following are steps involved in the strategic management process EXCEPT ________.

• A)evaluating the firm's internal and external situation
• B)asking, "Where are we now as a business?"
• C)formulating a new business direction
• D)offshoring low-skill jobs

---

Definitions:

Price Floor

A government-imposed minimum price charged for a commodity, intended to protect producers by ensuring prices do not fall below a certain level.

Consumer Surplus

The distinction in the total financial outlay consumers are prepared to make for a good or service and the outlay made.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded, typically sloping downward from left to right.

Willingness To Pay

The maximum amount an individual is prepared to spend to procure a good or service or to avoid something undesirable.