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Strategic Planning Quiz

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Questions and Answers

What is strategic planning?

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

When did strategic planning become prominent in corporations?

During the 1960s (correct)

During the 1950s

During the 1970s

During the 1980s

Who is responsible for executing strategic planning?

External consultants

Frontline employees

Middle-level managers

Strategic planners or strategists (correct)

What does a strategy involve?

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

How long are the organizational action steps established in strategic planning?

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

Study Notes

Strategic Planning Fundamentals

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

History of Strategic Planning

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

Roles and Responsibilities

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

Strategic Planning Components

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

Action Steps and Timeline

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.

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Description

Test your knowledge of strategic planning with this quiz! Explore key concepts, tools, and techniques used in strategic planning, and assess your understanding of its role in guiding organizational decisions and resource allocation.