Which of the following eight-step strategic decision-making process below is the most important? explain in 200 words or less
1. Evaluate current performance results
2. Review corporate governance
3. Scan and assess the external environment
4.Scan and assess the internal corporate environment
5. Analyze strategic factors
6. Generate, evaluate and select the best alternative strategy
7. Implement selected strategies
8. Evaluate implemented strategies
Source: T. L. Wheelen and J. D. Hunger, "strategic decision making process