What is the primary purpose of strategic planning in business?
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Wrong!
Strategic planning helps organizations define their direction, set goals, and allocate resources effectively for long-term success.
What is a SWOT analysis used for in strategic planning?
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SWOT (Strengths, Weaknesses, Opportunities, Threats) helps organizations assess internal and external factors that impact strategy.
Which of the following best describes a vision statement?
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A vision statement outlines what an organization aspires to achieve in the long-term future.
Why is stakeholder analysis important in strategic planning?
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Understanding stakeholder interests ensures alignment and support for strategic initiatives and avoids conflicts.
What is the role of key performance indicators (KPIs) in strategic planning?
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KPIs track progress toward strategic objectives and help evaluate the effectiveness of actions and strategies.
What is the benefit of conducting a PEST analysis?
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A PEST analysis evaluates Political, Economic, Social, and Technological factors that affect business strategy.