Strategic Planning

What is the primary purpose of a vision statement?

a) To outline financial goals
b) To define the desired future position of the company
c) To describe current operations
d) To list competitors

• a

• b

• c

• d

What is the main focus of a mission statement?

a) Describing the organization’s purpose and core values
b) Defining financial objectives
c) Setting marketing goals
d) Listing operational tasks

• a

• b

• c

• d

Which statement is aspirational in nature?

a) Vision statement
b) Mission statement
c) SWOT analysis
d) Marketing strategy

• a

• b

• c

• d

Which component of SWOT refers to internal limitations?

a) Strengths
b) Weaknesses
c) Opportunities
d) Threats

• a

• b

• c

• d

What does SWOT stand for?

a) Strengths, Weaknesses, Options, Tasks
b) Strategic Wins, Options, Threats
c) Strengths, Weaknesses, Opportunities, Threats
d) Strategies, Weaknesses, Outcomes, Trends

• a

• b

• c

• d

Which component of SWOT focuses on external factors that benefit the company?

a) Strengths
b) Weaknesses
c) Opportunities
d) Threats

• a

• b

• c

• d

Business strategies are typically developed to operationalize what?

a) Market trends
b) Mission statement
c) Financial forecasts
d) SWOT analysis

• a

• b

• c

• d

What aligns a company’s strategies with its goals?

a) Financial budgets
b) Vision statement
c) Mission statement
d) Organizational chart

• a

• b

• c

• d

Which ICT tool is commonly used for managing customer data?

a) CRM tools
b) ERP systems
c) SWOT analysis
d) Financial software

• a

• b

• c

• d

How can small businesses leverage ICTs for cost efficiency?

a) Using cloud computing
b) Hiring more employees
c) Expanding office spaces
d) Offering discounts

• a

• b

• c

• d