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Exam 6: Developing a Business Strategy

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Question 51

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Like for-profit entities,not-for-profits must develop operational tactics which produce positive financial results for the organization.

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Question 52

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Explain the processing of the three parts of the strategic plan.

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The formulation of the strategic plan ca...

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Question 53

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__________ that outlines the fundamental purposes of their organization.

What is the final phase of the strategic planning process?

Small and medium-size business owners need to assess and anticipate the changes which are occurring within their markets.

Corporate level tactics are developed after the corporate level and business level strategies and objectives have been identified.

An identification of competitive advantage is a key component of the operating plan development process.

Today's business environment changes so rapidly that strategic planning is becoming more difficult and subject to change.

Purpose is one of the six key areas that business managers answer in the development of a business strategy.

Macro-economic is one of the key areas in which the I/E Analysis is assessing business risk and change.

Strategic planning is now much easier than it used to be because managers have access to very reliable computerized forecasting tools.

Karen Jobs is a supervisor who deals directly with a group of production line workers.She spends several hours each week developing specific work assignments and production schedules for the coming week so that the production department can meet its short-term production objectives.This suggests that a significant component of Karen's job involves:

The identification of competitive advantages which the organization possesses is a key components of the operating plan development process.

A mission statement outlines the fundamental purposes of an organization.

A mission statement is a forward-thinking statement which defines what a company wants to become and/or where it is going.

A key component of the operating plan development process is:

What is a key requirement of the strategic execution phase?

Developing a business strategy looks at each of the six areas individually,but also holistically,in determining the road which an organization should take.

In formulating and implementing strategy in the social economy,managers must ensure that their actions guide the economic activity of the not-for-profit (NFP),as well as other strategy considerations.

The following are key components of the operating plan development process,except: