Answered: When using the strategic management…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

When using the strategic management process, firms should start by

A) developing a strategic vision, mission and values.

B) developing a proven business model, deciding on the company's top management team, and crafting a strategy.

setting objectives, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.

C) coming up with a statement of the company's mission and communicating it to all employees, setting objectives, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary.

D) deciding on the company's board of directors, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ.

Expert Solution

Step 1

INTRODUCTION -

The art and science of formulating, carrying out, and evaluating cross-functional decisions that will help a firm accomplish its goals is known as strategic management. It involves identifying the goals of a firm, creating strategies and procedures to get there, and then allocating funds to carry them out. The strategic management process assist businesses in identifying their opportunities and threats in the external environment, as well as their strengths and weaknesses. To build a long-lasting competitive advantage and maintain success, it is critical for firms to adopt the strategic management process.