Strategic planning basics, SWOT analysis, and mission and vision statements from an intro management course.
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- What is strategic planning?
- The process of defining an organization's direction and making decisions about how to allocate resources to pursue that direction.
- What is a mission statement?
- A concise description of an organization's purpose, core values, and the reason it exists.
- What is a vision statement?
- A statement describing what an organization aspires to become in the future; its long-term aspirations.
- What does SWOT analysis stand for?
- Strengths, Weaknesses, Opportunities, Threats.
- In SWOT analysis, what are strengths?
- Internal positive attributes and resources that give an organization a competitive advantage.
- In SWOT analysis, what are weaknesses?
- Internal negative attributes or resource limitations that may hinder the organization's performance.
- In SWOT analysis, what are opportunities?
- External positive conditions or favorable circumstances that the organization can exploit to its advantage.
- In SWOT analysis, what are threats?
- External negative conditions or challenges that could harm the organization's performance.
- What are strategic objectives?
- Specific, measurable goals that an organization establishes to support its mission and vision over a set timeframe.
- What is the difference between a goal and an objective in strategic planning?
- Goals are broad, long-term desired outcomes; objectives are specific, measurable targets that support goals with defined timeframes.
- What are stakeholders in an organization?
- Individuals or groups who have an interest in or are affected by the organization's decisions and performance.
- What is competitive advantage?
- A unique strength or capability that allows an organization to outperform competitors and deliver greater value to customers.
- What is internal analysis in strategic planning?
- An examination of the organization's internal strengths, weaknesses, resources, and capabilities.
- What is external analysis in strategic planning?
- An examination of factors outside the organization, including market conditions, competitors, and the broader business environment.
- What is market analysis?
- An assessment of market size, growth trends, customer needs, and market segments to inform strategic decisions.