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MAN 3025 Exam 2 - UF With Complete Solutions Latest Update
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MAN 3025 Exam 2 - UF With Complete Solutions Latest Update
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MAN 3025 Exam 2 - UF With Complete SolutionsLatest Update
Planning - correct answers setting goals and deciding how to achieve them
Plan - correct answers a document that outlines how goals are going to be met
Business Plan - correct answers a document that outlines a proposed firm's goals, the strategy for achieving them, and
the standards for measuring success
Business Model - correct answers outlines the need the firm will fill, the operations of the business, its components and
functions, as well as the expected revenues and expenses
Strategy (or Strategic Plan) - correct answers sets the long-term goals and direction for an organization; an "educated
guess" about long-term goals or direction to pursue for the survival or prosperity of the organization
Strategic Management - correct answers a process that involves managers from all parts of the organization in the
formulation and the implementation of strategies and strategic goals
1. Establish the missions, visions & values
2. Assess the current reality
3. Formulate the grand strategy, & strategic, tactical & operational plans
4. Implement the strategy
5. Maintain strategic control - correct answers Strategic Management Process
3 reasons why an organization should adopt planning & strategic management: - correct answers 1. Provide direction &
momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
,Mission Statement - correct answers What is our reason for being?
Expresses the purpose of the organization
Vision Statement - correct answers "What do we want to become?"
Expresses what the organization should become, where it wants to go strategically
Values Statement - correct answers What values do we want to emphasize?
Also called core values statement, expresses what the company stands for, its core priorities, the values its employees
embody, and what its products contribute to the world
Strategic Planning - correct answers determine what the organization's long-term goals should be for the next 1-5 years
with the resources they expect to have available (done by top management)
Tactical Planning - correct answers determine what contributions their departments or similar work units can make with
their given resources during the next 6-24 months (done by middle management)
Operational Planning - correct answers determine how to accomplish specific tasks with available resources within the
next 1-52 weeks (done by first-line management)
Goal (or Objective) - correct answers a specific commitment to achieve a measurable result within a stated period of
time
Long-Term Goals (Strategic Goals) - correct answers tend to span 1 to 5 years and focus on achieving the strategies
identified in a company's strategic plan; they are by and for top management and focus on objectives for the
organization as a whole
Short Term Goals (Tactical or Operational Goals) - correct answers generally span 12 months and are connected to
strategic goals in a hierarchy known as a means-end chain
,Means-End Chain - correct answers shows how goals are connected or linked across an organization
Action Plan - correct answers defines the course of action needed to achieve the stated goal
Standing Plans - correct answers activities that are repeated or occur frequently over time
Single-Use Plans - correct answers plans developed for activities that are not likely to be repeated in the future
What are the two types of plans? - correct answers Standing plans and single use plans
Policy - correct answers outlines the general response to a designated problem or situation
Procedure - correct answers outlines response to a particular problem or circumstances
Rule - correct answers designates specific required action
Program - correct answers encompasses a range of projects or activities
Project - correct answers has less scope and complexity than a program
For goal setting to be successful, what 3 things must happen? - correct answers 1. Top management & middle
management must be committed
2. The goals must be applied organizationwide
3. Goals must cascade - be linked consistently down through the organization
Cascading Goals - correct answers the process of ensuring that the strategic goals set at the top level align, or "cascade,"
downward with more specific short-term goals at lower levels within an organization, including employees' objectives
and activities
, Planning/Control Cycle - correct answers has two planning steps (1 and 2) and two control steps (3 and 4), as follows: (1)
Make the plan. (2) Carry out the plan. (3) Control the direction by comparing results with the plan. (4) Control the
direction by taking corrective action in two ways—namely (a) by correcting deviations in the plan being carried out or (b)
by improving future plans
Strategic Positioning - correct answers attempts to achieve sustainable competitive advantage by preserving what is
distinctive about a company
"performing different activities from rivals, or performing similar activities in different ways."
3 Key Principles of Strategic Positioning - correct answers 1. Strategy is the creation of a unique and valuable position
2. Strategy requires trade-offs in competing
3. Strategy involves creating a "fit" among activities
What are the 3 levels of strategic management? - correct answers 1. Corporate-Level Strategy
2. Business-Level Strategy
3. Functional-Level Strategy
Corporate-Level Strategy - correct answers focuses on the organization as a whole; asks "What type of business are we
in?" "What products and services shall we offer?"
Business-Level Strategy - correct answers focuses on individual business units or product/service lines
Functional-Level Strategy - correct answers applies to the key functional departments or units within the business units
Current Reality Assessment (Organizational Assessment) - correct answers assessment to look at where the organization
stands and see what is working and what could be different so as to maximize efficiency and effectiveness in achieving
the organization's mission
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