MGT 300 exam 2 || QUESTIONS AND ANSWERS ALL PASSED!!
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Course
MGT 300
Institution
MGT 300
Describe the link between planning, strategy and strategic management. correct answers Planning (first of the 4 functions of management process) involves setting goals and decided how to achieve them while ensuring the plans are linked to the business strategy.
Defintion and purpose of Planning ...
MGT 300 exam 2 || QUESTIONS AND ANSWERS ALL
PASSED!!
Describe the link between planning, strategy and strategic management. correct answers
Planning (first of the 4 functions of management process) involves setting goals and decided
how to achieve them while ensuring the plans are linked to the business strategy.
Defintion and purpose of Planning correct answers Definition:
1. Setting goals and deciding how to achieve them
2. Coping with uncertainty by formulating future courses of action to achieve specified
results
3. plan: document outlines how goals are going to be met
Purpose: Business Plan and Business Model
Definition and purpose of strategy and strategic plan. correct answers Definition: a large scale
action plan that sets the long-term goals and direction for an organization.
Purpose: represents an "educate guess' about what must be done in the long term for survival
of organization.
Generally reconsidered every year due to ever-changing business conditions
Definition of strategic management correct answers involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
why are planning and strategic management important? correct answers 1. Provide direction
and momentum
2. encourage new ideas
3. Develop a sustainable competitive advantage
What is the planning and strategic management process? correct answers 1. Establish the
mission and vision and values
2. Assess the current reality
3. Formulate the grand strategy & strategic, tactical and operational plans
4. Implement the strategy
5. Maintain strategic control
What is the role of strategic planning in terms of providing direct, momentum and
encouraging new ideas? correct answers 1. Managers focus on whatever is in front of them
2. Managers can be preoccupied with day-to-day pressures, organization can lose momentum
3. Unleash the spirit of strategy innovation: ability to reinvent of competition within existing
industries
Define competitive advantage correct answers the ability of an organization to produce goods
or services more effectively than competitors do, thereby outperforming them
Define sustainable competitive advantage correct answers Organization is able to get and stay
ahead in four areas
What is a VRIO model? correct answers Framework for analyzing a resource or capability to
determine its competitive strategic potential by answering four questions about its value,
rarity, imitability, and organization.
Define mission statement correct answers 1. express purpose of organization
2. what is our reason for being?
3. Why are we here?
Define vision statement correct answers 1. A clear sense of future and actions needed to get
there
2. What do we want to become?
3. Where do we want to go?
Define Value Statement correct answers 1. What the company stands for: core priorities, the
values in employees embody, and what its products contribute to the world
2. What values do we want to emphasize?
What are the fundamentals of planning? correct answers 1. Mission statement
2. Vision Statement
3. Values Statement
4. Strategic planning: done by top managers for 1-5 years
5. Tactical planning: done by middle managers for 6-24 months
6. Operational planning: done by first-line managers for 1-52 weeks
Define Cokes values correct answers Values: compass for our actions and describe how we
behave in the world
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