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C483 Questions and Correct Answers/ Latest Update / Already Graded

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What is Strategic Planning? Ans: Procedures organizations use in making decisions about long term goals and strategies. What are the 3 planning levels of management? Ans: Strategic, Tactical, Operational What is differentiation? Ans: organization focuses on offering a more customized product or service competitors are unwilling to meet. What is benchmarking? Ans: process of assessing how even one company's basic function compares to another. " best practices." 2 | Page Value Chain? Ans: sequence of activities that flow from raw materials to the delivery of a good or service. ( creates value at each step ) what are the ideas of mission and vision Ans: mission= steps you are taking / will take to get to the goal vision= end goal/long term go

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C483 Questions and Correct Answers/
Latest Update / Already Graded
What is Strategic Planning?


Ans: Procedures organizations use in making decisions about long term

goals and strategies.




What are the 3 planning levels of management?


Ans: Strategic, Tactical, Operational




What is differentiation?


Ans: organization focuses on offering a more customized product or

service competitors are unwilling to meet.




What is benchmarking?


Ans: process of assessing how even one company's basic function

compares to another. " best practices."

, 2 | Page

Value Chain?


Ans: sequence of activities that flow from raw materials to the delivery of

a good or service. ( creates value at each step )




what are the ideas of mission and vision


Ans: mission= steps you are taking / will take to get to the goal


vision= end goal/long term goal




What are the steps of the formal planning process?


Ans: 1.Situational Analysis


2.Alternative Goals & Plans


3.Goal & Plan evaluation


4.Goal and plan selection


5. Implementation


6. Monitor and control

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