Question

The first step in the strategic management process is to

a. define a firm's vision, mission, and values.
b. understand the strategies of the competitors.
c. put the guiding policies of a firm into practice.
d. develop functional and business-level strategies.

Answer 1

The first step in the strategic management process is to define a firm's vision, mission, and values.

Step-by-step explanation:

The first step in the strategic management process is to define a firm's vision, mission, and values. This step is crucial because it sets the foundation for the organization's overall direction and goals. By clearly defining the vision, mission, and values, a firm can align its actions and strategies with its long-term objectives. It provides a guiding framework for decision-making and helps to establish a sense of purpose and identity.

Answer 2

It B, understand the strategies of your competitors so you can come up with an even better one.