chapter 1

Question 1

is basically a matching process involving an organization’s internal resources and its external opportuni­ties

Answer 1

Strategic Planning Process

Question 2

The contexts in which strategic decisions are made are:

Answer 2

(1) the operating environment;
(2) the vision and mission; and
(3) the organization-wide objec­tives

Question 3

The plan must be something you can hold in your hand, a

Answer 3

written product

Question 4

If the plan is not in writing, it is simply

Answer 4

daydreaming

Question 5

This question focuses on the ultimate aim of the organization.

Answer 5

What is our vision?

Question 6

This question focuses attention on the spe­cific needs the organization will try to meet.

Answer 6

What will we do?

Question 7

This question addresses the need for an organization to identify the various groups whose needs will be met

Answer 7

Who will we do it for?

Question 8

Answering this question forces thinking about the many avenues through which an organization’s efforts may be channeled

Answer 8

How will we do what we want to do?

Question 9

Without a strategic plan, organizations can develop

because their focus in on the short-term and they fail to consider the long-term direction of their organization

Answer 9

Organizational Myopia

Question 10

is part of the overall strategic management process and results in a strategic plan

Answer 10

Strategic planning

Question 11

is the process of developing and implementing strategic plans, plus evaluating the plans’ success in reaching organizational objectives

Answer 11

Strategic management

Question 12

Steps of the strategic management process, the first step is

Answer 12

to define the vision and mission for the organization as a whole

Question 13

second step

Answer 13

Analyzing the Environment- build on strengths and eliminating weaknesses

Question 14

must be clear, concise, written statements outlining what is to be accomplished in key result areas within a certain time period

Answer 14

objectives

Question 15

third step

Answer 15

Establishing Objectives-

Question 16

Often the words “key results,” “goals,” and “targets” are used synonymously with _______

Answer 16

objectives

Question 17

Step 4:

Answer 17

Developing Strategy

Question 18

First, strategy alternatives must be developed

Answer 18

before an overall strategy can be designed

Question 19

strategy becomes the link between

Answer 19

objectives and results

Question 20

Step 5: stage is the “action” or “doing” stage. Here an organization hires, fires, builds, advertises, and so on

Answer 20

creating operational plans

Question 21

Step 6:

Answer 21

Implementing Evaluation and Control Procedures. Failure to establish procedures to appraise and control the strate­gic plan can lead to less than optimal performance

Question 22

may be defined as persons or groups that have, or claim, ownership, rights, or interests in a corporation and its activities, past, present, or future

Answer 22

stakeholder

Question 23

identifies stakeholder groups, their relationship to the organization and the concerns both the organization and the stakeholder group has about their relationship

Answer 23

stakeholder analysis

Question 24

Here, we wish to emphasize the ongoing action aspect of the planning process which is sometime referred to as the

Answer 24

planning cycle or strategic management cycle

Question 25

The application of ethics to business takes place at 
three levels:

Answer 25

the individual

the organization

the social/political environment

Question 26

“intentional actions taken by managers to benefit stakeholders of the company and/or actions taken to avoid harmful consequences for corporate stakeholders and the larger society“

Answer 26

CSR

Question 27

developed an international guidance for corporate social responsibility

Answer 27

The International Standards Organization (ISO)

Question 28

adopting and implementing business strategies that meet the firm’s needs and those of its stakeholders today, while at the same time, protecting and sustaining the natural and human resources that will be needed for future generations

Answer 28

Sustainability