The fourth step of a small business' strategic planning process involves:
A) considering the customers and the benefits to offer them.
B) refining the firm's capabilities in order to maintain a competitive advantage.
C) determining the best strategic direction and strategy for the firm.
D) studying the dynamics and trends of the industry.

Question

Quizplus · Accepted Answer

The fourth step of a small business' strategic planning process involves determining the best strategic direction and strategy for the firm. This step follows the analysis of the business's internal and external environment, which includes studying the dynamics and trends of the industry, refining the firm's capabilities, and considering the customers and benefits to offer them. Once this analysis is complete, the business can decide on the best strategic direction and strategy to pursue.

The Fourth Step of a Small Business' Strategic Planning Process