Which of the following is the first logical step in developing a firm's strategy?
A)Employing a firm's mission statement to specify where the firm is to compete and how
B)Laying out a detailed strategic plan to specify a series of resources that will be used to meet each part of the mission and strategy
C)Ensuring that the strategy meets the criterion of being defendable for some length of time
D)Evaluating the strategy constantly to ensure that the competitive advantage relative to the firm's competitors is still relevant

Question

Quizplus · Accepted Answer

The first logical step in developing a firm's strategy is to employ a firm's mission statement to specify where the firm is to compete and how. The mission statement outlines the purpose of the organization and its objectives, which form the basis for developing the strategy. The other options are important steps in the process, but they follow after identifying the firm's mission and objectives.

Which of the Following Is the First Logical Step in Developing