Question

The first component of the strategic management process is: a. deciding on a fit between the organization's strengths and weaknesses and the environment's opportunities and threats. b. determining the firm's employee turnover rate. c. crafting the organization’s mission statement. d. analyzing the macroenvironment. e. coming up with a damage control plan.

Answer 1

Answer:

The correct answer is  C. crafting the organization’s mission statement.

Explanation:

What is strategic management?

strategic management involves developing  a plan of action designed to achieve a long-term or overall aim. It is the process of developing  strategic vision, setting out goals and  objectives, formulating and implementing plan of actions and introducing corrective measures for the deviations to achive organisation planned goals.

The first stage of a strategic management is defining of strategic intent of the organisation and the strategic intents include :establishing vision,  designing mission , setting objectives that will serve as a guide toward the achievement of the organisation stated objectives.