Learning Objectives

After studying this chapter, you should be able to:

  • Describe how strategic planning differs from operational planning. 
  • Explain the reason for conducting an industry, competitive, and company situation analysis. 
  • List the parts of an effective written objective and its must and want criteria. 
  • Discuss the four corporate-level grand strategies and the three growth strategies. 
  • Summarize the three business-level adaptive and competitive strategies.
  • Identify the operational functional strategies, contrast standing plans and single-use plans, describe the value of a time log analysis, and explain how to effectively multitask. 
  • Explain the importance of implementing and controlling strategies.