Basics of Strategic Planning Flashcards
A _____ system is a component of the strategic management process designed to support managers in evaluating the organization’s progress
with its strategy and, when discrepancies exist, taking corrective action.
span of control strategic integration strategic control strategic support dynamic network
strategic control
The most effective _____ statements inspire organization members, offering a worthwhile target for the entire organization to work together
to achieve.
vision quality financial operation business definition
vision
Benchmarking is the process of assessing how well one company’s basic functions and skills compare with:
supplier and distributor requirements. stockholder demands. government standards. those of another company. customer expectations.
those of another company.
The strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more
dimensions is known as a(n) _____ strategy.
concentration functional integrated low-cost differentiation
differentiation
Which of the following is one among the six components of the strategic management process?
Technology assessment Skill improvement plan Stockholder reporting Stakeholder analysis SWOT analysis
SWOT analysis
_____ include sets of actions to be taken when a company’s initial plans have not worked well or if events in the external environment requirea sudden change.
Contingency plans Functional plans Differentiation strategies Strategic maps Business incubators
Contingency plans
The planning level with the shortest time horizon is known as _____ planning.
developmental tactical vertical operational managerial
operational
A(n) _____ illustrates the four key drivers of a firm’s long-term success, and shows how goals in each area are linked to others.
strategy map decision tree GANTT chart objective script PERT chart
strategy map
In a SWOT analysis, the absence of reliable suppliers would be considered as a(n):
weakness and a threat. opportunity. strength. threat. weakness.
weakness.
Which of the following takes place after a firm formulates its strategy?
- Strategy implementation
- Analysis of internal strengths and weaknesses
- SWOT analysis
- Analysis of external opportunities and threats
- Establishment of mission, vision, and goals
Strategy implementation
The planning process is similar to the _____ process in that both have a series of steps that are typically repeated in a cycle.
decision-making environmental analysis strategy-mapping tactical alignment goal-setting
decision-making
_____ is considered as an activity of the external environment of an organization.
Operations Analysis Marketing Audit Human resources assessment Financial analysis Macroeconomic Analysis
Macroeconomic Analysis
Which of the following is true of operational planning?
- It translates broad strategic goals into specific goals.
- It focuses only on processes required in the higher organizational levels.
- It is performed by top level managers.
- It is a long-term plan spanning over three years.
- It identifies specific plans and procedures.
It identifies specific plans and procedures.
A vertical integration strategy is a strategy:
- employed for an organization that operates a single business and competes in a single industry.
- that involves expanding the domain of the organization into supply channels or to distributors.
- used to add new businesses that produce related products or are involved in related markets and activities.
- an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions.
- used to add new businesses that produce unrelated products or are involved in unrelated markets and activities.
that involves expanding the domain of the organization into supply channels or to distributors.
_____ provides individuals and work units with a clear map to follow in future activities.
A BCG matrix A mission statement Staffing Planning Charting
Planning
