Question

It is critical to establish the company mission as the first step in strategic management process because the mission statement for the company __________________.

Answer 1

The mission statement sets the direction, purpose, and goals of the organization in the strategic management process.

Step-by-step explanation:

The mission statement for a company is critical in the strategic management process as it sets the direction and purpose of the organization. It provides a clear and concise statement of the company's goals, values, and overall vision. The mission statement guides decision-making, helps align the actions of employees, and serves as a benchmark for evaluating performance.

For example, if a company's mission statement is to provide high-quality products at affordable prices, the strategic management process will focus on developing strategies to achieve this mission. The company may invest in improving manufacturing processes to reduce costs or allocate resources to research and development to enhance product quality.