CH 1 Flashcards
(20 cards)
Small Brokerage Advantages
Small brokerages gain from their local presence, customer relationships, and adaptability.
Insurance Brokerage Challenges
Insurance brokers face problems due to poor planning and new competitors in a growing market.
Top-Down Planning
Management sets the overall strategy, while teams define specific tasks.
Bottom-Up Planning
Teams create detailed activities based on the broader management plans.
Simple Plan
A plan that is easy to understand and requires little training to implement.
Practical Plan
A plan with realistic and achievable goals.
Severable Plan
A plan that can be separated into manageable parts for better control.
Flexible Plan
A plan that can be adjusted to reflect changing conditions.
Strategic Planning
A long-term strategy for the business (3-5 years).
Vision Statement
A clear picture of the desired future.
Value Statement
A statement of core principles guiding decisions.
Mission Statement
The company’s purpose and aim.
Strategic Objectives
Actionable steps for reaching overall goals.
S-M-A-R-T Goals
Specific, Measurable, Achievable, Relevant, and Time-bound goals.
Controlling Implementation
Monitoring execution to improve and meet goals.
External Environment Scanning
Identifying outside factors (opportunities & threats)
Internal Environment Analysis
Evaluating internal strengths/weaknesses.
SWOT Analysis
Matching internal & external factors to find opportunities.
Corporate Focus Definition
Establishing vision/mission statements that guide decisions.
Strategies & Objectives
Long-term plans and actionable steps.
