Question

The senior management of Dramos Films, a motion picture production company, holds a meeting to decide whether the company should acquire one of the smaller production houses and whether or not expanding to the overseas markets will be a profitable move. In this case, the management of Dramos Films is engaged in _____.

Answer 1

Answer: Strategic planning

Explanation: Strategic planning marks a very important aspect of a business project or organizational development. Strategic planning involves making decisions, plans and structuring how a company intends to pursue or explore an opportunity or identified market. It involves liaising with relevant stakeholders and planners who would proffer probable plans to pursue the identified strategy, including which resources are required, the amount of allocation needed and the inherent risk attached with different proferred strategies.