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.