The First Step of the Strategic Planning Process for a Small

question 77

Multiple Choice

The first step of the strategic planning process for a small business is:

• A) performing a SWOT analysis.
• B) reviewing and confirming the goals that define the firm.
• C) mapping the prospective customers.
• D) studying the dynamics and trends of the industry.

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Definitions:

Design Specifications

Detailed descriptions of the materials, parts, and components necessary to create a product, including the requirements for manufacturing, service, and quality.

Customers' Expectations

The perceived value or quality of service or product that customers believe they will receive from a business.

Standards

Established benchmarks or norms specifying the expected levels of quality, performance, or compliance.

Quality Costs

Represents the expenses associated with preventing, detecting, and correcting defective work in products or services.