Introduction to the Strategic Planning Process

Question 1

What is the primary goal of strategic planning?

Answer 1

To determine where an organization wants to be from where it is now

The output is contained in a strategic plan that includes VMGOS.

Question 2

What does VMGOS stand for in strategic planning?

Answer 2

Vision, Mission, Goals, Objectives, Strategies

These components are essential in the strategic planning process.

Question 3

What is the first step in the basic strategic planning process?

Answer 3

Crafting the Vision

Question 4

What is a Vision in the context of strategic planning?

Answer 4

A vivid mental image of what you want your business to be in the future, based on goals and aspirations

Question 5

True or False: A strategic vision is simply wishful thinking.

Answer 5

False

A strategic vision involves a commitment of resources and a series of actions.

Question 6

What is the purpose of a Mission Statement?

Answer 6

To inform how a firm intends to realize its Vision

Question 7

What does the acronym SMART stand for in relation to objectives?

Answer 7

• Specific
• Measurable
• Aggressive but Achievable
• Result Oriented
• Time Bound

SMART criteria ensure that objectives are clear and attainable.

Question 8

What are examples of Financial Objectives?

Answer 8

• Growth in revenues
• Higher dividends
• Bigger profit margins
• Strong bond and credit ratings

These objectives focus on the financial performance of the organization.

Question 9

What is Gap Analysis?

Answer 9

A process used to assess and identify the critical factors preventing an entity from achieving its objectives

Question 10

List three examples of gaps that can prevent an organization from achieving its objectives.

Answer 10

• Lack of Technology
• Lack of Capital or Finances
• Unstable Political Environment

Question 11

What are Core Values?

Answer 11

Fundamental beliefs and priorities that drive an individual’s or organization’s behavior

Question 12

What does SWOT stand for?

Answer 12

• Strengths
• Weaknesses
• Opportunities
• Threats

Question 13

What is the purpose of the SWOT Matrix?

Answer 13

To help strategic managers identify and select the best possible strategies based on internal and external factors

Question 14

What are SO Strategies in the context of SWOT analysis?

Answer 14

Strategies that use strengths to take advantage of opportunities

Question 15

What does strategy implementation involve?

Answer 15

Action-oriented, operations-driven activities aimed at shaping performance towards achieving objectives

Question 16

True or False: Strategy implementation is generally easier than crafting strategy.

Answer 16

False

Implementation is often tougher and more time-consuming.

Question 17

What are Strategic Controls?

Answer 17

Mechanisms used to ensure that strategies are correctly and suitably implemented

Question 18

What does TQM stand for?

Answer 18

Total Quality Management

Question 19

What is the main focus of Total Quality Management (TQM)?

Answer 19

Improving overall performance and adding value to customers

Question 20

What percentage of the final grade is based on class participation and assignments?

Answer 20

30%

Question 21

Fill in the blank: Goals represent a managerial commitment to achieve _______ targets.

Answer 21

qualitative

Question 22

What is the role of a professor in the educational process?

Answer 22

To plant the seeds of great ideas and inspire critical thinking

Question 23

What is the role of a student in the learning process?

Answer 23

To embrace critical thinking and nurture the seeds of great ideas

Question 24

What is the final component of the strategic management process according to some experts?

Answer 24

Strategic Control

Question 25

What are the roles to be elected by the Team?

Answer 25

CEOs, Asst. CEOs, and Secretary ## Footnote The remaining members will take the role of Member of the Board of Directors.

Question 26

What must the Team prepare as part of their establishment?

Answer 26

Name, Vision and Mission Statements, Core Values, and Goals ## Footnote These elements are essential for defining the team's purpose and direction.

Question 27

By what date must the CEO email the elected officers and Team details?

Answer 27

February 24, 2023 ## Footnote This includes the rationale for the selection of officers and the team's foundational statements.

Question 28

What is the suggested date for completing the team's preparations?

Answer 28

February 28, 2023 ## Footnote This date is suggested for finalizing and submitting the required information.

Question 29

What is required of a student for Class Participation?

Answer 29

Report and/or research on a particular Topic ## Footnote This will be graded and form part of the Class Participation/Assignments component.

Question 30

How will a Team decide on the Topic for a student to handle?

Answer 30

Decided among themselves ## Footnote Team collaboration is essential for topic selection.

Question 31

What will each team member do after the final exams regarding participation?

Answer 31

Rate the level of participation of their teammates from 1 to 5 ## Footnote This rating is submitted via email to assess contributions.

Question 32

What is the consequence of failing to report or submit the required assignment?

Answer 32

Result in an Incomplete or a failing Grade ## Footnote Timely submission is crucial for passing the course.

Question 33

Which chapters will Team 2 handle?

Answer 33

1st and 2nd Chapters ## Footnote They will serve as a model for the reporting system.

Question 34

What is emphasized about the perspective of doing research through reporting?

Answer 34

Exploring for knowledge that benefits us and society ## Footnote This highlights the educational and societal value of research.

Question 35

What are some of the major references for the course?

Answer 35

* Eduardo A. Morato, Jr., “Strategic Planning and Management.” * David and David, Strategic Management: A Competitive Advantage Approach, Concepts and Cases (16th Edition) * Thompson, Strickland, and Kramer, “Readings in Strategic Management (11th Edition).” * Michael E. Porter, “Competitive Strategy.” * Sun Tzu, “The Art of War.” ## Footnote These references provide foundational knowledge in strategic management.

Question 36

What is the overarching reason for conducting the research and reporting?

Answer 36

To benefit us and society as a whole ## Footnote This reflects the purpose behind the educational activities.

Question 37

Complete the quote: 'To explore strange new worlds. To seek out new life and new civilizations. To boldly go where ______.'

Answer 37

no man has gone before ## Footnote This quote underscores the spirit of exploration in research and learning.

Question 38

What is the first step in the search for great ideas?

Answer 38

To explore for knowledge ## Footnote This emphasizes the importance of curiosity in learning.