Strategic Planning Flashcards
What is the intentional, systematic process of deciding what goals and activities a person, group, work unit, or organization will pursue in the future?
Planning
What are the specific formal planning steps?
Situational Analysis, Alternative Goals and Plans, Goal and Plan Evaluation, Goal and Plan Selection, Implementing, Monitoring and Controlling
What step of formal planning does one gather, interpret, and summarize all information relevant to the planning issue under consideration?
Situational Analysis
What step of formal planning does one create multiple goals to be pursued and different plans for pursuing said goals?
Alternative Goals and Plans
What step of formal planning do managers evaluate advantages, disadvantages, and potential effects of each goal and plan?
Goal and Plan Evaluation
What step of formal planning do managers try to select the best goals and plans?
Goal and Plan Selection
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?
Implementing
What step of the formal planning process do managers continually monitor the actual performance of their work units against the units’ goals and plans?
Monitoring and Controlling
What is a clear concise expression of the basic purpose of the organization called?
Mission statement
What is the long-term direction and strategic intent of a company called?
Strategic vision statement
What is a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy called?
SWOT Analysis
What does SWOT stand for?
Strengths, weaknesses, opportunities, and threats
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?
Corporate Strategy
What kind of corporate strategy focuses on a single business competing in a single industry?
Concentration strategy
What kind of corporate strategy expands a company’s domain to include supplier and distributor?
Vertical integration strategy
What kind of corporate strategy moves into new but related businesses?
Concentric diversification strategy
What kind of corporate strategy expands into unrelated businesses?
Conglomerate diversification strategy
What is the major actions by which a business competes in a particular industry or market called?
Business strategy
What are the two types of business strategy?
low-cost and differentiation
Which business strategy attempts to be efficient and to offer standard, no-frills products?
low-cost strategy
Which business strategy attempts to be unique in its industry or market segment along some dimension other than cost that customers value?
differentiation strategy
What is a set of skills or expertise in some activity rather than physical/financial assets called?
Core competence
What are the five forces in Porter’s model?
Rival firms, new entrants, substitutes and complements, suppliers, and customers
Research and development, Inbound logistics, operations, outbound logistics, marketing and sales, service are all what type of activities in the value chain?
Primary activities
Firm infrastructure, HR management, Technology development, Procurement are all what type of activities in the value chain?
Support activities
What are the two types of organizational structure?
Mechanic and organic
What type of organizational structure seeks to maximize internal efficiency?
Mechanic organization
What type of organizational structure emphasizes flexibility?
Organic structure
What are the three levels of the Planning Hierarchy?
Strategic, tactical, and operational
What is the process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies called?
Strategic management
What happens when an effective value chain is created?
Profit margins are increased
What is the first step of organizational strategic planning?
Developing a strategic mission
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?
The strategic management process
What is the first step of the strategic management process?
Establishing mission, vision, and goals
What is the second step of the strategic management process?
Analyzing external opportunities and threats
What is the third step of the strategic management process?
Analyzing internal strengths and weaknesses
What is the fourth step of the strategic management process?
SWOT analysis and strategy formulation
What is the fifth step of the strategic management process?
Strategy implementation
What is the sixth step of strategic management process?
Strategic control
