Strategic Planning

Question 1

Business Strategy

Answer 1

The major actions by which a business competes in a particular industry or market.

Question 2

Concentration

Answer 2

The major actions by which a business competes in a particular industry or market.

Question 3

Concentric Diversification

Answer 3

A strategy used to add new businesses that produce related products or are involved in related markets and activities.

Question 4

Conglomerate Diversification

Answer 4

A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.

Question 5

Core Capability

Answer 5

A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.

Question 6

Corporate Strategy

Answer 6

The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities.

Question 7

differentiation strategy

Answer 7

A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions.

Question 8

functional strategies

Answer 8

Strategies implemented by each functional area of the organization to support the organization’s business strategy.

Question 9

goal

Answer 9

a target or end that management desires to reach

Question 10

low-cost strategy

Answer 10

A strategy an organization uses to build competitive advantage by being efficient and offering a standard no-frills project.

Question 11

mission

Answer 11

An organization’s basic purpose and scope of operations.

Question 12

Not Invented Here syndrome (NIH)

Answer 12

A negative attitude toward knowledge (ideas, technologies) derived from an external source

Question 13

operational planning

Answer 13

The process of identifying the specific procedures and processes required at lower levels of the organization.

Question 14

Plans

Answer 14

The actions or means managers intend to use to achieve organizational goals.

Question 15

Resources

Answer 15

Inputs to a system that can enhance performance.

Question 16

Scenario

Answer 16

A narrative that describes a particular set of future conditions.

Question 17

situational analysis

Answer 17

A process planners use to gather, interpret, and summarize all information relevant to the planning issue under consideration.

Question 18

Stakeholders

Answer 18

Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies.

Question 19

strategic control system

Answer 19

A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies exist, taking corrective action.

Question 20

strategic goals

Answer 20

Major targets or end results relating to the organization’s long-term survival, value, and growth.

Question 21

strategic management

Answer 21

A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies.

Question 22

strategic planning

Answer 22

A set of procedures for making decisions about the organization’s long-term goals and strategies; see also planning.

Question 23

strategic vision

Answer 23

The long-term direction and strategic intent of a company.

Question 24

Strategy

Answer 24

A pattern of actions and resource allocations designed to achieve the organization’s goals.

Question 25

SWOT Analysis

Answer 25

A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.

Question 26

tactical planning

Answer 26

A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing.

Question 27

vertical integration

Answer 27

The acquisition or development of new businesses that produce parts or components of the organization’s product.