1. Strategic planning is the process by which an
organization makes decisions and takes actions that affect its long-run
performance.

2. Strategic
Management refers to overall, long-run management, including planning,
organizing, leading, and controlling effectively and efficiently over the
long-run.

3. Strategic
planning is a part of strategic management.

4. The
four stage process of strategic planning includes strategic analysis, strategy
formulation, strategy implementation, and strategic evaluation and control.

5. The
strategy formulation phase of the strategic planning process addresses the
question, “What is the current position of the organization?”

6. While
the level of sophistication and formality of the strategic planning process
will differ among organizations, the process itself should be similar across
all organizations.

7. Information
gathered during the strategic analysis stage serves as a foundation for the
implementation stage.

8. The
strategic implementation phase involves doing the things necessary to ensure
that the strategy of the organization is achieved effectively and efficiently.

9. The
information gathered during strategy implementation serves as a foundation for
the formulation of the organization’s strategic plan.

10. A
comprehensive plan that provides overall direction for the organization is
known as a strategic plan.

11. What
is the current position of the organization? is asked during the strategic
analysis phase of strategic planning.

12. Strategic
control mechanisms identify deviations between actual and planned results so
that managers can make the adjustments necessary to ensure that organizational
goals can be achieved in the long term.

13. An
organization monitors its progress toward its strategic goals during the
strategic implementation phase.

14. Strategic
analysis requires two primary activities: internal analysis and financial
analysis.

15. The
purpose of an external environmental analysis is to identify the assets,
resources, skills, and processes that represent either strengths or weaknesses
for the organization.

16. The
three primary activities of strategic analysis are: 1) assessing the mission of
the organization; 2) conducting an external environmental analysis; and, 3)
conducting an internal environmental analysis.

17. Opportunities
are internal aspects of the organization’s operations that represent potential
competitive advantages or distinctive competencies, while threats are those
internal areas that need improvement.

18. A
mission statement describes three primary aspects of an organization: 1) its
target markets; 2) its primary products and services; and, 3) an outline of the
overall strategy for delivering these products and services to satisfy
customers in its target market.
1. Strategic planning is the process by which an
organization makes decisions and takes actions that affect its long-run
performance. 2. Strategic
Management refers to overall, long-run management, including planning,
organizing, leading, and controlling effectively and efficiently over the
long-run. 3. Strategic
planning is a part of strategic management. 4. The
four stage process of strategic planning includes strategic analysis, strategy
formulation, strategy implementation, and strategic evaluation and control. 5. The
strategy formulation phase of the strategic planning process addresses the
question, “What is the current position of the organization?” 6. While
the level of sophistication and formality of the strategic planning process
will differ among organizations, the process itself should be similar across
all organizations. 7. Information
gathered during the strategic analysis stage serves as a foundation for the
implementation stage. 8. The
strategic implementation phase involves doing the things necessary to ensure
that the strategy of the organization is achieved effectively and efficiently. 9. The
information gathered during strategy implementation serves as a foundation for
the formulation of the organization’s strategic plan. 10. A
comprehensive plan that provides overall direction for the organization is
known as a strategic plan. 11. What
is the current position of the organization? is asked during the strategic
analysis phase of strategic planning. 12. Strategic
control mechanisms identify deviations between actual and planned results so
that managers can make the adjustments necessary to ensure that organizational
goals can be achieved in the long term. 13. An
organization monitors its progress toward its strategic goals during the
strategic implementation phase. 14. Strategic
analysis requires two primary activities: internal analysis and financial
analysis. 15. The
purpose of an external environmental analysis is to identify the assets,
resources, skills, and processes that represent either strengths or weaknesses
for the organization. 16. The
three primary activities of strategic analysis are: 1) assessing the mission of
the organization; 2) conducting an external environmental analysis; and, 3)
conducting an internal environmental analysis. 17. Opportunities
are internal aspects of the organization’s operations that represent potential
competitive advantages or distinctive competencies, while threats are those
internal areas that need improvement. 18. A
mission statement describes three primary aspects of an organization: 1) its
target markets; 2) its primary products and services; and, 3) an outline of the
overall strategy for delivering these products and services to satisfy
customers in its target market.