Quiz #3 - IS111-Strategic Planning Quiz

Which of the following is the primary objective of strategic planning?

• To set short-term goals only

• To create a roadmap for long-term success

• To determine employee salaries

• To replace competitors

Which component of a strategic plan outlines the purpose of a business?

• Financial budget

• Mission statement

• Marketing strategy

• Risk assessment

Which of the following is an example of an external threat in strategic planning?

• Poor leadership within the company

• New government regulations

• Outdated technology used in the company

• Weak brand reputation

What is the key difference between a mission and a vision statement?

• A mission statement focuses on future aspirations, while a vision statement defines the company's current purpose

• A mission statement is always longer than a vision statement

• A mission statement defines what the company does today, while a vision statement describes its long-term aspirations

• There is no difference

Which of the following is NOT a characteristic of SMART goals?

• Specific

• Measurable

• Achievable

• Unlimited

A technology company wants to expand into three new countries within two years. This goal is:

• SMART

• Too vague

• A mission statement

• Impossible

A business implements an aggressive pricing strategy to attract new customers. This is an example of:

• A vision statement

• A competitive strategy

• Performance management

• A financial report

What is the first step in strategic planning?

• Setting measurable goals

• Conducting an environmental analysis

• Defining employee roles

• Implementing marketing campaigns

What does the 'T' in SMART goals stand for?

• Time-limited

• Time-bound

• Transparent

• Timeless

A restaurant owner wants to improve employee performance. What is the best strategic action to take?

• Hire more staff

• Set clear performance expectations and provide training

• Reduce salaries to push employees to work harder

• Avoid conducting performance reviews