Strategic Planning Quiz

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The process of day-to-day decision making in an organization
The process of managing routine tasks in an organization
The process of defining an organization's strategy and allocating resources to attain goals (correct)
The process of short-term goal setting in an organization

<p>Setting strategic goals, determining actions, setting a timeline, and mobilizing resources (B)</p> Signup and view all the answers

<p>Two to five years (D)</p> Signup and view all the answers

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Strategic planning is a systematic process to formulate, implement, and evaluate business strategies to achieve organizational goals.

Strategic planning became prominent in corporations in the 1950s and 1960s, when businesses began to recognize the importance of long-term planning.

Top-level executives, such as CEOs, are typically responsible for overseeing and executing strategic planning within an organization.

A strategy involves defining an organization's mission, vision, objectives, and tactics to achieve specific goals.

Organizational action steps established in strategic planning are typically set for a period of 3-5 years, allowing for flexibility and adaptation to changing market conditions.