Summary & Extensions

Question 1

What are appropriate components associated with the evaluation and control element in a strategic planning context?

Answer 1

Determine what characteristics (attributes) to evaluate and measure;
Decide acceptable values (standards) for measurable characteristics;
Measure targeted characteristics;
Compare measurements with established acceptable values;
Implement changes needed to correct variances.

Question 2

Define “(external) environmental scanning”.

Answer 2

Environmental scanning is the assessment of the macro-environment in which an entity operates (or may operate) and the industry within that macro-environment. Thus, environmental scanning includes consideration and analysis of the economic system, economic market and industry in which an entity operates.

Question 3

What are the major characteristics appropriate for an entity’s goals?

Answer 3

An entity's goals should be SMART:
Specific;
Measurable;
Attainable;
Relevant; and
Time-bound.

Question 4

___ analysis is concerned primarily with where an entity should locate.

Answer 4

PEST

Question 5

___ analysis is concerned only with assessment of the external environment of an entity.

Answer 5

PEST

Question 6

The resource-based model is an approach for developing an entity’s ___.

Answer 6

strategy.

Question 7

A feedback process is part of the ___ ___ ___.

Answer 7

strategic planning process.

Question 8

An ___ ___ is least likely to be useful in deciding in which country an entity should operate

Answer 8

entity’s strategy

Question 9

___ analysis is concerned only with the analysis of the external macro-environment of an entity, including the political, economic, social, and technological characteristics.

Answer 9

PEST

Question 10

___ analysis is concerned with both the external environment (opportunities and threats) and the internal environment (strengths and weaknesses), as well as the relationship between the external and internal factors.

Answer 10

SWOT

Question 11

___ analysis is a form of micro-environmental analysis and is primarily concerned how an entity should operate.

Answer 11

SWOT

Question 12

___ analysis is a form of macro-environmental analysis and is primarily concerned with where an entity should operate

Answer 12

PEST