Strategic Planning

Question 1

What is Strategic Management?

Answer 1

Strategic management is about the decisions companies make to assure the ongoing success of the business in the
future business environment by creating and maintaining sustainable competitive advantage

Question 2

What is a Strategic Planning?

Answer 2

Strategic planning is the process of goalsetting,
analysis & evaluation that leads to strategic decision
making

Question 3

Approaches in Strategic Planning

Answer 3

• Prescriptive approach - Aims to achieve a fit between strategy and environment
• Emergent approach - Combination of planning and adjustments over time
• Competitive positioning approach - Outside-in, focus on environment, how to compete
• Resource, competence & capability approach - Inside-out, focus on core competencies

Question 4

What is the definition of SWOT Analysis

Answer 4

Frameowork used to summarise key issues arising from the
resources & capabilities of your organisation (strenghts &
weaknesses ) and from the environment (opportunities &
threats).

Question 5

What is TOWS Matrix?

Answer 5

The outcomes of combining of every 2 category from Swot - include GROWTH, REINFORCE, DEFEND, WITHDRAW