Briefly explain the steps involved in the strategic planning process.
What will be an ideal response?
Answers will vary. Strategic planning is the most fundamental part of the planning process, since all other plans-and most major management decisions-stem from the strategic plan. The strategic planning process typically includes the following steps:1. Defining the mission of the organization: The mission of an organization articulates its essential reason for being. It defines the organization's purpose, values, and core goals, providing the framework for all other plans.2. Evaluating the organization's competitive position: Many companies use a SWOT analysis (strengths, weaknesses, opportunities, and threats) to evaluate where they stand relative to the competition.3. Setting goals for the organization: Strategic goals represent concrete benchmarks that managers can use to measure performance in each key area of the organization. They must fit the firm's mission and tie directly to its competitive position.4. Creating strategies for competitive differentiation: Strategies are action plans that help the organization achieve its goals by forging the best fit between the firm and the environment.5. Implementing strategies: Implementation should happen largely through tactical planning. Middle managers in each key area of the company must develop plans to carry out core strategies in their area.6.Evaluating results and incorporating lessons learned: Evaluation of results should be a continual process, handled by managers at every level as part of their controlling function.
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A) a company's first step in seeking promising candidates. B) helpful for high-tech companies, but not for others. C) the most successful way for companies to discourage unqualified candidates from applying. D) an effective way for companies to limit the number of applications they receive. E) a company's last resort, after it has exhausted other possibilities for finding desirable candidates.
Which of the following statements is not descriptive of common stock?
a. Stockholders are considered owners, not creditors, of a corporation. b. The payment of dividends is never required. c. Dividends paid are an expense for the issuing corporation. d. Issuing stock is less risky than issuing bonds.
Answer the following statements true (T) or false (F)
The disclosure requirements of SFAS No. 132 pertain to both pensions and OPEBs where applicable.
The tendency to make external attributions about our own behavior when an external reward is given is called:
a) Internal and external attribution b) Interpretation and judgment c) Self-perception theory d) Overjustification