Planning and Strategic Management Overview

<p>The overall corporate strategy of an organization. (C)</p> Signup and view all the answers

<p>Bargaining power of brand ambassadors (D)</p> Signup and view all the answers

<p>To provide direction to managers (A)</p> Signup and view all the answers

<p>Operational planning (A)</p> Signup and view all the answers

<p>It reduces uncertainty in decision making (A)</p> Signup and view all the answers

<p>Develop short-term plans derived from strategic objectives (C)</p> Signup and view all the answers

<p>To minimize waste and redundancy in processes (D)</p> Signup and view all the answers

<p>It provides a long-range view of the entire organization (D)</p> Signup and view all the answers

<p>It encourages analytical thinking (A)</p> Signup and view all the answers

<p>It provides a structured approach to achieving objectives (A)</p> Signup and view all the answers

<p>The benefits and emotions associated with the products (D)</p> Signup and view all the answers

<p>Market Strategy (C)</p> Signup and view all the answers

<p>It determines the markets and lines of business a company wants to engage in. (A)</p> Signup and view all the answers

<p>Expanding the markets served or products offered. (C)</p> Signup and view all the answers

<p>It eliminates competition and increases market share. (A)</p> Signup and view all the answers

<p>Stability Strategy (C)</p> Signup and view all the answers

<p>Taking control of suppliers. (B)</p> Signup and view all the answers

<p>Concentration Strategy (C)</p> Signup and view all the answers

<p>Growth, Stability, and Renewal (D)</p> Signup and view all the answers

<p>Reassessing and revitalizing business areas that are failing. (D)</p> Signup and view all the answers

<p>To create a desired future state (D)</p> Signup and view all the answers

<p>Specifications on resource allocations and schedules (C)</p> Signup and view all the answers

<p>Relevent (A)</p> Signup and view all the answers

<p>To create a better everyday life for the many people (D)</p> Signup and view all the answers

<p>It communicates the purpose and direction of the organization (D)</p> Signup and view all the answers

<p>Goals should be specific, measurable, and time-bound (A)</p> Signup and view all the answers

<p>Inspire and connect with stakeholders emotionally (A)</p> Signup and view all the answers

<p>Unambiguous (C)</p> Signup and view all the answers

<p>Innovating to inspire every athlete (C)</p> Signup and view all the answers

<p>A detailed outline of actions and resource allocations for goals (A)</p> Signup and view all the answers

<p>To expand operations by adding new markets or products (C)</p> Signup and view all the answers

<p>Related Diversification (D)</p> Signup and view all the answers

<p>Expanding into completely new lines of business with no connection (A)</p> Signup and view all the answers

<p>To assist in resource allocation among diverse businesses (C)</p> Signup and view all the answers

<p>Low market share and low growth, often sold off (C)</p> Signup and view all the answers

<p>Generates more cash than it consumes (D)</p> Signup and view all the answers

<p>To determine how an organization will compete in its specific markets (B)</p> Signup and view all the answers

<p>Succession (C)</p> Signup and view all the answers

<p>Stars (C)</p> Signup and view all the answers

<p>Vertical axis (C)</p> Signup and view all the answers

A desired future state that an organization strives to achieve.

A document outlining the steps needed to achieve a specific goal.

A clear, measurable, achievable, relevant, and time-bound objective.

A long-term vision that outlines the future direction of a company.

The organization's reason for being, outlining its purpose and activities.

A written statement that defines the company's purpose and inspires stakeholders.

Planning is the process of defining in advance what needs to be done, when, by whom, how, and at what cost.

Planning provides a clear path for managers to follow, aligning everyone towards common goals.

Planning forces managers to critically analyze situations and weigh different options, leading to smarter decisions.

Planning helps reduce uncertainty by anticipating potential problems and preparing solutions in advance.

Planning helps eliminate unnecessary duplication of efforts and resources, optimizing efficiency.

Strategic planning sets the overall direction of a business, defining long-term goals, priorities, and resource allocation.

Tactical planning breaks down strategic plans into smaller, actionable short-term plans, focusing on specific goals, budgets, and resources.

Operational planning focuses on day-to-day operations, outlining specific procedures and actions needed at lower levels of the organization.

A company's overall plan for resource allocation to achieve long-term goals.

A strategy that focuses on a company's overall direction and scope, deciding which businesses to be in and how to manage them.

A strategy where the company focuses on expanding the number of markets served or products offered.

A strategy where the company focuses on a single industry, product, or customer group.

A strategy where the company expands into different stages of the production process, either by acquiring suppliers or distributors.

A strategy where two competing companies in the same business field merge.

A strategy where a company acquires suppliers (backward integration) or distributors (forward integration).

A strategy that focuses on maintaining the current position and stability of the company.

A strategy that focuses on addressing problems and improving the company's performance.

A strategic tool that examines five competitive forces affecting an industry's profitability, helping companies understand their competitive landscape.

The likelihood of new players entering the market, which can intensify competition and reduce existing companies' profitability.

The possibility of alternative products or services from other industries fulfilling similar needs, impacting the demand for existing products.

Strategies used by different departments within a company to support the overall competitive strategy, aiming to optimize specific operational areas like marketing or finance.

Basic strategic approaches for gaining competitive advantage, focusing on cost leadership, differentiation, or a specific niche market.

Expanding a company's operations by adding new markets, products, services, or stages of production to the existing business.

Adding related or similar products to a company's existing core business, either through acquisition of competitors or through developing new products internally.

Expanding into new business lines with no direct connection to the current business. For example, an airline starting a car rental service.

A strategy for a company to focus on expanding its operations within a single industry.

A strategy that focuses on combining activities within a specific industry, either vertically or horizontally.

A strategy where a business continues its current activities without significant changes. It's about maintaining the status quo.

A strategy where a company reduces the size or diversity of its operations, often due to challenges or market changes. It's about restructuring and downsizing.

A tool used by managers to analyze and understand different business divisions and product lines.

A 2x2 matrix used to assess the potential of a business unit based on its market share and anticipated market growth.

A business strategy that outlines how an organization will compete in its chosen business or businesses.