9609 · 6.2.2
Corporate planning and implementation flashcards
Revision flashcards for Cambridge 9609 Corporate planning and implementation (syllabus 6.2.2). Flip, recall, then mark a real past-paper question.
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SMART objectives?
Specific, Measurable, Achievable, Relevant, Time-bound.
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Corporate plan contents?
Objectives, strategies, budgets, responsibilities, timelines.
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Implementation barrier?
Insufficient finance, resistant culture, poor communication, weak leadership.
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KPI examples?
Market share %, ROCE, customer satisfaction, unit cost — track progress.
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Link to 5.5 budgets?
Functional budgets implement corporate financial plan.
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Link to HRM?
Workforce planning delivers people for strategic projects (2.1.2).
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Contingency planning?
Backup plans if assumptions fail — reduces strategic risk.
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Mission drift?
Day-to-day ops diverge from strategy without monitoring.
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What is the primary purpose of the 'Control and Review' stage in the corporate planning cycle?
To measure actual performance against the original objectives set in the plan, identify any variances, and facilitate corrective action. It provides essential feedback to inform the next planning cycle, making strategy a dynamic and continuous process.
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Define 'Corporate Plan'.
A formal, detailed document that outlines a business's long-term strategic objectives and the specific strategies that will be used to achieve them. It provides a roadmap for the entire organisation over a period of several years.
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Why is the 'Achievable' aspect of SMART objectives important for employee motivation?
If objectives are perceived as impossible to reach, they can demotivate staff, leading to reduced effort and poor morale. An achievable, yet challenging, goal fosters employee buy-in, encourages higher performance, and provides a sense of accomplishment when met.
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What is 'strategic drift'?
Strategic drift occurs when a company's strategy fails to adapt to changes in its external environment. The business continues with strategies that were successful in the past but are no longer suitable, leading to a gradual decline in performance.
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Give an example of a human resource allocation decision linked to a corporate plan.
If a retailer's corporate plan includes a strategic objective to expand its e-commerce operations, a corresponding human resource allocation decision would be to hire a team of web developers and digital marketing specialists, and to invest in training existing staff on new online systems.