**The table contains the characteristics of different types of organizational plans. Use your knowledge of organizational plans to answer the questions about the table.**| Characteristic | A | B | C ||----------------|--------------------------------------------------|----------------------------------------------|-----------------------------------|| Set by | Board of directors, top management | Upper, middle management | Middle, lower-level managers || Time frame | Long-range | Intermediate | Short-range || Focus | Sources of competitive advantage | Strategic business units | Departmental activities || Scope | General | Somewhat specific | Specific and concrete |**Questions:**1. Which column best describes the characteristics associated with strategic plans? - ○ A - ○ B - ○ C2. Given your knowledge of organizational plans, which type of plan is described in column B? - ○ Strategic - ○ Tactical - ○ Operational3. Given your knowledge of organizational plans, which type of plan is described in column C? - ○ Strategic - ○ Tactical - ○ Operational

Strategic planning is a long-term planning process which is develop by top-level management, board…

Answered: The table contains the characteristics…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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"Planning enables a firm to achieve its goals". By using different company’s example illustrate your understanding about Strategic plan, Tactical plan and Operational plan, and Contingency plan.
In a recent case study on strategic planning, a prominent company exemplified the pivotal role of thoughtful and forward-looking strategies in achieving sustained business growth. The company, faced with increasing competition and changing market dynamics, undertook a comprehensive strategic planning process to reassess its goals, identify potential opportunities, and mitigate potential risks. The planning phase involved a thorough analysis of market trends, customer needs, and technological advancements, leading to the formulation of a robust business strategy. Implementation of the strategic plan involved aligning the workforce, investing in technology upgrades, and forging strategic partnerships. The results were remarkable, as the company not only strengthened its market position but also achieved significant revenue growth, demonstrating the transformative power of effective strategic planning. Question: How can businesses strike a balance between the need for adaptability in a…
The tools presented in the strategy formulation framework are applicable to all sizes and types of organizations and can help strategists identify, evaluate, and select strategies. Which of the below tools, used in the process, allows strategists to evaluate alternative strategies objectively based on previously identified external and internal critical success factors? a. SPACE Matrix b. Internal-External (IE) Matrix c. SWOT Analysis d. Quantitative Strategic Planning Matrix
b. Why in planning a business a strategy is needed in planning from the beginning until the business has been running, explain. c. Explain what ideas can arise related to today's technological advances
SHORT ANSWER If you were a business owner, which of these goals might you be able to accomplish using the framework of Theory Z or Theories X and Y? Could you use Theory Z to work on one goal and use Theories X and Y to work on another goal, thereby accomplishing two goals with these theories by using a different approach on each of the two goals? Goal 1: Improve quality of a product or service. Goal 2: Improve employee collaboration. Goal 3: Foster decision making skills in the workforce. Goal 4: Develop and maintain a successful workforce in a global environment. Goal 5: Develop strong leadership in the work place. Goal 6: Foster adherence to organizational values, ethics, and professional responsibility.
7 Compare the components and applications of the models in the Full syllabus under the heading On Business Strategy in Week 5 based on the following Categories of Comparison below. The models are Porter’s Five Forces, SWOT, BCG, and PEST. Categories of Comparison  What is the purpose of the model?  How do managers use the model in the formulation of strategy?  How does the model help to analyze the firm’s “competitive environment”?  How would managers use the model to assist them in analyzing their firm’s specific competitive capabilities?  How does the model hhelp to analyze the firm’s various businessunits?
are developed and used to implement strategic plans. * Tactical plans. O Visions. O Operational plans. Missions.
Is there any relationship between the four functions of management? Explain your answer.
4- Identify the one that is basis of planning. a. Purpose b. Mission c. Vision d. Management
14. Describe how strategic planning is different from long- range planning. 15. Review Figure 9.11. Explain the relationship between the hierarchy of planning and the three levels of management.
Strategic management The strategy has its own "lingo" that we should know. Entry at least two words and include a definition +very short explanation Example: Strategy a detailed plan for achieving success in situations such as war, politics, business, industry, or sport, or the skill of planning for such situations. It means that is the activity we do while planning for something that where want to succeed.

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