MGMT 4000 Test 1 (Montgomery UGA) |
Latest Update | 2024/2025 | 100% Pass
What does organizational strategy involve?
Organizational strategy involves defining long-term goals and determining the best ways to
achieve them.
What is a business model?
A business model describes how a comp...
MGMT 4000 Test 1 (Montgomery UGA) |
Latest Update | 2024/2025 | 100% Pass
What does organizational strategy involve?
✔✔ Organizational strategy involves defining long-term goals and determining the best ways to
achieve them.
What is a business model?
✔✔ A business model describes how a company creates, delivers, and captures value in the
market.
What is the significance of market segmentation?
✔✔ Market segmentation involves dividing a market into distinct groups of consumers with
similar needs or characteristics to target them more effectively.
What is resource allocation?
✔✔ Resource allocation refers to the process of distributing resources such as capital and
personnel to various parts of an organization to achieve strategic goals.
1
,What is the concept of organizational effectiveness?
✔✔ Organizational effectiveness measures how well an organization achieves its goals and
meets its objectives.
What is value proposition?
✔✔ A value proposition defines the unique value a company offers to its customers that
differentiates it from competitors.
What is project management?
✔✔ Project management involves planning, executing, and closing projects to achieve specific
goals within a set timeframe and budget.
What is the purpose of market research?
✔✔ Market research involves gathering and analyzing information about consumers’ needs and
preferences to make informed business decisions.
What is business strategy alignment?
✔✔ Business strategy alignment ensures that an organization's activities and resources are
directed towards achieving its strategic goals.
2
,What does risk management entail?
✔✔ Risk management involves identifying, assessing, and mitigating risks that could impact an
organization’s objectives.
What is customer relationship management (CRM)?
✔✔ CRM is a system for managing a company's interactions with current and potential
customers to improve relationships and drive sales growth.
What is strategic implementation?
✔✔ Strategic implementation involves putting a strategic plan into action by aligning resources
and efforts to achieve the defined goals.
What is competitive analysis?
✔✔ Competitive analysis involves evaluating competitors to understand their strengths and
weaknesses relative to your own business.
What is lean management?
3
, ✔✔ Lean management focuses on minimizing waste and maximizing value in business processes
to improve efficiency and effectiveness.
What is employee engagement?
✔✔ Employee engagement is the level of commitment and enthusiasm employees have towards
their work and organization.
What is financial forecasting?
✔✔ Financial forecasting involves estimating future financial performance based on historical
data, trends, and business conditions.
What does strategic partnership mean?
✔✔ A strategic partnership is a collaborative relationship between two or more businesses to
achieve mutual goals and benefits.
What is organizational change?
✔✔ Organizational change involves modifying structures, processes, or practices within a
company to improve performance or adapt to new conditions.
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