Introduction to the Strategic Planning Process Flashcards
What is the primary goal of strategic planning?
To determine where an organization wants to be from where it is now
The output is contained in a strategic plan that includes VMGOS.
What does VMGOS stand for in strategic planning?
Vision, Mission, Goals, Objectives, Strategies
These components are essential in the strategic planning process.
What is the first step in the basic strategic planning process?
Crafting the Vision
What is a Vision in the context of strategic planning?
A vivid mental image of what you want your business to be in the future, based on goals and aspirations
True or False: A strategic vision is simply wishful thinking.
False
A strategic vision involves a commitment of resources and a series of actions.
What is the purpose of a Mission Statement?
To inform how a firm intends to realize its Vision
What does the acronym SMART stand for in relation to objectives?
- Specific
- Measurable
- Aggressive but Achievable
- Result Oriented
- Time Bound
SMART criteria ensure that objectives are clear and attainable.
What are examples of Financial Objectives?
- Growth in revenues
- Higher dividends
- Bigger profit margins
- Strong bond and credit ratings
These objectives focus on the financial performance of the organization.
What is Gap Analysis?
A process used to assess and identify the critical factors preventing an entity from achieving its objectives
List three examples of gaps that can prevent an organization from achieving its objectives.
- Lack of Technology
- Lack of Capital or Finances
- Unstable Political Environment
What are Core Values?
Fundamental beliefs and priorities that drive an individual’s or organization’s behavior
What does SWOT stand for?
- Strengths
- Weaknesses
- Opportunities
- Threats
What is the purpose of the SWOT Matrix?
To help strategic managers identify and select the best possible strategies based on internal and external factors
What are SO Strategies in the context of SWOT analysis?
Strategies that use strengths to take advantage of opportunities
What does strategy implementation involve?
Action-oriented, operations-driven activities aimed at shaping performance towards achieving objectives
True or False: Strategy implementation is generally easier than crafting strategy.
False
Implementation is often tougher and more time-consuming.
What are Strategic Controls?
Mechanisms used to ensure that strategies are correctly and suitably implemented
What does TQM stand for?
Total Quality Management
What is the main focus of Total Quality Management (TQM)?
Improving overall performance and adding value to customers
What percentage of the final grade is based on class participation and assignments?
30%
Fill in the blank: Goals represent a managerial commitment to achieve _______ targets.
qualitative
What is the role of a professor in the educational process?
To plant the seeds of great ideas and inspire critical thinking
What is the role of a student in the learning process?
To embrace critical thinking and nurture the seeds of great ideas
What is the final component of the strategic management process according to some experts?
Strategic Control
What are the roles to be elected by the Team?
CEOs, Asst. CEOs, and Secretary
The remaining members will take the role of Member of the Board of Directors.
What must the Team prepare as part of their establishment?
Name, Vision and Mission Statements, Core Values, and Goals
These elements are essential for defining the team’s purpose and direction.
By what date must the CEO email the elected officers and Team details?
February 24, 2023
This includes the rationale for the selection of officers and the team’s foundational statements.
What is the suggested date for completing the team’s preparations?
February 28, 2023
This date is suggested for finalizing and submitting the required information.
What is required of a student for Class Participation?
Report and/or research on a particular Topic
This will be graded and form part of the Class Participation/Assignments component.
How will a Team decide on the Topic for a student to handle?
Decided among themselves
Team collaboration is essential for topic selection.
What will each team member do after the final exams regarding participation?
Rate the level of participation of their teammates from 1 to 5
This rating is submitted via email to assess contributions.
What is the consequence of failing to report or submit the required assignment?
Result in an Incomplete or a failing Grade
Timely submission is crucial for passing the course.
Which chapters will Team 2 handle?
1st and 2nd Chapters
They will serve as a model for the reporting system.
What is emphasized about the perspective of doing research through reporting?
Exploring for knowledge that benefits us and society
This highlights the educational and societal value of research.
What are some of the major references for the course?
- Eduardo A. Morato, Jr., “Strategic Planning and Management.”
- David and David, Strategic Management: A Competitive Advantage Approach, Concepts and Cases (16th Edition)
- Thompson, Strickland, and Kramer, “Readings in Strategic Management (11th Edition).”
- Michael E. Porter, “Competitive Strategy.”
- Sun Tzu, “The Art of War.”
These references provide foundational knowledge in strategic management.
What is the overarching reason for conducting the research and reporting?
To benefit us and society as a whole
This reflects the purpose behind the educational activities.
Complete the quote: ‘To explore strange new worlds. To seek out new life and new civilizations. To boldly go where ______.’
no man has gone before
This quote underscores the spirit of exploration in research and learning.
What is the first step in the search for great ideas?
To explore for knowledge
This emphasizes the importance of curiosity in learning.
