Chapter 4 Planning and Strategic Management

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situational analysis
answer
A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration,
question
goal
answer
A target or end that management desires to reach,
question
SMART Goal
answer
Specific Measurable Attainable Relevant Time-Bound
question
Plans
answer
The actions or means managers intend to use to achieve organizational goals,
question
scenario
answer
A narrative that describes a particular set of future conditions
question
strategic planning
answer
A set of procedures for making decisions about the organization's long-term goals and strategies,
question
strategic goals
answer
Major targets or end results relating to the organization's long-term survival, value, and growth,
question
strategy
answer
A pattern of actions and resource allocations designed to achieve the organization's goals,
question
tactical planning
answer
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing,
question
operational planning
answer
The process of identifying the specific procedures and processes required at lower levels of the organization
question
strategic management
answer
A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies
question
mission
answer
An organization's basic purpose and scope of operations,
question
strategic vision
answer
The long-term direction and strategic intent of a company,
question
stakeholders
answer
Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies,
question
resources
answer
Inputs to a system that can enhance performance
question
core capability
answer
A unique skill and/or knowledge an organization possesses that gives it an edge over competitors,
question
SWOT Analysis
answer
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy,
question
corporate strategy
answer
the set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities,
question
concentration strategy
answer
A strategy employed for an organization that operates a single business and competes in a single industry,
question
vertical integration
answer
The acquisition or development of new businesses that produce parts or components of the organization's product,
question
concentric diversification
answer
A strategy used to add new businesses that produce related products or are involved in related markets and activities,
question
Conglomerate diversification
answer
A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities
question
question marks
answer
High-growth, weak-competitive-position businesses
question
stars
answer
High-growth, strong-competitive-position businesses
question
cash cows
answer
Low-growth, strong-competitive-position businesses
question
dogs
answer
low-growth, weak-competitive-position businesses
question
business strategy
answer
The major actions by which a business competes in a particular industry or market,
question
low cost strategies
answer
A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product
question
differentiation strategies
answer
A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions,
question
functional strategies
answer
Strategies implemented by each functional area of the organization to support the organization's business strategy,
question
strategic control system
answer
A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action,
question
planning
answer
_____ provides individuals and work units with a clear map to follow in future activities.
question
strategy map
answer
A(n) _____ illustrates the four key drivers of a firm's long-term success, and shows how goals in each area are linked to others.
question
specific
answer
The letter S in the acronym SMART stands for:
question
that involves expanding the domain of the organization into supply channels or to distributors.
answer
a vertical integration strategy is a strategy
question
tangible and intangible
answer
The two types of resources are _____ assets.
question
contingency plans
answer
_____ include sets of actions to be taken when a company's initial plans have not worked well or if events in the external environment require a sudden change.
question
macroeconomic analysis
answer
_____ is considered as an activity of the external environment of an organization.
question
strategy implementation
answer
Which of the following takes place after a firm formulates its strategy?
question
swot analysis
answer
Which of the following is one among the six components of the strategic management process?
question
The BCG matrix categorizes businesses within a conglomerate's portfolio as dogs, stars, question marks, and _____.
answer
cash cows
question
The most effective _____ statements inspire organization members, offering a worthwhile target for the entire organization to work together to achieve.
answer
vision
question
Which of the following is true of operational planning?
answer
it identifies specific plans and procedures
question
In the BCG matrix, high growth, weak-competitive-position businesses are called _____
answer
question marks
question
In a SWOT analysis, the absence of reliable suppliers would be considered as a(n):
answer
weakness
question
A _____ system is a component of the strategic management process designed to support managers in evaluating the organization's progress with its strategy and, when discrepancies exist, taking corrective action.
answer
strategic control
question
The planning process is similar to the _____ process in that both have a series of steps that are typically repeated in a cycle.
answer
decision making
question
Benchmarking is the process of assessing how well one company's basic functions and skills compare with:
answer
those of another company
question
Which of the following is true of strategic planning?
answer
they have a strong external orientation
question
The planning level with the shortest time horizon is known as _____ planning.
answer
operational
question
The strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions is known as a(n) _____ strategy.
answer
differenation
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question
situational analysis
answer
A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration,
question
goal
answer
A target or end that management desires to reach,
question
SMART Goal
answer
Specific Measurable Attainable Relevant Time-Bound
question
Plans
answer
The actions or means managers intend to use to achieve organizational goals,
question
scenario
answer
A narrative that describes a particular set of future conditions
question
strategic planning
answer
A set of procedures for making decisions about the organization's long-term goals and strategies,
question
strategic goals
answer
Major targets or end results relating to the organization's long-term survival, value, and growth,
question
strategy
answer
A pattern of actions and resource allocations designed to achieve the organization's goals,
question
tactical planning
answer
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing,
question
operational planning
answer
The process of identifying the specific procedures and processes required at lower levels of the organization
question
strategic management
answer
A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies
question
mission
answer
An organization's basic purpose and scope of operations,
question
strategic vision
answer
The long-term direction and strategic intent of a company,
question
stakeholders
answer
Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies,
question
resources
answer
Inputs to a system that can enhance performance
question
core capability
answer
A unique skill and/or knowledge an organization possesses that gives it an edge over competitors,
question
SWOT Analysis
answer
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy,
question
corporate strategy
answer
the set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities,
question
concentration strategy
answer
A strategy employed for an organization that operates a single business and competes in a single industry,
question
vertical integration
answer
The acquisition or development of new businesses that produce parts or components of the organization's product,
question
concentric diversification
answer
A strategy used to add new businesses that produce related products or are involved in related markets and activities,
question
Conglomerate diversification
answer
A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities
question
question marks
answer
High-growth, weak-competitive-position businesses
question
stars
answer
High-growth, strong-competitive-position businesses
question
cash cows
answer
Low-growth, strong-competitive-position businesses
question
dogs
answer
low-growth, weak-competitive-position businesses
question
business strategy
answer
The major actions by which a business competes in a particular industry or market,
question
low cost strategies
answer
A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product
question
differentiation strategies
answer
A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions,
question
functional strategies
answer
Strategies implemented by each functional area of the organization to support the organization's business strategy,
question
strategic control system
answer
A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action,
question
planning
answer
_____ provides individuals and work units with a clear map to follow in future activities.
question
strategy map
answer
A(n) _____ illustrates the four key drivers of a firm's long-term success, and shows how goals in each area are linked to others.
question
specific
answer
The letter S in the acronym SMART stands for:
question
that involves expanding the domain of the organization into supply channels or to distributors.
answer
a vertical integration strategy is a strategy
question
tangible and intangible
answer
The two types of resources are _____ assets.
question
contingency plans
answer
_____ include sets of actions to be taken when a company's initial plans have not worked well or if events in the external environment require a sudden change.
question
macroeconomic analysis
answer
_____ is considered as an activity of the external environment of an organization.
question
strategy implementation
answer
Which of the following takes place after a firm formulates its strategy?
question
swot analysis
answer
Which of the following is one among the six components of the strategic management process?
question
The BCG matrix categorizes businesses within a conglomerate's portfolio as dogs, stars, question marks, and _____.
answer
cash cows
question
The most effective _____ statements inspire organization members, offering a worthwhile target for the entire organization to work together to achieve.
answer
vision
question
Which of the following is true of operational planning?
answer
it identifies specific plans and procedures
question
In the BCG matrix, high growth, weak-competitive-position businesses are called _____
answer
question marks
question
In a SWOT analysis, the absence of reliable suppliers would be considered as a(n):
answer
weakness
question
A _____ system is a component of the strategic management process designed to support managers in evaluating the organization's progress with its strategy and, when discrepancies exist, taking corrective action.
answer
strategic control
question
The planning process is similar to the _____ process in that both have a series of steps that are typically repeated in a cycle.
answer
decision making
question
Benchmarking is the process of assessing how well one company's basic functions and skills compare with:
answer
those of another company
question
Which of the following is true of strategic planning?
answer
they have a strong external orientation
question
The planning level with the shortest time horizon is known as _____ planning.
answer
operational
question
The strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions is known as a(n) _____ strategy.
answer
differenation