Question

What is the second step in the strategic management process?

1) Defining the firm's mission
2) Analyzing the external environment
3) Setting strategic objectives
4) Implementing the strategy

Answer 1

The second step in the strategic management process is analyzing the external environment.

Step-by-step explanation:

The second step in the strategic management process is analyzing the external environment. This step involves gathering information about the external factors that can impact the firm's performance and decision-making. By analyzing the external environment, the firm can identify opportunities and threats that may affect its strategic objectives and implementation.