Define strategic planning. Discuss the steps involved
What will be an ideal response?
The process of matching a firm's resources and capabilities to its market opportunities is called strategic planning. At the outset, beginning at the corporate level, each company must define its overall mission. What is our business? Who is the customer? How should we develop our company's capabilities and focus its efforts? Answers to these questions are crucial in writing a clear mission statement. Missions should not be too broad, too narrow, or too shortsighted. The next step in strategic planning is evaluating the internal and external environment of the firm. After conducting a SWOT analysis, top management needs to translate the firm's mission statement into organizational or SBU-level objectives. These objectives should be specific, measurable, attainable, and sustainable. The fourth step is to establish the business portfolio. The final step in strategic planning is to develop growth strategies, such as market penetration strategies, product development strategies, market development strategies, and diversification strategies.
You might also like to view...
Sally was working on a team that was comprised of colleagues from a different cultural background who value time differently. Sally was consistently frustrated with the way the team worked together, lamenting that meetings often started late and went well beyond their scheduled end time. While her colleagues were focused on developing relationships across the team, Sally just wanted to get her work done and move onto the next task. What is Sally lacking in this scenario?
a. self-awareness b. global view c. cultural competence d. none of the above
When attempting to startle or shock your audience as an attention-getting technique, you should ask yourself all of the following EXCEPT
a. will audience members perceive it as relevant to the topic? b. will it ignite their emotions so they believe what I say? c. will they follow it without difficulty? d. will it ignite their interest?
Acquiring ownership of realty by openly treating it as one's own, with neither protest nor permission from the real owner, for a statutorily established period of time is called condemnation
Indicate whether the statement is true or false
Local income taxes may be taken as an itemized deduction on your federal tax return
Indicate whether the statement is true or false.