Question 1

The three planning levels are corporate,business,and daily.

Accepted Answer

The three planning levels are corporate, business, and functional, not daily.

Question 2

A corporate strategy is the strategic plan for managing multiple lines of business.

Accepted Answer

A corporate strategy is the strategic plan for managing multiple lines of business. It outlines how a company will allocate resources and make strategic decisions to achieve its overall goals and objectives.

Question 3

Operational planning is the process of developing a mission and long-range objectives and determining in advance how they will be accomplished.

Accepted Answer

Operational planning is the process of developing specific short-term goals and identifying the resources and actions required to achieve them. Mission and long-range objectives are more often associated with strategic planning.

Question 4

Critical success factors are what a firm does well.

Accepted Answer

Critical success factors are the essential areas of activity that must be performed well for a business to achieve its goals, not necessarily what a firm already does well.

Question 5

Performance factors are the few major things that the business must do well to be successful.

Accepted Answer

The answer of Performance factors are the few major things...

Question 6

Strategic planning is the process of developing a mission and long-range objectives and determining in advance how they will be accomplished.

Accepted Answer

This is the definition of strategic planning. The process typically involves analyzing the organization's strengths and weaknesses, assessing opportunities and threats in the external environment, setting goals and priorities, and creating a roadmap for achieving them.

Question 7

"Perfect service for every customer" is considered an effective objective.

Accepted Answer

While providing perfect service for every customer may seem like a desirable goal, it may not be feasible or achievable in reality. It is better to set more specific and measurable objectives that can be realistically attained. For example, aiming to improve response time, increase customer satisfaction ratings, or reduce complaints could be more effective objectives.

Question 8

The strategic planning process is a linear process.

Accepted Answer

The strategic planning process is not always linear, as it typically involves several feedback loops and continuous assessment and revision of goals and strategies. It is a dynamic process that can involve various steps that are not always followed in a strict linear sequence.

Question 9

The five planning dimensions include management level,type of plan,scope,time,and repetitiveness.

Accepted Answer

The five planning dimensions are indeed management level, type of plan, scope, time, and repetitiveness.

Question 10

A business strategy is the strategic plan for managing multiple lines of business.

Accepted Answer

A business strategy is the strategic plan for managing and achieving long-term objectives for one specific business or organization. It may involve multiple tactics or approaches, but it is focused on the overall success of one entity, not multiple lines of business.

Question 11

A functional strategy is the strategic plan for managing one line of business.

Accepted Answer

A functional strategy is not specific to one line of business, but rather focuses on a particular function within a company, such as marketing or finance. A strategic plan for managing one line of business would be considered a business-level strategy.

Question 12

The writing effective objectives model includes (1)the word to followed by (2)an action verb; (3)a statement of the single,specific,and measurable result to be achieved; and (4)a target date.

Accepted Answer

This is the correct format for writing effective objectives.

Question 13

A situation analysis focuses on those features in a company's environment that most directly affect its options and opportunities.

Accepted Answer

A situation analysis is an assessment of the internal and external factors that influence a company's performance and strategy. The analysis identifies the strengths, weaknesses, opportunities, and threats (SWOT) that a company faces in its environment. The aim is to identify those factors that are most critical to the success of a company and to develop strategies that address those factors. Therefore, a situation analysis focuses on those features in a company's environment that most directly affect its options and opportunities.

Question 14

"To earn a net profit of $1 million in 2011" is considered an effective objective.

Accepted Answer

The objective is specific, measurable, achievable, relevant, and time-bound, which makes it effective.

Question 15

Scanning the environment is the process of comparing an organization's products or services and processes with those of other companies.

Accepted Answer

Scanning the environment involves analyzing external factors and trends that could impact an organization, not comparing products or services with other companies.

Question 16

A SWOT analysis focuses on those features in a company's environment that most directly affect its options and opportunities.

Accepted Answer

The answer of A SWOT analysis focuses on those features...

Question 17

Upper-level managers develop operational plans.

Accepted Answer

Upper-level managers are responsible for developing strategic plans, not operational plans. Operational plans are developed by middle-level managers.

Question 18

Developing the mission is the first step in the strategic planning process.

Accepted Answer

Developing the mission statement is typically the first step in the strategic planning process, as it sets the overall direction and purpose of the organization.

Question 19

Objectives state what is to be accomplished in singular,specific,and measurable terms with a target date.

Accepted Answer

Objectives should be specific, measurable, and have a target date so that progress can be tracked and success can be clearly defined.

Question 20

A strategy is a plan for pursuing a mission and achieving objectives.

Accepted Answer

This statement is true. A strategy is a methodical plan, approach, or procedure used by an organization or individual to achieve predetermined goals or objectives. It involves making choices and setting priorities in order to allocate resources and coordinate activities.

Quiz 4: Strategic and Operational Planning