Front

What is a strategy?

Back

A plan of action designed to achieve a goal.

Front

What must you do before developing strategies?

Back

Clearly define your goals.

Front

How is strategy in business similar to strategy in sports, war, or politics?

Back

The parallels are so close that early business strategists studied military strategies in depth.

Front

What are the two processes involved in strategic management?

Back

1. Identifying specific goals for a firm and designing strategies to achieve those goals. 2. Implementing those strategies.

Front

What is the SWOT analysis used for?

Back

It is a strategic planning tool that helps organizations identify Strengths, Weaknesses, Opportunities, and Threats.

Front

What do Strengths and Weaknesses represent in a SWOT analysis?

Back

They are internal to the organization.

Front

What do Opportunities and Threats represent in a SWOT analysis?

Back

They are external to the organization.

Front

What is an example of a specific goal in strategic management?

Back

Increase sales by 50% in three years.

Front

What questions must strategists answer when setting goals?

Back

How to achieve the goal, such as lowering prices, introducing new products, or expanding into other businesses.

Front

What section should you focus on for the personal strategic plan in the unit 5 Learning Journal assignment?

Back

Section 5.7, Figure 5.21 in the Management Principles reading.