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Questions and Answers
What is planning defined as?
What is planning defined as?
- Reacting to uncertainty without setting goals
- Creating flexible strategies without specific goals
- Implementing goals without any prior decision-making
- Setting goals and deciding how to achieve them (correct)
What does a business plan document outline?
What does a business plan document outline?
- Current firm’s achievements and future aspirations
- Proposed firm’s goals, strategy, and standards for measuring success (correct)
- Employee performance evaluations
- Competitor analysis and market trends
What is an example of a strategy mentioned in the text?
What is an example of a strategy mentioned in the text?
- Grow the business organically (correct)
- Diversify into unrelated industries
- Acquire other companies for rapid expansion
- Reduce customer base for higher profitability
What does a strategic plan set for an organization?
What does a strategic plan set for an organization?
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What does strategic management involve?
What does strategic management involve?
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