Question

The process by which a firm's managers evaluate the future prospects of the firm and decide on appropriate strategies to achieve long-term objectives is called ________. A. strategic planning B. strategic delegation C. organizational design D. product planning

Answer 1

Answer:

A. Strategic Planning

Explanation:

The process by which a firm's managers evaluate the future prospects of the firm and decide on appropriate strategies to achieve long-term objectives is called strategic planning. It is the process which decides what direction a business should go, it gives the bigger picture and vision to the organization. It manifests that what business you should be in and what business you could be in. It has following main steps:

1: First of all, you are required to have a vision, the main purpose of your brand or business.

2: Then you collect and analyze information to move in the decided direction and vision.

3: Strategy is formulated in order to achieve your vision.

4: Strategy is then implemented to achieve your vision and translated goals and objectives.

5: Then you evaluate and control it. Discrepancies are looked upon and rectified.