HFT1000 Dynamic Study Guide Chapter 15

________ is the prediction of future outcomes.

Forecasting

________ is a strategy in which a company expands its operations by entering new markets—this is in addition to concentrating on existing markets.

Geographic expansion

Which of the following is true of strategic planning?

It involves creating a short-term strategy for how an organization will meet its mission.

Which of the following statements is true of informal planning?

It is often done last minute.

________ aims to increase market share by promoting sales aggressively in existing markets.

Market penetration

________ involves selecting the various goals that an organization wants to achieve and the strategies to be taken to ensure that those goals are accomplished.

Planning

________ is the first of the management functions, so it establishes the basis for the other functions.

Planning

Which of the following is the first step of operational planning?

Setting goals

________ is the process of screening large amounts of information to anticipate and interpret changes in the environment.

Environmental scanning

Which of the following statements is true of operational plans?

They are generally created for periods of up to one year and fit in with the strategic plan.