ManagementLesson 2 of 2 in the course The Strategic Management Process: Achieving and Sustaining Competitive Advantage

Management Planning: SMART Goals, Planning Levels, and Implementation

5 flashcards · 5 quiz questions · 5 match pairs · 4 fill-in sentences · English

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Summary

Planning turns a firm’s strategic intentions into organized action. This lesson explains what a plan is, why managers plan, and how goals guide decisions and resource use.

A plan is a decision to carry out particular actions to achieve a specific goal. It specifies not only what should be done, but also when and how it should be done and what resources will be needed.

All flashcards

Plan
A decision to carry out actions to achieve a specific goal, including choices about timing, methods, and resources.
SMART goal
A goal that is specific, measurable, achievable, relevant, and time-bound.
Strategic planning
High-level planning that establishes an organization’s overall direction.
Operational planning
Planning that specifies concrete activities and tasks for front-line work.
Implementation
Execution of a strategy by assigning tasks for people to carry out.

Quiz questions

  1. Which set gives the five SMART goal criteria?Answer: Specific, measurable, achievable, relevant, and time-bound.
  2. When evaluating possible actions, what should managers assess to determine whether a plan is feasible?Answer: Whether the actions fit available resources, capabilities, and time constraints.
  3. What is the main purpose of tactical planning?Answer: To translate strategic direction into broad approaches for a division or function.
  4. In management, what does strategy implementation mean?Answer: Executing a strategy by assigning tasks for people to carry out.
  5. Under the time-horizon definitions in these notes, when is a strategic plan considered long term?Answer: When it takes more than a year to accomplish.

Based on Principles of Management by David S. Bright, Anastasia H. Cortes, Eva Hartmann, K. Praveen Parboteeah, Jon L. Pierce, Monique Reece, Amit Shah, Siri Terjesen, Joseph Weiss, Margaret A. White, Donald G. Gardner, Jason Lambert et al. (OpenStax), licensed CC BY 4.0. Adapted into a summary, flashcards and quizzes.

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