Some frequently asked exam questions on strategic planning are as follows: Q.1. Give the meaning and definition of strategic planning. Ans. Strategic Planning is basically a policy-making function. It is concerned with: (i) Defining the corporation's purpose, (ii) Defining the composition of its business mix, and (iii) Defining the qualitative and quantitative projection of its achievement (i.e., short-and long-term corporate [...]
The nature and kind of planning activities carried out in firms are discussed as follows:- 1. Strategic Planning Activities 2. Operational Planning Activities 3. Budgetary Planning Activities. Also learn about the relationships among them. 1. Strategic Planning Activities: These are longer-term in nature, involve top-level executives and more global in their effect on the firm. These consist of: (a) Establishing [...]
Some frequently asked exam questions on strategy identification are as follows: Q.1. Identify the most important pitfalls that ought to be avoided in starting and doing strategic planning. Ans. The issues in a corporate strategic planning involve judgments, values, passions, and perceived consequences. So, irrationality cannot be avoided. Major pitfalls that should be avoided in starting and doing the strategic [...]