Q AT 690 Chapter 12 Notes – Strategic Planning (92pts) 1. You need well-constructed and well-defined ________________. 2. Many organizations do their planning on the ____________. 3. Few organizations plan a _______________ in advance and few develop a ____________ range plan. (2pt) 4. _______________ to plan is planning to ___________! (2pts) 5. Strategic planning is a ________________planning process that is typically conducted every _______________ to ________________ years. (3pts) 6. The purpose of strategic planning is to assess the organizations current ______________ and that of the _____________________ to identify _____________ and __________________ that will help move the organization forward in the next three to five years. (4pts) 7. One of the primary purposes of strategic planning is to allow the organization to take the time to look at what has ________________ in the market place and within the organization. 8. Strategic planning helps to make sure that we do not try to do too _________ to ________ because _______________ and ________________ are limited. (4pts) 9. Effective strategic planning is not done in _______________________. 10. Care needs to be taken to assure that the knowledge that we can obtain about the state of the economy, the market, and our company are ________________. 11. What are the three key issues that you need to address to develop and effective strategic plan? (3pts) 1. 2. 3. 12. _____________________ are those people or organizations who have a vested interest in the success or failure of the company. 13. A strategic plan should draw upon the collective knowledge of as many stakeholders as possible which includes both the ________________ and _______________ stakeholders.(2pts) 14. List some examples of stakeholders.(3pts) 15. The two major tools that that are essential to developing a strategic plan are the ________________________ scan and the ________________ analysis.(2pts) 16. An environmental scan is similar to a _____________________ forecast. (2pts) 17. There are two types of scans. What are they? (2pts) 18. The internal scan takes a look at the current state of the _____________________. 19. Internal scan looks at the __________________ health and whether it is making a _____________. (2pts) 20. Other internal scans would look at _____________over several years, ________________ the company currently faces, the ____________________ of the company in the local market, is the company in a strong position to move forward and what are the pressing ____________? (4pts) 21. Data needed to complete the internal scan are gathered from the __________________ and __________________ records. (2pts) 22. The external scan looks at the _________________ and ________________ of the company in a very different manner. (2pts) 23. The two best sources for the external data are _______________ economic data and input from _____________________. (2pts) 24. Public data is available from ___________, ___________ and ________________ sources. (3pts) 25. ______________ groups can also be convened specifically for obtaining external data. 26. The goal of a focus group is to get a _______________ _____________ of input on the local business climate as well as the _______________________ of different customer groups in the market. (2pts) 27. What does the acronym SWOT stand for? (4pts) 28. A couple questions an organization should ask is: What are we ____________ at or what do we do ______________? (2pts) 29. It is important to make sure to know what sets you apart from the ___________________. 30. With weakness you need to ask what do we do ______________ or what is the ___________________ doing better than us? (2pts) 31. Weaknesses may be areas that you want to address but may be areas you are not __________________ of addressing. 32. It may be too ____________________ to change your weakness. 33. You may not be able to address all of your weakness but you must ____________ them. 34. You need to decide whether you should invest your resources to __________________ your weakness or invest them to build up your ____________________. (2pts) 35. Based on your company, your industry, and your market you need to look at what unique _______________________ currently exists. 36. You can’t do ____________________ and you don’t have unlimited ____________ or ___________________. (3pts) 37. Your ______________ successes do not guarantee _____________ success.(2pts) 38. You should always be aware of the ______________ and take them into account when planning. 39. After you have done all of the research you need to refocus on your _______________ _____________________ which are your unique strengths and characteristics of your organization that allows you do some things better or different than anyone else. 40. As with any planning no one can see into the ________________. 41. Because strategic planning is 3-5 years there are things that can happen that you have no control over that could alter your plans so it is important to make your _____________-term, ____________________ and _______________ plans even more specific. (3pts) 42. Every plan, especially a strategic plan requires __________________ and ________________. (2pts) 43. Each of the goals and objectives must be ___________________and __________________. (2pts) 44. You must have a clear measure that will allow you to know when each goal has been ______________________. 45. You can break your goal down based on an ___________________ goal that has three parts. 46. The three parts of an operation goal are accomplished when a _______________ result (the goal) has been ___________________(by what time) as measured by what ____________ (specific target). (3pts)