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Questions and Answers
What is the main purpose of strategic planning?
What is the main purpose of strategic planning?
- Adapting the firm to take advantage of opportunities
- Setting up short-term plans for survival
- Identifying long-term goals and objectives for an organization (correct)
- Dealing with current business operations
What does a strategic plan enable a company to do?
What does a strategic plan enable a company to do?
- Adapt to current business challenges
- Focus solely on short-term survival
- Create short-term business strategies
- Achieve long-term goals and objectives (correct)
How does a strategic plan differ from annual and long-range plans?
How does a strategic plan differ from annual and long-range plans?
- It involves adapting the firm to take advantage of opportunities
- It focuses on short-term survival
- It sets the stage for the rest of the planning (correct)
- It deals with current business operations
