What Is the First Step in the Strategic Planning Process

question 47

Multiple Choice

What is the first step in the strategic planning process?

• A) Create a mission statement.
• B) Monitor and adapt plans.
• C) Assess competitive position.
• D) Develop strategies for reaching objectives.

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Definitions:

Gross Method

An accounting practice where purchases are recorded at their gross invoice amount before any trade discounts are applied.

Net Method

An accounting practice where discounts for prompt payment are recorded and considered in the invoice price.

Premium Expense

The cost associated with purchasing an insurance policy or other financial product.

Estimated Premium Claims

The projected claims against an insurance provider that determines premium rates for policyholders.