Strategic Planning Concepts

Strategic Planning Concepts

Assessment

Flashcard

Business

11th Grade

Practice Problem

Hard

Created by

SUSAN FLEAGLE

FREE Resource

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69 questions

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1.

FLASHCARD QUESTION

Front

Define strategic planning and list the steps in the strategic planning process.

Back

Strategic planning involves defining a strategy or direction and making decisions on allocating resources to pursue this strategy. Steps include setting objectives, analyzing the competitive environment, analyzing internal organization, evaluating strategies, and ensuring management rolls out the strategies across the organization.

2.

FLASHCARD QUESTION

Front

Write an effective vision statement and mission statement.

Back

A vision statement outlines what the organization wants to be in the future, while a mission statement defines the organization's purpose and primary objectives. Both should be clear, concise, and inspiring.

3.

FLASHCARD QUESTION

Front

Describe the role of company values.

Back

Company values guide the behavior and decision-making processes within an organization. They help in shaping the company culture and ensuring that all employees are aligned with the organization's goals and ethical standards.

4.

FLASHCARD QUESTION

Front

Perform a gap analysis.

Back

Gap analysis involves comparing actual performance with potential or desired performance. It identifies gaps between current capabilities and future requirements, helping organizations to develop strategies to bridge these gaps.

5.

FLASHCARD QUESTION

Front

Write SMART objectives and goals.

Back

SMART objectives are Specific, Measurable, Achievable, Relevant, and Time-bound. They provide clear direction and criteria for measuring progress and success.

6.

FLASHCARD QUESTION

Front

Summarize ways to monitor progress of the strategic plan.

Back

Monitoring progress involves setting key performance indicators (KPIs), regular review meetings, feedback mechanisms, and adjusting strategies as needed to ensure alignment with strategic goals.

7.

FLASHCARD QUESTION

Front

Strategy

Back

The plans, actions, objectives, and goals that outline how the business is going to compete in its chosen markets given its portfolio of products or services.

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