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MAN 3025 Exam 2 - UF Questions and Answers
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MAN 3025 Exam 2 - UF Questions and Answers
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MAN 3025 Exam 2 - UFPlanning - Answer-setting goals and deciding how to achieve them
Plan - Answer-a document that outlines how goals are going to be met
Business Plan - Answer-a document that outlines a proposed firm's goals, the strategy for achieving
them, and the standards for measuring success
Business Model - Answer-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) - Answer-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 - Answer-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 - Answer-Strategic Management Process
3 reasons why an organization should adopt planning & strategic management: - Answer-1. Provide
direction & momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
Mission Statement - Answer-What is our reason for being?
Expresses the purpose of the organization
Vision Statement - Answer-"What do we want to become?"
Expresses what the organization should become, where it wants to go strategically
Values Statement - Answer-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 - Answer-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 - Answer-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 - Answer-determine how to accomplish specific tasks with available resources
within the next 1-52 weeks (done by first-line management)
Goal (or Objective) - Answer-a specific commitment to achieve a measurable result within a stated
period of time
Long-Term Goals (Strategic Goals) - Answer-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) - Answer-generally span 12 months and are connected
to strategic goals in a hierarchy known as a means-end chain
Means-End Chain - Answer-shows how goals are connected or linked across an organization
Action Plan - Answer-defines the course of action needed to achieve the stated goal
Standing Plans - Answer-activities that are repeated or occur frequently over time
Single-Use Plans - Answer-plans developed for activities that are not likely to be repeated in the future
What are the two types of plans? - Answer-Standing plans and single use plans
Policy - Answer-outlines the general response to a designated problem or situation
, Procedure - Answer-outlines response to a particular problem or circumstances
Rule - Answer-designates specific required action
Program - Answer-encompasses a range of projects or activities
Project - Answer-has less scope and complexity than a program
For goal setting to be successful, what 3 things must happen? - Answer-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 - Answer-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 - Answer-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 - Answer-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 - Answer-1. Strategy is the creation of a unique and valuable
position
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