Green Frog is an environmentally friendly firm in the cosmetics industry that has decided to undertake a strategic planning project. It wants to ensure that it performs the strategy formulation process correctly and intends to start the process with the first step which is:

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BlackTom AI · Accepted Answer

To begin analyzing the question, consider what the first step in a strategic planning process typically is in most frameworks. 
Option a: Defining its mission. This step often serves as the foundational purpose and direction for the organization, articulating why the firm exists and what it seeks to achieve, which commonly precedes setting objectives or choosing strategies. 
Option b: Measuring performance. Measuring performance is essential, but it generally comes after the mission, objectives, and strategic choices have been established to provide a basis for evaluation. It is more of an ongoing control activity than a starting point. 
Option c: Defining its business level strategy. Crafting a business-level strategy usually follows after mission and objectives are identified, since the mission and objectives shape what strategic choices are appropriate at the business level. 
Option d: Evaluate the competition. Competitive evaluation is part of external analysis and strategic formulation, but it typically occurs after clarifying purpose and goals so that the analysis has a clear direction and criteria. 
Option e: Setting objectives. While setting objectives is a core step in strategy formulation, it generally comes after the mission is stated; the mission provides the overarching purpose that informs what objectives to set. 
In summary, the options reflect a logical sequencing where defining mission establishes the fundamental purpose, guiding subsequent steps such as objectives, strategy definitions, and performance measurement. Each incorrect option misplaces a step that relies on the prior clarification of purpose and direction, leading to misalignment or incomplete planning.

Green Frog is an environmentally friendly firm in the cosmetics industry that has decided to undertake a strategic planning project. It wants to ensure that it performs the strategy formulation process correctly and intends to start the process with the first step which is:

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