Setting strategic goals is the first step in strategy formulation. What is the next step?
A) Analyzing the company and its environment
B) Segmenting the markets the company wants to penetrate
C) Preparing an organizational plan
D) Matching company strengths with environmental characteristics
E) Developing a mission statement

Question

Quizplus · Accepted Answer

After setting strategic goals, the next step in strategy formulation is to analyze the company and its environment. This involves conducting a thorough analysis of the company's internal strengths and weaknesses, as well as the external opportunities and threats facing the organization. Only then can the company develop a viable strategy that takes into account both the internal and external factors affecting the business.

Setting Strategic Goals Is the First Step in Strategy Formulation