BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Analyze internal environment
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Framing mission Statement
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Analyze external environment
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Detailed explanation-1: -The first step is to define the vision, mission, and values statements of the organization. This is done in combination with the external analysis of the business environment (PESTEL) and internal analysis of the organization (SWOT).
Detailed explanation-2: -Step 1: Environmental Scan The first step of any strategic planning process starts with research. Agency Alpha conducts an environmental scan, a process where they identify and monitor factors that may impact the long-term direction of the agency.
Detailed explanation-3: -The first step in the formulation of a strategy is to frame a vision statement. Developing a vision statement is considered the first step in strategic planning. Steps involved in the formulation of strategy are Gathering information, analysis, decision making, and implementation.
Detailed explanation-4: -First, you must develop a vision-sometimes called a mission-of what you want the organization to be and do. Once you have that vision, you can develop a strategy or a broad plan that outlines how you’ll achieve that vision.