Planning and Strategy

Question 1

is a desired future state that the organization attempts to realize. Goals are important because organizations exist for a purpose, and goals define and state that purpose.

Answer 1

goal

Question 2

is a blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks, and other actions.

Answer 2

plan

Question 3

defines the basic purpose of the organization, especially for external audiences.

Answer 3

Mission Statement

Question 4

These are broad statements describing where the organization wants to be in the future.

Answer 4

Strategic Goals/Plans

Question 5

These are the results that major divisions and departments within the organization intend to achieve. These goals apply to middle management and describe what major sub-units must do for the organization to achieve its overall goals.

Answer 5

Tactical Goals/Plans

Question 6

These are developed at the lower levels of the organization to specify action steps toward achieving operational goals and to support tactical plans.

Answer 6

Operational Goals/Plans

Question 7

map is a visual representation of the key drivers of an organization’s success and shows how specific goals and plans in each area are linked. The strategy map provides a powerful way for managers to see the cause-and-effect relationships among goals and plans.

Answer 7

strategy map

Question 8

Three critical planning methods?

Answer 8

contingency planning, building scenarios, and crisis planning.

Question 9

It defines company responses to be taken in the case of emergencies, setbacks, or unexpected conditions. , managers identify important factors in the environment, such as possible economic downturns, declining markets, increases in cost of supplies, new technological developments, or safety accidents.

Answer 9

Contingency Plans

Question 10

It involves looking at current trends and discontinuities and visualizing future possibilities. Rather than looking only at history and thinking about what has been, managers think about what could be. The events that cause the most damage to companies are those that no one even conceived of, such as the collapse of the World Trade Center towers in New York due to terrorist attack. Managers can’t predict the future, but they can rehearse a framework within which future events can be managed.

Answer 10

Building Scenarios

Question 11

enable them to cope with unexpected events that are so sudden and devastating that they have the potential to destroy the organization if managers aren’t prepared with a quick and appropriate response.

Answer 11

Crisis Planning

Question 12

This stage involves activities managers undertake to try to prevent crises from occurring and to detect warning signs of potential crises.

Answer 12

Stage 1: Crisis Prevention

Question 13

This stage includes all the detailed planning to handle a crisis when it occurs

Answer 13

Stage 2: Crisis Preparation

Question 14

Three steps in the preparation stage are:

Answer 14

(1) Designating a crisis management team and spokesperson,
(2) Creating a detailed crisis management plan, and
(3) Setting up an effective communications system

Question 15

means to take the long-term view and to see the big picture, including the organization and the competitive environment, and consider how they fit together. important for both businesses and non-profit organizations. In for-profit firms, strategic planning typically pertains to competitive actions in the marketplace. In non-profit organizations such as the Red Cross or The Salvation Army, strategic planning pertains to events in the external environment.

Answer 15

Strategic Management

Question 16

Three levels of Strategy in Organization

Answer 16

Corporate level, business level, and Functional level strategy

Question 17

This strategy pertains to the organization as a whole and the combination of business units and product lines that make up the corporate entity. Strategic actions at this level usually relate to the acquisition of new businesses; additions or divestments of business units, plants, or product lines; and joint ventures with other corporations in new areas.

Answer 17

Corporate-Level Strategy: What Business Are We In?

Question 18

This strategy pertains to each business unit or product line. Strategic decisions at this level concern amount of advertising, direction and extent of research and development, product changes, new-product development, equipment and facilities, and expansion or contraction of product and service lines.

Answer 18

Business-Level strategy: How Do We Compete?

Question 19

This pertains to the major functional departments within the business unit. Functional strategies involve all of the major functions, including finance, research and development, marketing, and manufacturing.

Answer 19

Functional-Level Strategy: How Do We Support the Business-Level Strategy?

Question 20

includes a search for strengths, weaknesses, opportunities, and threats that affect organizational performance.

Answer 20

SWOT Analysis

Question 21

are positive internal characteristics that the organization can exploit to achieve its strategic performance goals.

Answer 21

Strengths

Question 22

are internal characteristics that might inhibit or restrict the organization’s performance.

Answer 22

Weaknesses

Question 23

are characteristics of the external environment that have the potential to help the organization achieve or exceed its strategic goals.

Answer 23

Opportunities

Question 24

are characteristics of the external environment that may prevent the organization from achieving its strategic goals.

Answer 24

Threats