The First Step in the Strategy-Making Process Is To

question 1

Multiple Choice

The first step in the strategy-making process is to:

• A) assess the need for strategic change
• B) conduct a situation analysis
• C) choose strategic alternatives
• D) evaluate the impact of changes on the internal environment
• E) create a strategic budget

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Definitions:

Nonprofit Sector

The part of an economy or society comprised of organizations that aim to provide social good without the incentive of profit.

Pricing

The process of determining the financial cost of a good or service, influenced by factors such as production costs, market demand, and competitive strategies.

Break-even

The point at which total costs and total revenues are equal, resulting in no net loss or gain for a business.

Behavioral Measures

The assessment of individual actions and performances through quantifiable means in various contexts including work or research settings.