Strategic Planning & Growth Development 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 & Growth Development flashcards as text
What is the purpose of a SWOT analysis in strategic planning?
Answer: To assess internal and external factors
SWOT analysis helps identify strengths, weaknesses, opportunities, and threats, providing a foundation for informed strategic decisions.
Which metric is most commonly used to track business growth over time?
Answer: Revenue growth
Revenue growth is a key metric used to evaluate whether a business is expanding its operations and customer base.
Why is setting SMART goals important in business planning?
Answer: They provide structured and trackable objectives
SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound, helping ensure strategic clarity and focus.
What is the benefit of using KPIs in a strategic growth plan?
Answer: They serve as performance benchmarks
Key Performance Indicators (KPIs) provide measurable benchmarks to track progress toward business goals.
What is a business's 'mission statement' primarily used for?
Answer: To guide the company’s purpose and values
A mission statement defines a company’s purpose, guiding internal decision-making and informing stakeholders of its core values.
Which strategic approach helps businesses adapt to changing market conditions?
Answer: Flexible strategic planning
A flexible or adaptive strategy enables businesses to shift priorities and resources in response to evolving market trends or disruptions.