Intro to Management- Hamilton, Rutgers Exam with Guaranteed Correct Answers
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Course
Intro to Management E
Institution
Intro To Management E
Business Model - correct answer Customer Value Proposition and Profit Formula
Profit Formula - correct answer How effectively the company can deliver on the value proposition as a profit
Customer Value Proposition - correct answer Company's approach to satisfying buyer needs to wants at a pri...
Intro to Management- Hamilton, Rutgers Exam with Guaranteed Correct Answers
Business Model - correct answer ✔✔Customer Value Proposition and Profit Formula
Profit Formula - correct answer ✔✔How effectively the company can deliver on the value proposition as a profit
Customer Value Proposition - correct answer ✔✔Company's approach to satisfying buyer needs to wants
at a price the customer will consider a good value
Value-Price-Cost - correct answer ✔✔Value > Price Price > Cost
Why a business model is important - correct answer ✔✔Attract customers
Beat competition Survive due to lack of profitability
Strategy - correct answer ✔✔Action plan for outperforming competitors and achieving profitability (needs to be distinct)
Why is strategy important? - correct answer ✔✔Improve financial performance Strengthen its competitive position Gain competitive advantage
Sustainable competitive advantage - correct answer ✔✔Provides buyers with superior value compared to rival seller and persists despite efforts of competitors to match or surpass
Implementing a company's strategy - correct answer ✔✔1. Develop strategic vision 2. Set objectives to measure performance 3. Craft a strategy 4. Execute the strategy
Strategic Vision - correct answer ✔✔Goals for the company's future and the course and direction to achieve them
Mission Statement - correct answer ✔✔Describes company's business and purpose (who we are, what we do, why we are here)
Strategic Vision vs. Mission - correct answer ✔✔Strategic - future oriented, aspirational, high level
Mission - present oriented, focus on purpose not goal, more specific
Values - correct answer ✔✔The beliefs, traits, and behavioral norms that employees are expected to display
Objectives - correct answer ✔✔Organization's performance targets (financial and strategic)
Financial Objectives - correct answer ✔✔financial performance targets
Strategic Objectives - correct answer ✔✔targets that indicate a company is increasing its market standing
Effective Objectives - correct answer ✔✔- "stretch objectives": set high enough to stretch an organization to perform at its full potential and deliver best possible results - Consists of both short term and long term objectives - Created at all levels - SMART goals
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