Strategic Planning Flashcards
6 cards from real CBA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Strategic Planning flashcards as text
What is the primary purpose of strategic planning in business?
Answer: Set long-term goals and direction
Strategic planning sets long-term goals and defines the direction of the organization to achieve competitive advantage.
Which analysis tool is commonly used in strategic planning?
Answer: SWOT analysis
SWOT analysis helps identify internal strengths and weaknesses, as well as external opportunities and threats.
What role do mission and vision statements play in strategic planning?
Answer: Guide strategic direction and goals
They provide foundational direction and purpose, guiding decision-making and goal setting.
Why is environmental scanning important in strategic planning?
Answer: To adapt to external changes and opportunities
It allows organizations to monitor external trends and adjust strategies accordingly to remain competitive.
Which of the following is a key element of a strategic plan?
Answer: Strategic objectives
Strategic objectives define what the organization aims to accomplish, helping align initiatives and allocate resources.
What is a benefit of having a well-defined strategic plan?
Answer: Aligns the organization around shared goals
A strategic plan helps ensure everyone in the organization works toward common goals, improving efficiency and focus.