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What is a primary benefit of enterprise resource planning (ERP) in supply chain activities?
How does digital medicine utilize technology in surgical procedures?
Which of the following is NOT a function of e-banking?
What is one reason e-learning has gained popularity?
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Which statement about product innovation is accurate?
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What phase of the supply chain management involves sourcing and ordering materials?
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What role do androids play in surgical operations?
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Which of the following is NOT a component of supply chain management?
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Which area does enterprise resource planning NOT typically enhance?
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How is supply management related to purchasing?
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What is a significant concern related to e-security?
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Which activity is part of logistics in supply chain management?
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What is one of the responsibilities of supply management?
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Which of the following best describes the role of marketing and sales in the supply chain?
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What does tracking supplier performance involve in supply management?
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Which activity is part of production and operations in supply chain management?
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What role does information technology play in military applications?
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Which environmental issue is emphasized as a critical concern globally?
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What is the primary focus of a medium/long-range plan?
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What is one major consequence of using non-biodegradable materials?
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Which of the following describes an annual/yearly plan?
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How does mismanaged disposal of toxic wastes affect public health?
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What is the first step involved in strategic planning?
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In the context of strategic planning, which action follows stating the respective goals and objectives?
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What environmental problem arises from the use of dynamites?
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What is a key characteristic of strategic planning steps?
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Which of the following is a consequence of climate change mentioned in the content?
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Why is it important for an organization to monitor the implementation of strategies?
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What is indicated as a significant effect of high pollution levels in underdeveloped countries?
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What environmental change is exacerbated by deforestation?
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What role does environmental scanning play in strategic planning?
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What is defined as the expertise, insight, and wisdom possessed by an entity that guides its competitive journey?
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How does an organization choose the best strategy from multiple options?
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Which of the following accurately describes environmental scanning?
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Which factors influence the effectiveness of environmental scanning?
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What types of information are considered primary data?
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What characterizes the competitive environment while conducting environmental scanning?
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What are the two main processes involved in environmental scanning?
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Why can conducting environmental scanning be considered demanding?
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Which of the following statements correctly differentiates between primary and secondary information?
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Study Notes
Strategic Planning
- Two main types:
- Medium/Long-range plan: covers 3-5, 10 or more years. Focuses on major external factors impacting the organization's long-term objectives, strategies, and resource needs.
- Annual/Yearly plan: Short-term, covering the upcoming year. Outlines the organization's current situation, goals, objectives, strategies, monitoring methods, and budget.
- Strategic planning steps: iterative, cyclical, and integrative.
- Situation Audit: Assessing the organization's current position.
- Goal and Objective Setting: Defining the organization's desired future state, including values, mission, and strategy.
- Strategy Development: Identifying strategies to achieve the desired objectives.
- Strategy Selection: Choosing the most effective strategy for achieving goals.
- Strategy Implementation Monitoring: Measuring performance against strategy execution.
- Continuous Reassessment: Implementing improvements and changes based on performance feedback.
Environmental Scanning
- The process of assessing both external and internal forces impacting an organization.
- External environment encompasses social, economic, political, technological, and environmental factors that can influence an organization.
- Competitive environment includes competitors, suppliers, customers, stakeholders, culture, and government.
- Environmental scanning involves monitoring the surroundings to identify early indicators of opportunities and challenges.
- Two approaches:
- Informal scanning: Leverages experience and expertise for effortless assessment.
- Formal scanning: Requires in-depth, precise data collection and analysis, demanding speed, information availability, and financial resources.
Strategic Information
- Consists of facts and data used to help achieve organizational vision, mission, and goals.
- Sourced from both internal and external environments.
- Classified as primary (gathered through personal experience, observation, or experimentation) or secondary (collected from reports, internet sources, and published materials).
Modes of Environmental Scanning
- Two processes:
- Information viewing: Simply observing data.
- Information searching: Actively seeking specific data.
- Technological advancements have made data collection and analysis more efficient and accessible. Examples include:
- Product innovation: Easier to create.
- Product development: Faster and less complex.
- Enterprise resource planning (ERP): Widely used in supply chain activities (purchasing, inventory management, scheduling, logistics, and financial management).
- E-banking: Facilitates online banking transactions.
- E-learning: Enables online education and distance learning.
- Digital medicine: Utilizes technology in medical research and treatments (e.g., stem cell research, robotic surgery).
- E-security: Utilizes technology for security applications (e.g., military intelligence, surveillance, and counterterrorism).
Environmental Forces
- Emphasize the need for environmental responsibility and sustainable practices.
- Key issues:
- Climate Change: Global warming resulting from the use of non-biodegradable materials, leading to extreme weather events.
- Environmental Waste Management: Concerns about air, water, and noise pollution, as well as waste disposal, contributing to health issues.
- Preservation of Rainforests and Marine Life: Protecting these ecosystems from depletion and degradation.
Supply Chain Management
- Addresses the entire business process from raw material sourcing to product delivery to end users or consumers.
- Focuses on value creation throughout the chain.
- Key activities:
- Supply management: Sourcing, ordering, and managing inventory of raw materials, parts, and services.
- Production and operations: Manufacturing and assembly.
- Logistics: Warehousing, inventory tracking, order management, distribution, and delivery.
- Marketing and sales: Promoting and selling products and services.
Supply Management
- Modern term used for purchasing or procurement.
- Key responsibilities:
- Identifying material and service needs.
- Locating and selecting suppliers.
- Negotiation and contract management.
- Acquiring necessary materials, services, and equipment.
- Monitoring inventory levels.
- Tracking supplier performance.
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Description
This quiz explores the essentials of strategic planning, focusing on both medium/long-range and annual plans. It covers the strategic planning process, including situation audits, goal-setting, strategy development, and performance monitoring. Test your understanding of these critical concepts in organizational strategy.
