Strategic Planning Quiz

What is strategic planning also known as?

• Strategy Implementation

• Strategy Formulation

• Strategy Evaluation

• Tactical Planning

Strategic planning is defined as the art and science of:

• Implementing and controlling cross-functional decisions

• Evaluating cross-functional decisions only

• Formulating, implementing, and evaluating cross-functional decisions

• Monitoring organizational performance

Which of the following is NOT one of the key components of strategic planning?

• Visio

• Mission

• Budget

• Objectives

How many fundamental stages does the strategic management process consist of?

• Two

• Three

• Four

• Five

Which stage of strategic management involves putting the formulated strategies into action?

• Strategy Formulation

• Strategy Implementation

• Strategy Evaluation

• Strategy Analysis

What does the mission statement answer?

• "What do we want to become?"

• "What is our business?"

• "How will we achieve our goals?"

• "When will we achieve our objectives?"

Which of the following best describes objectives in strategic planning?

• Broad statements of purpos

• Specific results that an organization seeks to achieve

• The means by which long-term objectives will be achieved

• A systematic approach to planning

Environmental scanning is the process of monitoring:

• Only the external environment

• Only the internal environment

• Both the external and internal environments

• Neither the external nor the internal environments

What does the external environment assessment identify?

• Strengths and weaknesses

• Opportunities and threat

• Objectives and strategies

• Vision and mission

What does the internal environment assessment identify

• Opportunities and threats

• Strengths and weaknesses

• Economic and social trends

• Political and legal factors