The process by which a firm's managers evaluate the future prospects of the firm and decide on appropriate strategies to achieve long-term objectives is called ________.
A) strategic planning
B) internal resource analysis
C) environmental scanning
D) product planning

Question

Quizplus · Accepted Answer

Strategic planning is the process of evaluating a firm's future prospects and deciding on long-term objectives and appropriate strategies to achieve those objectives. Internal resource analysis, environmental scanning, and product planning are all components of strategic planning but do not fully encompass the entire process.

The Process by Which a Firm's Managers Evaluate the Future