Answered: Which one of the following is NOT one…

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

Which one of the following is NOT one of the five stages of an ongoing, continuous strategic management process?

A) Forming a strategic vision of the company's future direction and focus

B) Developing a profitable business model

C) Crafting a strategy to achieve the objectives and get the company where it wants to go

D) Setting objectives to measure progress toward achieving the strategic vision

E) Implementing and executing the chosen strategy efficiently and effectively

Expert Solution

Step 1

Strategic management is the process of making decisions and taking actions that determine the long-term performance and success of a company. It involves analyzing the company's current situation, setting a strategic vision for the future, crafting a plan for how to achieve that vision, implementing the plan, and continually monitoring and adjusting the strategy as needed. The goal of strategic management is to create a competitive advantage for the company and ensure its long-term viability.