CM 443 Study QUESTIONS WITH ANSWERS|
2026 | 100% Correct
What Is Strategic Planning?
A systematic approach through which an organization agrees on priorities that are essential to its
mission and responsive to its environment.
3 elements of strategic planning
Data based
Guides resource acquisition & allocation
Builds commitment
The Strategic Plan
The strategic plan is the "master plan" for your organization
-A working document that will chart your company course
-Identifies your company goals for a certain time period (3 years)
-paragraphs and few pages in length
Basic Strategic Planning is done by..?
elements in the plan
Typically done by small, busy firms
Define the business and its mission
Translate the mission into goals
,Identify approaches or strategies needed to reach goals
Implement the strategies
Evaluate outcomes, monitor and update the plan
Comprehensive Strategic Planning
-Update Mission/Vision and Values
-SWOT analysis
-goals
-action plan
-budget
Build your company mission statement around the answers to these questions:
◦What do we do?
◦How do we do it?
◦Whom do we do it for?
◦What value are we bringing?
SWOT Analysis - Internal Factors
Strengths and Weaknesses
-finances
-physical resources
-human resources
-current processes
SWOT Analysis - External Factors
, Opportunities and threats
-Market trends
◦Economic trends
◦Political trends
◦Demographics
elements to include in goals
-internal structure (jobs)
-how to support growth
-building reputation
-marketing and servicing
-Competitive Edge
-Sales Strategy
-Partnering Strategy
-marketing program
Essential Financial Statements
Balance Sheet
Income Statement
Cash Flow Statement
Work In Progress Report
Getting financial statement information
All publicly traded companies fall under the jurisdiction of the SEC (Securities and Exchange
Commission) and must make quarterly and annual statements available to the public:
2026 | 100% Correct
What Is Strategic Planning?
A systematic approach through which an organization agrees on priorities that are essential to its
mission and responsive to its environment.
3 elements of strategic planning
Data based
Guides resource acquisition & allocation
Builds commitment
The Strategic Plan
The strategic plan is the "master plan" for your organization
-A working document that will chart your company course
-Identifies your company goals for a certain time period (3 years)
-paragraphs and few pages in length
Basic Strategic Planning is done by..?
elements in the plan
Typically done by small, busy firms
Define the business and its mission
Translate the mission into goals
,Identify approaches or strategies needed to reach goals
Implement the strategies
Evaluate outcomes, monitor and update the plan
Comprehensive Strategic Planning
-Update Mission/Vision and Values
-SWOT analysis
-goals
-action plan
-budget
Build your company mission statement around the answers to these questions:
◦What do we do?
◦How do we do it?
◦Whom do we do it for?
◦What value are we bringing?
SWOT Analysis - Internal Factors
Strengths and Weaknesses
-finances
-physical resources
-human resources
-current processes
SWOT Analysis - External Factors
, Opportunities and threats
-Market trends
◦Economic trends
◦Political trends
◦Demographics
elements to include in goals
-internal structure (jobs)
-how to support growth
-building reputation
-marketing and servicing
-Competitive Edge
-Sales Strategy
-Partnering Strategy
-marketing program
Essential Financial Statements
Balance Sheet
Income Statement
Cash Flow Statement
Work In Progress Report
Getting financial statement information
All publicly traded companies fall under the jurisdiction of the SEC (Securities and Exchange
Commission) and must make quarterly and annual statements available to the public:
