Chapter 3: Strategic Planning, Problem Solving and Decisions

Question 1

Strategic Planning =

Answer 1

strategies + tactics + objectives

Question 2

Defines the optimal desired future state(mental picture)of what the organization wants to achieve over time

Answer 2

Vision Statement

Question 3

Defines the present state or purpose of an organization
Answers:
What it does;
Who does it for; and
How it does what it does.

Answer 3

Mission Statement

Question 4

Vision/Mission, which is for Present/Future?

Answer 4

Mission - present

Vision - future

Question 5

What is the Strategic Planning Process

Answer 5

ESSE

• Environmental Scanning
• Strategy Formulation
• Strategy Implementation
• Evaluation and Control

Question 6

Meaning of SWOT

Answer 6

Strengths, Weaknesses, Opportunities & Threats

Question 7

Purpose is to develop strategies to convert Weaknesses into Strengths and Threats into Opportunities.

Answer 7

SWOT Analysis

Question 8

A form of situational analysis which is the most important part of the strategic planning process.

Answer 8

SWOT Analysis

Question 9

are within the control of the organization – done well or not so well

Answer 9

Internal Factors (Strengths, Weaknesses)

Question 10

are beyond the control of the organization – things with a positive or negative impact.

Answer 10

External Factors (Opportunities and Threats)

Question 11

Objective should be SMART

Answer 11

Specific
Measurable
Attainable
Reasonable
Time-bound

Question 12

What is the meaning of MBO?

Answer 12

Management by Objectives

Question 13

are targets for performance driven by the missions of the organization

Answer 13

Objectives

Question 14

a process of top/down; bottom/up shared goal setting

Answer 14

Management by Objectives

Question 15

What are the three strategies? Cite from largest to smallest

Answer 15

Corporate Strategies
Business Strategies
Functional Strategies

Question 16

Strategic Planning and Business Cycle Phases

Answer 16

IB-GES

Introduction
Basic Financial Planning
Growth
Externally Oriented Planning
Strategic Management

Question 17

Advantages of Strategic Management

Answer 17

1. Establishment of a mission-driven organization
2. Clear sense of a strategic vision
3. Understanding of the external environment

Question 18

Disadvantages of Strategic Management

Answer 18

Linear process with managerial implications:

1. Human unfamiliarity awareness as to logical and sequential processes
2. Interdependent behaviors
3. Battle between big and small picture

Question 19

Problem Solving

Answer 19

Unprogrammed decisions

Group decision making

Question 20

Strategic Alternatives

Answer 20

Run
Growth
Fix

Question 21

Management Science

Answer 21

Programmed Decisions

Unprogrammed Decisions

Question 22

uncertainty and complexity

Answer 22

Unprogrammed decisions

Question 23

brainstorming, nominal group thinking, delphi technique

Answer 23

Group decision making

Question 24

meeting standards

Answer 24

Run

Question 25

presence of opportunities

Answer 25

Growth

Question 26

turnaround an unperforming function

Answer 26

Fix