CH 1 Flashcards
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.
