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Strategic Planning Process: Hierarchy of Goals and Five Dynamic Stages

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Strategic Planning Process: Hierarchy of Goals and Five Dynamic Stages

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Questions and Answers

What are the characteristics of objectives in the objective formulation stage of planning?

Specific, measurable, attainable, result-oriented, time-bound (correct)

Specific, variable, achievable, result-oriented, time-bound

General, measurable, attainable, resource-oriented, time-bound

General, variable, achievable, resource-oriented, time-bound

Which approach involves implementing a new action and stopping the old action it will replace?

Parallel Conversion

Pilot Conversion

Direct Conversion (Turnkey) (correct)

Phase-in/Phase-out Conversion

What does the 'Situation Appraisal' stage of planning involve?

Strengthening strengths and weakening weaknesses

Matching weaknesses and threats with strengths or opportunities

Translating schemes into actions

Conducting a prognosis and diagnosis (correct)

Which conversion approach involves operating the old and new action simultaneously?

Parallel Conversion Signup and view all the answers

Which conversion approach is recommended for organizations with homogeneous parts?

Pilot Conversion Signup and view all the answers

Which disadvantage is associated with the Phase-in/Phase-out Conversion approach?

Action may be satisfactory when taken individually but disastrous when integrated with other parts of the action Signup and view all the answers

What does a business model entail?

Strategic design for how a company intends to profit from its strategies, processes, and activities Signup and view all the answers

Why is planning criticized in strategic management?

It reinforces success which can lead to failure Signup and view all the answers

In the Strategic Management Process, what does external analysis involve?

Opportunities and threats in the organization's environment Signup and view all the answers

What does 'internal analysis strength' refer to?

Resource advantage relative to competitors and the needs of the markets served by the firm Signup and view all the answers