Podcast
Questions and Answers
What is the primary purpose of strategic planning?
What is the primary purpose of strategic planning?
- To conduct market research for short-term decision making
- To handle day-to-day operations of the business
- To set long-term goals and objectives for an organization (correct)
- To manage interpersonal relationships within the organization
Why is strategy formulation important for businesses?
Why is strategy formulation important for businesses?
- To create long-term plans exclusively
- To align the organization with its environment and stakeholders (correct)
- To focus solely on internal organizational dynamics
- To address immediate operational issues
What are the key challenges faced by organizations in implementing effective strategic planning?
What are the key challenges faced by organizations in implementing effective strategic planning?
- Overestimating the importance of day-to-day operations
- Neglecting to consider the impact on consumers and producers
- Underestimating the influence of external factors (correct)
- Focusing too much on long-term goals and neglecting short-term objectives
Flashcards are hidden until you start studying