Exam (elaborations)
CM 443 Final
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Exam of 15 pages for the course RAD at RAD (CM 443 Final)
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CM 443 FinalWhat Is Strategic Planning? - CORRECT ANSWER-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 - CORRECT ANSWER-Data based
Guides resource acquisition & allocation
Builds commitment
The Strategic Plan - CORRECT ANSWER-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 - CORRECT ANSWER-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 - CORRECT ANSWER--Update
Mission/Vision and Values
-SWOT analysis
-goals
-action plan
-budget
Build your company mission statement around the answers to these questions: -
CORRECT ANSWER-◦What do we do?
◦How do we do it?
, ◦Whom do we do it for?
◦What value are we bringing?
SWOT Analysis - Internal Factors - CORRECT ANSWER-Strengths and
Weaknesses
-finances
-physical resources
-human resources
-current processes
SWOT Analysis - External Factors - CORRECT ANSWER-Opportunities and
threats
-Market trends
◦Economic trends
◦Political trends
◦Demographics
elements to include in goals - CORRECT ANSWER--internal structure (jobs)
-how to support growth
-building reputation
-marketing and servicing
-Competitive Edge
-Sales Strategy
-Partnering Strategy
-marketing program
Essential Financial Statements - CORRECT ANSWER-Balance Sheet
Income Statement
Cash Flow Statement
Work In Progress Report
Getting financial statement information - CORRECT ANSWER-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:
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