Introduction to Business Strategy and Market Analysis

Question 1

Identify the major steps in a strategic planning process.

Answer 1

1. Establish entity’s mission, values, and objectives
2. Assess the entity (internal analysis) and the environment in which it operates (external analysis; environmental scanning)
3. Establish goals
4. Formulate strategies
5. Implement strategies
6. Evaluate and control strategic activities

Question 2

Define an entity’s values and the operational role they play.

Answer 2

An entity’s values are the underlying beliefs, that govern the entity’s operations. They prescribe the conduct of an entity in its relationship with other parties

Question 3

Define “strategic planning”.

Answer 3

Strategic planning is the sequence of interrelated procedures for determining an entity’s long-term goals and identifying the best approaches for achieving those goals.