Lesson 8

Question 1

Strategic planning process- what is determining a differential advantage?

Answer 1

Determining unique attributes of a business that may give it superior position in the marketplace

Question 2

Strategic planning process- what is preparing a vision statement?

Answer 2

Building a vision statement involved articulating a company’s core business and its differential advantage, involves a mission statement about how company will reveal its vision

Question 3

Strategic planning process- what is developing goals and objectives?

Answer 3

Stating what the company aims for or their end results. What the company hopes to do

Question 4

Strategic planning process- what is identifying specific strategies?

Answer 4

Developing strategies involves seeing the big picture. Action plans that prescribe tactics used by a company to reach common goals and objectives are called strategies.

Question 5

Strategic planning process- what is conducting a situation analysis?

Answer 5

Determines the current strengths and weaknesses of a company by looking at business practices internally and externally