Strategic Planning For Small Business

Question 1

may be defined as “a course of action aimed at ensuring that the organization will achieve its objectives.

Answer 1

Strategy

Question 2

refers to “the management function of anticipating the future and determining the best courses of action to achieve company objectives.

Answer 2

Planning

Question 3

refers to “the process of determining the major objectives of an organization and defining the strategies that will govern the acquisition and utilization of resources to achieve these objectives.”

Answer 3

Strategic Planning

Question 4

refers to the “distinctive competence, resource, or skill that provides the organizations with a competitive advantage in their marketplace.

Answer 4

Strength

Question 5

refers to “a negative internal condition that can lead to a lowering of organizational performance.”

Answer 5

Weakness

Question 6

refers to “a current or future condition in the environment that is favorable to an organization’s current or potential output.”

Answer 6

Opportunity

Question 7

the opposite of opportunities. They refer to “negative external forces that inhibit the firm’s ability to achieve its objective.”

Answer 7

Treats

Question 8

“statements of the results a business seeks to achieve over a specified period of time.”

Answer 8

Strategic Objectives

Question 9

those that cover “one year or less and the kinds of situations that are likely to come up month and sometimes weekly or daily.”

Answer 9

Tactical plans or short-range plans

Question 10

descriptions of the steps to take in a given work setting

Answer 10

Procedures

Question 11

methods for handling specific problems.

Answer 11

Practices

Question 12

procedures covering one situation only

Answer 12

Rules

Question 13

financial blueprint for a given period of time based on estimated revenues and expenses

Answer 13

Budget