NR 228 Exam 2 Study Guide Chapter 5 to 11

NR 228 Exam 2 Study Guide Chapter 5 to 11 Exam 2 Study Guide Exam 2 covers Chapters 5,10 and 11. This study guide is meant to highlight important information in the chapters; it is NOT meant to be the only thing you study. I recommend reading the chapters, looking at LearnSmart modules, reviewing your notes and making sure you can answer the questions on this guide. Chapter 5: Strategic Planning and Decision-Making What is planning and what are the steps to strategic planning? 1) Establish a Mission, Vision and goals 2) Analyze External opportunities and threats 3) Analyze internal strengths and weaknesses 4) Conduct a SWOT analysis and formulate Strategy What’s a situational analysis? A process planners use, within time and resource constraints, to gather, interpret and summarize all information relevant to the planning issue under consideration. What is a contingency plan? Scenario analysis? A strategy? How do different plans correspond to different levels of management? Strategy- a pattern of actions and resource allocations designed to achieve the organizations plans Scenario analysis- a narrative that describes a particular set of future condition a different contingency plan is attached to each scenario Contingency plan- a alternative plan in case something doesn’t work What is strategic management? A process that involves managers from all parts of the organization tin the formulation and implementation of strategic goals and strategies What is a SMART goal? is defined as one that is specific, measurable, achievable, results-focused, and time- bound What is a mission statement? A strategic vision? An organizations basic purpose and scope of operation The long term direction and strategic intent What is a SWOT analysis and what are the components of it? A comparison of strengths, weaknesses opportunites and threats that help executives formulate strategy Benchmarking? The process of assessing how well one companys basic functions and skills compare with those of another company or set of companies Core competencies? What are concentration, vertical integration, related vs. unrelated diversification strategies? Low cost and differentiation strategies?