How will you utilize the information? For successful performance of a firm, a unified and an integrated plan assumes the roles of operational executives.
Even if the future is uncertain, we can assign probabilities of occurrence of certain events. Strategic Planning is basically a policy-making function. These two profiles are prepared separately and then matched to determine strategic choices. It takes some months or sometimes years to make a complete one.
Distinguish between programmed strategy and contingency strategy. The high probability of occurrences and the severe impact once they occur Strategic planning final exam forward planning in specifying alternative action and quick regrouping to meet contingencies.
Recognizing and engaging the totals that achieved goals. In essence, strategic management concept has its focus on top management strategic activities in contrast to more routine operational management. Such game-plan has no external constraints like the constraints with respect to government control, suppliers and others found with a business firm.
The objectives and action plans should be established only after careful assessment and prediction of the future states of relevant environmental factors.
The plan, here, was a high-risk one since the company knew that other larger companies were developing competing technologies. This is exceptionally troublesome on the grounds that if the execution is not successful, then there is a loss of investment, time, and in all others ways, and the organization is going to endure a considerable measure.
This could be acknowledged by him simply on the off chance that he takes care of an incredible correspondence with everyone who fits in with the piece of a key planning methodology and the guidance.
As a result of such study, the respective ratings and hence the ranks of the product-market alternatives should be adjusted. Name the aspect, describe it, and explain the implication for your workplace. So we have to enhance these, and focus on touching base at them one after interchange makes to attain mission easily.
Similarly we can get the obliged staff knowing past goals. Strategic Planning refers to the development of strategic plans that involve taking information from the environment and deciding upon an organisational mission, and upon objectives, strategies, and a portfolio plan Rosenberg and Schewe, Business Horizons, Contingency planning prevents panic in crisis situations and encourages the managers for quick response to change.
There are two basic ingredients in this process: Key organizing should incorporate those people, and low and medium level bosses where a chain could be confined successfully and organizing could be suitable from beginning to end and base to top correspondence.
This could be accomplished simply by outfitting the quality things and headway of new things as the time changes.
Strategic planning is a philosophy and more of a thought process; an intellectual exercise than a prescribed set of and seek to learn what opportunities and threats they face.
But a game plan or theory is not exactly a strategy or vice-versa. The managers and executives who prefer well-defined roles like this strategy. Yet, they fulfil the basic issues given in the definitions of strategic planning.
Gathering the people and every interesting makes correspondence feasible and further form steps could be discussed. For example, a consumer goods manufacturer say, Lakme may face increasing population in the key age group along with increasing income—this provides an opportunity for sales growth.
A contingency plan is a plan to cope with critical developments e. Some frequently asked exam questions on strategic planning are as follows: A spirit of creativity and initiative in the managerial personnel.
The two types are: The Leader should recognize the people inside and remotely who have view towards the organization change and join them in the plan. Can be generated extraordinary parts and commitments.
What information will you include and where will you get your information? Situational design refers to the fact that each corporate enterprise is unique in its various dimensions such as diversity of operations, industry, arid strategy. In like manner, its superior must know the external regular components and examples.
This extends the characteristics of the organization, and this must be offered need to the company methodologies while moving forward.Strategic Management Exam Questions Question -1 The final cost of developing new activities internally may be greater than by acquiring other companies the spread of cost may be more favorable and realistic.
The practical implications are that the managers involved in planning strategic change should in fact be paying as much attention. Learn strategic management exam 1 with free interactive flashcards. Choose from different sets of strategic management exam 1 flashcards on Quizlet.
Start studying Strategic Planning Final Exam Study Guide. Learn vocabulary, terms, and more with flashcards, games, and other study tools. strategic planning and have them master the mechanics of strategic planning for Strategic Plan Final Presentation points devote 5 hours per week studying for the certification exam utilizing the study material on the website CertifyTeacher.
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PD2 Exam Exemplar Questions Mar Page 3 of 8 Candidates must demonstrate a robust understanding of the academic principles and their practical application in relation to strategy (9 marks), strategic planning (8 marks) and strategy development (8.Download