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The Strategic Planning Process

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Questions and Answers

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?

Ten to fifteen years

Five to ten years

One year

Two to five years (correct)

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?

<p>Industry and economic data</p> Signup and view all the answers

What are the three questions that a good strategic plan answers?

<p>Where are we going, what is the environment, how do we get there</p> Signup and view all the answers

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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Description

Test your knowledge on the strategic planning process and its role in achieving organizational goals. This quiz covers topics such as forecasting, setting long-range goals, and developing strategic plans. Challenge yourself and assess your understanding of planning techniques for success in business.