Progress Check Questions for Chapter 5

Progress Check Questions for Chapter 5 - implementation...

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Adam Ward Progress Check Questions for Chapter 5 2. What is the difference between strategic planning and operational planning? Strategic planning is the long-range planning process applied at the highest levels of an organization. Operational planning is short-range planning and concentrates on the formulation of functional plans. 4. What is management by objectives (MBO)? Management by objectives is a philosophy based on converting organizational objectives into personal objectives. It assumes that establishing personal objectives elicits employee commitment, which leads to improved performance. 9. Define strategic management. Strategic management is the application of the basic planning process at the highest levels of an organization. Top management determines the long-run direction and performance of an organization through careful formulation, proper
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Unformatted text preview: implementation ,and continuous evaluation of plans and strategies. 11. What is the purpose of an organizations mission? It is the broadest and highest level of objectives. It is the basic purpose or purposes of the organization or, basically, it defines why the organization exists. 12. Why is it important to diagnose past as well as present performance? It is important to a company because it helps them to formulate any type of future strategy by deciding what the long-, intermediate-, and short-range objectives should be according to the current mission. 14. What are the five forces of competition? 1. Suppliers 2. Buyers Adam Ward 3. Competitive rivalry among firms currently in the industry 4. Product or service substitutes 5. Potential entrants into the industry...
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Progress Check Questions for Chapter 5 - implementation...

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