Podcast
Questions and Answers
What is the purpose of strategic planning?
What is the purpose of strategic planning?
- Create a connection between internal and external environment
- Help managers make decisions, minimize mistakes and anticipates future events (correct)
- Help organizational members understand the actions of their manager and organization
- Easier to understand other form of planning
Which level of strategic planning is primarily concerned with how to compete?
Which level of strategic planning is primarily concerned with how to compete?
- Operational level strategy
- Business level strategy (correct)
- Corporate level strategy
- Functional level strategy
What does corporate level strategy primarily define?
What does corporate level strategy primarily define?
- Overall character or purpose of the overall organization (correct)
- Policies and procedures for narrow areas of activities
- How to compete in the market
- None of the above
What is the focus of functional level strategy?
What is the focus of functional level strategy?
How does strategic planning help organizational members?
How does strategic planning help organizational members?
What is the primary focus of business level strategy?
What is the primary focus of business level strategy?
What is the main purpose of strategic planning with regard to managers?
What is the main purpose of strategic planning with regard to managers?
What does corporate level strategy primarily define?
What does corporate level strategy primarily define?
What is the key role of functional level strategy?
What is the key role of functional level strategy?
How does strategic planning help organizational members?
How does strategic planning help organizational members?
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Study Notes
Strategic Planning Purpose
- The primary purpose of strategic planning is to define an organization's mission, vision, and objectives, and to develop a roadmap for achieving them.
Levels of Strategic Planning
- Corporate Level Strategy: primarily defines the organization's overall mission, vision, and scope, including what businesses to be in and how to allocate resources across them.
- Business Level Strategy: focuses on how to compete in a particular market or industry, including decisions on product offerings, pricing, and marketing.
- Functional Level Strategy: defines how to support business-level strategies, focusing on functional areas such as marketing, finance, and human resources.
Strategic Planning Benefits
- Strategic planning helps organizational members by providing a clear direction and guidelines for decision-making, aligning their efforts towards common goals, and increasing their sense of accountability.
- The primary focus of strategic planning with regard to managers is to provide a framework for making decisions and allocating resources to achieve organizational objectives.
Key Roles
- The key role of functional level strategy is to support business-level strategies by allocating resources and developing capabilities in functional areas.
- Strategic planning enables managers to make informed decisions, prioritize resources, and respond to changes in the environment.
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