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Questions and Answers
Which of the following is NOT one of the major areas of concern in a strategic plan?
Which of the following is NOT one of the major areas of concern in a strategic plan?
- Market standing
- Social responsibility
- Customer preferences (correct)
- Innovation
What is the time frame for long-range organizational goals in a strategic plan?
What is the time frame for long-range organizational goals in a strategic plan?
- Ten to fifteen years
- Five to ten years
- One year
- Two to five years (correct)
What is the purpose of the strategic planning process?
What is the purpose of the strategic planning process?
- To establish effective short-term goals
- To analyze industry and economic data
- To determine appropriate actions (correct)
- To respond to forecasts and goals
What type of information do managers need to study in order to establish effective long-term goals?
What type of information do managers need to study in order to establish effective long-term goals?
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What are the three questions that a good strategic plan answers?
What are the three questions that a good strategic plan answers?
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Study Notes
Strategic Planning
- One of the options that is NOT a major area of concern in a strategic plan is not provided in the text.
Long-Range Organizational Goals
- The time frame for long-range organizational goals in a strategic plan is typically 3-5 years or more.
Purpose of Strategic Planning
- The purpose of the strategic planning process is to establish effective long-term goals and to determine the actions necessary to achieve them.
Establishing Effective Long-Term Goals
- Managers need to study environmental scanning data, which includes information about the organization's internal and external environments, in order to establish effective long-term goals.
Key Questions in a Strategic Plan
- A good strategic plan answers three key questions:
- Where are we now?
- Where do we want to be?
- How will we get there?
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