Question

Luke is responsible for the strategic retail planning process in his organization. He is currently identifying the strategic opportunities. Which of the following steps is most likely to have been Luke's previous step before identifying the strategic opportunities?

1) Evaluating performance
2) Developing a retail mix
3) Establishing specific objectives
4) Evaluating strategic opportunities
5) Conducting a SWOT analysis

Answer 1

3) Establishing specific objectives. The previous step before identifying strategic opportunities is establishing specific objectives.

Step-by-step explanation:

The previous step that Luke would have likely taken before identifying strategic opportunities is establishing specific objectives. Establishing specific objectives involves setting clear goals and targets that the organization wants to achieve. This step helps in providing a clear direction for the strategic planning process and acts as a foundation for identifying the strategic opportunities.