EXAMS SET QUESTIONS AND SOLUTIONS
2026.
◍ Situational Analysis
(step 1 of planning). Ans: A process planners use to gather, interpret,
and summarize all information relevant to the planning issue under
consideration
◍ Goal
(step 2a). Ans: A target or end that management desires to reach.
◍ Plans
(step 2b). Ans: The actions or means managers intend to use to
achieve organizational goals.
◍ Contingency plan. Ans: "What if" plans. Include actions to be
taken if initial plans don't work well or if events demand a sudden
change.
◍ Goal and Plan Eval
,(step 3). Ans: evaluate advantage, disadvantages, and potential effects
of each goal/plan. Prioritize goals, and eliminate some. Pay attention
to cost and ROI.
◍ Scenario. Ans: A narrative that describes a particular set of future
conditions
◍ Planning Steps. Ans: 1. Situational Analysis
2. Alternative Goals and Plans
3. Goal & Plan Evaluation
4. Goal & Plan Selection
5. Implementation
6. Monitor & Control
◍ Strategic Planning. Ans: A set of procedures for making decisions
about the organization's long-term goals and strategies
Have strong external orientation & cover major portions of the
organization.
◍ Strategic Goals. Ans: Major targets or end results relating to the
organization's long-term survival, value, and growth.
-reflect effectiveness and efficiency.
,◍ Strategy. Ans: A pattern of actions and resource allocations
designed to achieve the organization's goals.
◍ 5 questions to answer for EFFECTIVE STRATEGIES. Ans: 1.
Where will we be active?
2. How will we get there?
3. How will we win in the market?
4. How fast will we move and in what sequence will we make
changes?
5. How will we obtain financial returns?
◍ Tactical Planning. Ans: A set of procedures for translating broad
strategic goals and plans into specific goals and plans that are relevant
to a distinct portion of the organization, such as a functional area like
marketing.
◍ Operational Planning. Ans: The process of identifying the
specific procedures and processes required at lower levels of the
organization.
◍ Strategy Map. Ans: a tool for communicating strategic goals and
helping employees to understand the parts they will play in helping to
achieve them. Illustrates 4 key drivers:
1. skills of its people and ability to grow & learn.
2. effectiveness of its internal processes.
3. ability to deliver value to customers.
, 4. ability to grow its financial assets.
◍ Strategic Management. Ans: a process that involves managers
from all parts of the organization in the formulation and the
implementation of strategies and strategic goals
◍ mission. Ans: An organization's basic purpose and scope of
operations.
A clear and concise expression of the basic and purpose of the
organization. What the organization does, for whom it does, its basic
good or servie, and its values.
◍ Strategic Vision. Ans: The long-term direction and strategic intent
of a company.
◍ Stakeholders. Ans: Groups and individuals who affect and are
affected by the achievement of the organization's mission, goals, and
strategies.
◍ Core capability. Ans: A unique skill and/or knowledge an
organization possesses that gives it an edge over competitors.
◍ Benchmarking. Ans: Process of assessing how well one
company's basic functions and skills compare with those of another
company or set of companies