The First Step in Implementing a Strategy Is

question 36

Multiple Choice

The first step in implementing a strategy is:

• A) drafting detailed action plans that specify how a strategy is to be implemented.
• B) allocating responsibility for implementation to the appropriate individuals or groups.
• C) allocating appropriate resources to the responsible individuals or groups.
• D) holding specific individuals or groups responsible for the attainment of corporate, divisional, and functional goals.
• E) establishing a timetable for implementation that includes precise, measurable goals linked to the attainment of the action plan.

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Definitions:

Variable Costs

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production.

Shut Down

The process of ceasing operations, typically referring to temporarily or permanently closing a business or facility.

Marginal Costs

The extra costs incurred from increasing production output by a single unit, essential for determining optimal production levels.

Fixed Costs

Costs that do not vary with the volume of production or sales, such as rent, salaries, and insurance.