Plans, Goals And Strategies

Question 1

What are the 3 different levels og goal planning?

Answer 1

1. Strategic goals
2. Tactical goals
3. Operational goals

Question 2

What are the steps in the planning process

Answer 2

1. Develop the plan
2. Translate the plan
3. Plan operations
4. Execute the plan
5. Monitor and learn

Question 3

Define management by objectives

Answer 3

Is the process of the manager and employees setting goals and agreeing on the course of action

Question 4

Define contingency planning

Answer 4

course of action designed to help an organization respond effectively to a significant future incident, event or situation (preventing or preparing for the worst)

Question 5

What analysis is used for the strategic management process?

Answer 5

SWOT analysis

Question 6

What are the 3 corporate-level strategies?

Answer 6

1. Portfolio strategy
2. BCG matrix
3. Diversification

Question 7

Define portfolio strategy

Answer 7

Business units and product lines provide the organisation with synergy and competitive advantage

Question 8

What are the 4 categories of the BCG matrix?

Answer 8

Star - rapid growth and expansion
Question mark - new ventures but no one knows what to do with them
Dog - market presence is weak
Cash cow - youre well established but the market isn’t growing

Question 9

What are the 5 forces in Porter’s model?

Answer 9

Power of suppliers
Power of customers
New threats in the market
Buyers
Competition