The Third Step in the Strategic Planning Process Is to

question 45

Multiple Choice

The third step in the strategic planning process is to

• A)set goals and objectives
• B)develop a strategic plan
• C)conduct a situation analysis
• D)gather information

---

Definitions:

Trade Deficit

An instance where the value of goods and services a country imports is greater than what it exports, causing a trade imbalance negatively.

Economic Colony

A region or country under the economic control or influence of another, often exploited for its resources.

Prime Exporter

A country or firm that is the leading seller of goods or services to foreign countries, thereby holding a significant share of international trade in certain commodities or products.

Trade Surplus

A situation where a country exports more goods and services than it imports, leading to a positive balance of trade.