Lesson 2 part 1

Question 1

is your map and compass in the business world = a clear course for your organization, anticipating challenges, and making informed decisions that guide you toward your goals.

Answer 1

Strategic planning

Question 2

refers to setting specific objectives and outlining the steps to achieve business goals = It is often short-term and focuses on day-to-day operations.

Answer 2

Planning

Question 3

involves defining long-term goals and the overall direction of an organization. = It considers broader, long-term objectives and strategies including the external environment and future challenges.

Answer 3

Strategic Planning

Question 4

According to him plans should have four qualities

Answer 4

Henri Fayol

Question 5

Four qualities of a plan:

Answer 5

unity,
continuity,
accuracy,
lexibility.

Question 6

7 components of the strategic planning process

Answer 6

Vision
Mission
Values
Goals
Strategy
Approach
Tactics

Question 7

What your organization wants to achieve in the future, the long-term goal.

7 components of the strategic planning process

Answer 7

Vision

Question 8

: The driving force behind why your company exists, who it serves, and how it creates value.

7 components of the strategic planning process

Answer 8

Mission

Question 9

Fundamental beliefs guiding your company’s decision-making process.

7 components of the strategic planning process

Answer 9

Values

Question 10

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: Measurable objectives in alignment with your business mission, vision, and values.

7 components of the strategic planning process

Answer 10

Goals

Question 11

: A long-term strategy map for achieving your objectives based on both internal and external factors.

7 components of the strategic planning process

Answer 11

Strategy

Question 12

How youexecute strategyand achieve objectives using actions and initiatives.

7 components of the strategic planning process

Answer 12

Approach

Question 13

Granular short-term actions, programs, and activities.

7 components of the strategic planning process

Answer 13

Tactics

Question 14

Establish the organization’s purpose (mission) and long-term aspirations (vision).

The Strategic Planning Process

Answer 14

Define Mission and Vision

Question 15

Assess internal strengths and weaknesses, and external opportunities and threats (SWOT)

The Strategic Planning Process

Answer 15

Conduct Environment Analysis

Question 16

Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals aligned with the mission and vision.

The Strategic Planning Process

Answer 16

Set Strategic Objectives

Question 17

Develop strategies to achieve the objectives, considering resource allocation and potential challenges.

The Strategic Planning Process

Answer 17

Formulate Strategies

Question 18

Execute the strategies through detailed action plans, assigning tasks, timelines, and responsibilities.

The Strategic Planning Process

Answer 18

Implement the Plan

Question 19

Continuously track progress, review performance against objectives, and adjust the plan as needed.

The Strategic Planning Process

Answer 19

Monitor and Evaluate

Question 20

Common Pitfalls of Strategic Planning

Answer 20

-Lack of clear objectives.
-Ignoring external factors
-.Overlooking internal capabilities (strength and weaknesses)
-Inadequate communication
- Failure to monitor and adjust.

Question 21

The Levels of Planning Process:

Answer 21

-Corporate level
-Business or division level
-Functional Level

Question 22

top management’s decisions pertaining to the organization’s mission, overall strategy, and structure

Plans

The Levels of Planning Process

Answer 22

Corporate-level plan (strategic planning)

Question 23

divisional managers’ decisions pertaining to divisions’ long-tern goals, overall strategy, and structure.

Plans

The Levels of Planning Process

Answer 23

Business-level plan (tactical planning)

Question 24

functional managers’ decisions are the goals they want to pursue to help the division attain its business-level goals.

Plans

The Levels of Planning Process

Answer 24

Functional-level plan (operational planning

Question 25

a plan that indicates in which industries and national markets an organization intends to compete. | Strategies ## Footnote The Levels of Planning Process

Answer 25

Corporate-level strategy

Question 26

a plan that indicates how division intends to compete against its rivals in an industry. | Strategies ## Footnote The Levels of Planning Process

Answer 26

Business-level strategy

Question 27

a plan of action to improve the ability of each of an organization’s functions to perform its task-specific activities in ways that add value to an organization’s goods and services. | Strategies ## Footnote The Levels of Planning Process

Answer 27

Functional-level strategy

Question 28

Duration of long-term plans?

Answer 28

Five years or more

Question 29

Duration of lntermediated plans?

Answer 29

Between one and five years

Question 30

Used programmed decision-making, developing policies, rules, and standard operating procedures (SOPs)

Answer 30

Standing plans

Question 31

Duration of short-term plans?

Answer 31

One year or less

Question 32

is a written, formal, and general guide to action.

Answer 32

Policy

Question 33

is a written instruction describing the exact series of actions that should be followed in specific situations.

Answer 33

SOP

Question 34

are developed to handle non-programmed decision-making in unusual or one-of-a-kind situations.

Answer 34

Single-use plans