Which of the Following Is the First Step in Strategic

question 146

Multiple Choice

Which of the following is the first step in strategic planning?

• A) Set objectives and goals.
• B) Develop the business portfolio.
• C) Define the company mission.
• D) Plan marketing strategies.
• E) Identify threats and weaknesses.

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Definitions:

Budget Line

A graphic representation of all possible combinations of two goods that a consumer can afford with their income at given prices.

Consumer's Money Income

The total amount of monetary income received by a consumer, influencing their purchasing power and consumption choices.

Prices

The amount of money required to purchase a good, service, or asset.

Goods

Goods are tangible items that satisfy human wants or needs, which can be transferred from one person to another and include consumer products, commodities, and durable goods.