An organization's strategic plan consists of the actions that management plans to take in the near future. True or false? Explain and justify your answer.
What will be an ideal response?
True. Developing a strategic vision and mission, strategic management, and crafting a strategy are basic direction-setting tasks. They map out where a company is headed, its purpose, the targeted strategic and financial outcomes, the basic business model, and the competitive moves and internal action approaches to be used in achieving the desired business results. Together, these elements constitute a strategic plan for coping with industry conditions, outcompeting rivals, meeting objectives, and making progress toward aspirational goals. Typically, a strategic plan includes a commitment to allocate resources to the plan and specifies a time period for achieving goals (usually three to five years).
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Match the following elements of a business plan with their descriptions.
a. Executive summary. Choose... i) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls. ii) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners). iii) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors. iv) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted. b. The business opportunity. Choose... i) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls. ii) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners). iii) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors. iv) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted. c. Marketing and promotional strategy. Choose... i) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls. ii) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners). iii) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors. iv) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted. d. Operational strategy. Choose... i) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls. ii) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners). iii) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors. iv) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.
Feasibility reports answer such questions as Will this plan or proposal work?
Indicate whether the statement is true or false
Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Beginning InventoryEnding InventoryFinished goods (units)22,000?72,000?Raw material (grams)52,000?42,000?Each unit of finished goods requires 2 grams of raw material. The company plans to sell 690,000 units during the year.The number of units the company would have to manufacture during the year would be:
A. 638,000 units B. 690,000 units C. 762,000 units D. 740,000 units
Dallas asks Eddie if he can store his furniture in Eddie's garage while he serves a tour of duty with the U.S. Marines Corps. Eddie agrees. This is
a. a bailment. b. accession. c. a gift causa mortis. d. abandoned property.