The First Step of the Small Business Strategy Planning Process

question 18

Multiple Choice

The first step of the small business strategy planning process

• A)involves performing a SWOT.
• B)involves reviewing and confirming the prestrategy decisions that define your firm and your goal for it.
• C)is where you consider your customers and the benefits you want to offer them.
• D)is to study the dynamics and trends of your industry.

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Definitions:

Variable Costs

Expenses that vary directly with the amount of output or business operations.

Workers

Individuals engaged in a professional or labor activity to earn wages or salaries.

Average Total Costs

The total cost of production divided by the number of units produced, representing the average cost per unit.

Physical Capital

Tangible assets used in the production of goods and services, such as machinery, buildings, and equipment.