Business Strategy Formulation Quiz
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Questions and Answers

Which phase of the strategic planning process involves developing detailed short-term plans and resource allocation?

  • Assessment
  • Initiation
  • Implementation (correct)
  • Formulation

    • What is the primary focus during the Initiation phase of the strategic planning process?

  • Identifying business opportunities and conducting cost/benefit analysis
  • Evaluating progress toward strategic goals
  • Analysis of core competencies and industry trends (correct)
  • Developing strategies to exploit opportunities

    • What is a key activity during the Assessment phase of strategic planning?

  • Developing strategies to manage threats
  • Identifying business opportunities
  • Continuous evaluation of progress towards strategic goals (correct)
  • Forecasting industry trends

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