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The outcome of situational analysis is
the identification of planning assumptions, issues and problems.
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Plans are
actions taken to achieve goals.
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A plan which focuses on ongoing activities and may become a more permanent policy or rule is called a
standing plan.
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A plan to integrate employees into a new system of payroll is an example of a _________ plan. (Assume that this will not need to be done again in the foreseeable future.)
single-use
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The _______________ step should identify the priorities and trade-offs among goals and plans, including costs and likely investment return.
goal and plan evaluation
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Implementation of selected goals and plans will be most successful when
the goals and plans are linked to other organizational systems like budgets and rewards.
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The three levels of planning are
strategic, tactical and operational.
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A set of procedures for making decisions about the organization's long-term goals and strategies is called
strategic planning.
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Strategic goals typically involve
profit levels, market share, growth, return on investment, and societal contributions.
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The level of planning involving the longest time frame is
strategic planning.
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Who is responsible for strategic planning?
Senior executives
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The level of planning that focuses on routine tasks and a relatively limited time frame is
operational planning.
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Traditionally, strategic planning has emphasized a _______ approach.
hierarchical
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A business's basic statement of purpose is its
mission
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"To be the world's best quick-service restaurant experience" is an example of a(n)
mission statement.
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The long-term direction and strategic intent of a company refers to its
strategic vision.
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Stakeholders are
all of the above.
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The process of assessing how well one company's basic functions and skills compare to those of some other company is called
benchmarking.
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SWOT analysis includes
opportunities.
-
n the Boston Consulting Group Matrix, each business in the portfolio is plotted on the basis of
the business' growth rate and relative strength in the market.
-
A "star" on the Boston Consulting Group Matrix represents a company
with strong market share in a high growth industry.
-
Southwest Airlines and Wal-Mart use which business strategy?
Low-cost
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The most effective strategy is
one that competitors are unwilling or unable to imitate.
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Articulating in simple language what a particular business must do to create or sustain a competitive advantage, which is the first step in strategy implementation, is known as
defining strategic tasks.
-
The final component of the strategic management process, a system to support managers in evaluating the organization's progress, is strategic
control
-
The psychological bias known as "illusion of control" refers to
a belief that you can influence events even when you have no control over what will happen.
-
Pearl Jam made a public statement that they had decided not to book any concerts through Ticketmaster as an objection to the virtual monopoly Ticketmaster has on the industry. The initial strong public support has been followed by fewer concerts, lower revenues, less overall public exposure and more hassles for the band. In retrospect, the band's decision seems to have
discounted the future.
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Which of the previous issues are related to strategic planning?
Item 2 only
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Which of the previous issues are related to tactical planning?
Item 3 only
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Which of the previous issues are related to operational planning?
Items 1 and 4 only
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