MGMT 3031- Business Strategy and Policy Exam Sheet with complete solution
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Course
MGMT 3031
Institution
MGMT 3031
MGMT 3031- Business Strategy and Policy Exam Sheet with complete solution
Features of a mission statement
Concern for public image
Customers
Products and/or services
concern for public image
Gives indication on whether the company is responsive to social, community and environmental concern...
mgmt 3031 business strategy and policy exam sheet with complete solution features of a mission statement concern for public image customers products andor services concern for public image gives in
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MGMT 3031- Business Strategy and Policy Exam Sheet
with complete solution
Features of a mission statement
Concern for public image
Customers
Products and/or services
concern for public image
Gives indication on whether the company is responsive to social, community and
environmental concerns.
3 main processes in the strategic management and planning process
strategy formulation
strategy implementation
strategy evaluation
3 main sources from which environmental uncertainty derive
Diversity
Complexity
Speed of Change/Global Change
Diversity
Focuses on the many different influences that exists within the business environment
Complexity
Arises because many issues are interconnected in the business environment
Speed of Change/Global Change
Spurred by the acceleration of the computer telecommunications revolution
Macro-environmental factors
Political
Economic
Social/ Socio-cultural
Technological
Environmental
Legal
International
GATT
General Agreements on Tariffs and Trade
WTO
World Trade Organization
CARICOM
Caribbean Community and Common Market
Components of social responsibility
Economic responsibilities
Legal responsibility
Moral obligations
Discretionary responsibilities
Liquidity Ratios
measures a firm's ability to meet maturing short-term obligations.
, Leverage Ratios
measures the extent to which a firm has been financed by debt
The Market-Advantage Test
A 'fit with market strategy' test that follows Alfred Chandler's classic principle that
'structure follows strategy'
The Feasibility Test
A catch-all category test that indicates that the structure must fit legal, stakeholder,
trade union or similar constraints
The Parenting Advantage Test
A test where the structural design should fit the 'parenting' role of the corporate centre.
MAJOR COST DRIVERS that play a role in determining a company's costs in the
VALUE CHAIN
Economies of Scale
Learning and experience curve effects
Costs of key resource inputs
Economies of scale
Arises whenever activities can be performed more cheaply at larger volumes and from
the ability to spread out certain costs like R&D and advertising over a greater sales
volume.
Learning and experience curve effects
The cost of performing an activity can decline over time due to economies of experience
and learning. The cost savings realized by this factor goes beyond personnel learning
how to perform their tasks more efficiently and debugging of new technologies. It also
includes finding ways to improve plant layout and work flows, or to make product design
modifications that enhance manufacturing efficiency.
Cost of key resource inputs
This involves managing the costs associated with acquiring key resource inputs which is
often a big driver of costs. Input costs may include union versus non-union labour,
bargaining power of suppliers and location variables.
Components of Building a Capable Organization
Staffing the organization
Matching the Organization Structure to Strategy
Staffing the organization
This process involves putting together a strong management team as well as recruiting
and retaining employees with the requisite experience, technical skills, and intellectual
capital.
Matching the Organization Structure to Strategy
This process involves designing an organization structure that facilitates good strategy
execution; additionally, it includes deciding the amount of decision-making power that
will be placed on lower-level managers and front line employees.
Components of Emotional Intelligence
Motivation
Self-Regulation
Motivation
the passion one exhibits to work for reasons that go beyond money or status. It is the
propensity to pursue goals with energy and persistence.
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