What Is the First Step in the Strategy-Making Process

question 34

Multiple Choice

What is the first step in the strategy-making process?

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

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Definitions:

Competition

The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.

Frustration

The feeling people get when goals they are trying to attain are blocked.

Aggression

Behavior intended to harm or intimidate others, which can be physical or verbal, and is often a response to frustration or perceived threats.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a feeling of contempt for other cultures.