Strategic Planning

Question 1

What is the intentional, systematic process of deciding what goals and activities a person, group, work unit, or organization will pursue in the future?

Answer 1

Planning

Question 2

What are the specific formal planning steps?

Answer 2

Situational Analysis, Alternative Goals and Plans, Goal and Plan Evaluation, Goal and Plan Selection, Implementing, Monitoring and Controlling

Question 3

What step of formal planning does one gather, interpret, and summarize all information relevant to the planning issue under consideration?

Answer 3

Situational Analysis

Question 4

What step of formal planning does one create multiple goals to be pursued and different plans for pursuing said goals?

Answer 4

Alternative Goals and Plans

Question 5

What step of formal planning do managers evaluate advantages, disadvantages, and potential effects of each goal and plan?

Answer 5

Goal and Plan Evaluation

Question 6

What step of formal planning do managers try to select the best goals and plans?

Answer 6

Goal and Plan Selection

Question 7

What step of formal planning do managers and employees need to understand the plan, have the resources to implement it, and be motivated to do so?

Answer 7

Implementing

Question 8

What step of the formal planning process do managers continually monitor the actual performance of their work units against the units’ goals and plans?

Answer 8

Monitoring and Controlling

Question 9

What is a clear concise expression of the basic purpose of the organization called?

Answer 9

Mission statement

Question 10

What is the long-term direction and strategic intent of a company called?

Answer 10

Strategic vision statement

Question 11

What is a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy called?

Answer 11

SWOT Analysis

Question 12

What does SWOT stand for?

Answer 12

Strengths, weaknesses, opportunities, and threats

Question 13

What is it called when something identifies the set of businesses, markets, and industries in which a company competes and how to allocate resources among these businesses?

Answer 13

Corporate Strategy

Question 14

What kind of corporate strategy focuses on a single business competing in a single industry?

Answer 14

Concentration strategy

Question 15

What kind of corporate strategy expands a company’s domain to include supplier and distributor?

Answer 15

Vertical integration strategy

Question 16

What kind of corporate strategy moves into new but related businesses?

Answer 16

Concentric diversification strategy

Question 17

What kind of corporate strategy expands into unrelated businesses?

Answer 17

Conglomerate diversification strategy

Question 18

What is the major actions by which a business competes in a particular industry or market called?

Answer 18

Business strategy

Question 19

What are the two types of business strategy?

Answer 19

low-cost and differentiation

Question 20

Which business strategy attempts to be efficient and to offer standard, no-frills products?

Answer 20

low-cost strategy

Question 21

Which business strategy attempts to be unique in its industry or market segment along some dimension other than cost that customers value?

Answer 21

differentiation strategy

Question 22

What is a set of skills or expertise in some activity rather than physical/financial assets called?

Answer 22

Core competence

Question 23

What are the five forces in Porter’s model?

Answer 23

Rival firms, new entrants, substitutes and complements, suppliers, and customers

Question 24

Research and development, Inbound logistics, operations, outbound logistics, marketing and sales, service are all what type of activities in the value chain?

Answer 24

Primary activities

Question 25

Firm infrastructure, HR management, Technology development, Procurement are all what type of activities in the value chain?

Answer 25

Support activities

Question 26

What are the two types of organizational structure?

Answer 26

Mechanic and organic

Question 27

What type of organizational structure seeks to maximize internal efficiency?

Answer 27

Mechanic organization

Question 28

What type of organizational structure emphasizes flexibility?

Answer 28

Organic structure

Question 29

What are the three levels of the Planning Hierarchy?

Answer 29

Strategic, tactical, and operational

Question 30

What is the process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies called?

Answer 30

Strategic management

Question 31

What happens when an effective value chain is created?

Answer 31

Profit margins are increased

Question 32

What is the first step of organizational strategic planning?

Answer 32

Developing a strategic mission

Question 33

Establishing mission, vision, and goals, Analyzing external opportunities and threats, Analyzing internal strengths and weaknesses, SWOT analysis and strategy formulation, Strategy implementation, and Strategic control are all steps to what?

Answer 33

The strategic management process

Question 34

What is the first step of the strategic management process?

Answer 34

Establishing mission, vision, and goals

Question 35

What is the second step of the strategic management process?

Answer 35

Analyzing external opportunities and threats

Question 36

What is the third step of the strategic management process?

Answer 36

Analyzing internal strengths and weaknesses

Question 37

What is the fourth step of the strategic management process?

Answer 37

SWOT analysis and strategy formulation

Question 38

What is the fifth step of the strategic management process?

Answer 38

Strategy implementation

Question 39

What is the sixth step of strategic management process?

Answer 39

Strategic control