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Questions and Answers
What is a strategy according to the text?
What is a strategy according to the text?
- A list of short-term goals for the organization
- A set of decisions about business activities and markets (correct)
- A detailed plan for day-to-day operations
- A description of the organizational structure
What is the first stage of the planning process mentioned in the text?
What is the first stage of the planning process mentioned in the text?
- Determining the organization's mission and goals (correct)
- Identifying external environmental factors
- Selecting goals and courses of action
- Creating an organizational plan
What does the 'Direction' aspect of a strategy refer to?
What does the 'Direction' aspect of a strategy refer to?
- The day-to-day operations of the business
- The organizational structure of the business
- Where the business is trying to get to in the long-term (correct)
- The short-term financial goals of the business
What does the 'Resources' aspect of a strategy encompass?
What does the 'Resources' aspect of a strategy encompass?
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What is the purpose of the planning process mentioned in the text?
What is the purpose of the planning process mentioned in the text?
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