Chapter 2: Strategic Planning

Flashcards covering principles of strategic planning, goal setting, SWOT analysis, and operational planning tools for restaurant management.

What is the correct sequence for defining the planning process?

Goals must be defined first, followed by work tasks, followed by assignments.

Why should employees affected by plans be involved in their development?

They are more likely to follow the plans and feel respected and valued when their ideas are used.

What is the definition of brainstorming according to the text?

A method for solving problems in which all group members suggest possible ideas.

What four types of information should managers collect as a routine part of successful planning?

Information about the operation itself, the community, the restaurant and foodservice industry, and state, national, and international events.

What is a Value Statement?

A set of standards that guide foodservice operations and help shape team attitudes by defining acceptable and unacceptable employee behavior.

How does a Vision Statement differ from a Mission Statement?

A Vision Statement describes what an establishment wants to become and is meant to inspire, while a Mission Statement describes what it is currently doing and how it will get there as a management tool.

According to the text, what are the first two steps in creating a vision and mission statement?

1. Use core values to consider purpose and desired direction. 2. Organize a team of interested stakeholders (seasoned and new employees) to discuss ideas.

What are the components of a SMART goal?

Specific, Measurable, Achievable, Relevant, and Timebound.

What are benchmarks?

Standards by which something can be measured or judged.

What are the three levels of goals mentioned in the planning process?

Organizational goals, department or team goals, and individual performance goals.

What is the purpose of conducting a SWOT analysis?

To identify an operation’s strengths and weaknesses and examine its opportunities and threats to focus plans where the business is strongest.

What is a Long-Range Plan?

A statement of goals and activities necessary to move the operation toward its mission over the next $3$ to $5$ years.

What is a Business Plan?

A statement of goals and activities to be addressed within the next $12$ months to move the operation toward its mission.

What questions must a Marketing Plan answer?

What must be done? Who will do it? When should it be done? How much money is required? How will results be evaluated?

What is an Operating Budget?

A financial plan that estimates the revenue to be generated, the expenses to be incurred, and the profit for a specified time period.

What are the four basic steps in the organized process for reaching goals?

Step 1: Develop the Plan; Step 2: Implement the Plan; Step 3: Evaluate the Plan; Step 4: Apply the Results.

How does technology leverage help in Inventory Management Systems?

It tracks inventory levels in real time, reduces food waste and stock shortages, improves purchasing decisions using historical data, and supports sustainability.

What is the role of Predictive Analytics in strategic planning?

Using historical data and external factors to forecast trends, sales, labor needs, and inventory requirements to support proactive management.