Strategic Planning & Implementation Flashcards
7 cards from real CSM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Strategic Planning & Implementation flashcards as text
Which framework uses 'Strengths, Weaknesses, Opportunities, and Threats' to evaluate a firm's strategic position?
Answer: SWOT Analysis
SWOT Analysis systematically examines internal strengths and weaknesses alongside external opportunities and threats to inform strategic decisions.
A company sets a goal to 'increase market share by 10% within 18 months.' This is best described as a:
Answer: SMART objective
SMART objectives are Specific, Measurable, Achievable, Relevant, and Time-bound — this goal meets all five criteria.
In strategic planning, 'emergent strategy' refers to:
Answer: Strategies that arise from unplanned actions and responses over time
Emergent strategy, as described by Mintzberg, develops organically through day-to-day decisions rather than being formally pre-planned.
Which of the following best describes a 'strategic gap' in implementation?
Answer: The difference between intended strategic goals and actual performance
A strategic gap identifies where current performance falls short of the intended strategy, signaling where implementation efforts must focus.
The Balanced Scorecard was developed primarily to address which limitation of traditional performance measurement?
Answer: Excessive focus on short-term financial results
Kaplan and Norton created the Balanced Scorecard to complement financial measures with customer, internal process, and learning perspectives.
During strategy implementation, 'resource allocation' primarily involves:
Answer: Distributing financial, human, and physical assets to support strategic priorities
Effective resource allocation ensures that the right financial, human, and operational resources are directed toward activities that advance strategic goals.
A 'strategy map' in the Balanced Scorecard framework visually represents:
Answer: The cause-and-effect relationships between strategic objectives across four perspectives
A strategy map shows how learning and growth initiatives support internal processes, which in turn drive customer outcomes and ultimately financial results.