The correct answer is DEFINE THE COMPANY' CORPORATE MISSION AND MAJOR CORPORATE GOALS.
According to Hill and Schilling, there are five important steps in a formal strategic management process,these are:
1. Select the corporate mission and major corporate goals.
2. Analyse the company's external competitive environment to identify opportunities and threats.
3. Analyse the company's internal environment to analyse its strengths and weaknesses.
4. Select strategies that build on the organisation's strengths and reduce its weaknesses.
5. Implement the strategies.
