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MNGT 3100 Exam 2 Auburn University Leisel Wesson fully solved & updated(passed)
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MNGT 3100 Exam 2 Auburn University Leisel Wesson fully solved & updated(passed)
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MNGT 3100 Exam 2 AuburnUniversity Leisel Wesson
fully solved &
updated(passed)
Basis of relatedness - answer Similar technology, common distribution
and marketing skills, common brand name and reputation, common
customers
Advantages of Related Diversification - answer -reduces an organization's
dependence on any one of its business activities and thus reduces
economic risk
-reduces overhead costs associated with managing any one business
through economies of scale and economies of scope
-allows an organization to exploit its strengths and capabilities in more
than one business
-synergy exists among a set of businesses when the businesses' value
together is greater than their economic value separately
Types of Strategic Alternatives - answer Business-Level Strategy
Corporate-Level Strategy
Decision Making - answer Is the cornerstone of planning.
Is the catalyst that drives the planning process.
Underlies every aspect of setting goals and formulating plans.
Planning - answer All organizations plan, but not in the same fashion.
All planning occurs within an environmental context.
All goals require plans to guide in their achievement.
,All goals are tied higher goals and plans.
Purposes of Goals - answer -Provide guidance and a unified direction for
people in the organization.
-Strong affect on the quality of other aspects of planning.
-Serve as a source of motivation for employees.
-Provide a mechanism for evaluation and control of the organization.
Kind of goals by level - answer Mission statement
Strategic goals
Tactical goals
Operational goals
Mission statement - answer is a statement of an organization's
fundamental purpose.
Strategic goals - answer are goals set by and for top management of the
organization that address broad, general issues.
Tactical goals - answer are set by and for middle managers; their focus is
on how to operationalize actions to strategic goals.
Operational goals - answer are set by and for lower-level managers to
address issues associated with tactical goals.
Kind of goals By Area - answer different functional areas of the
organization
Kind of goals by time frame - answer -long-term, intermediate-term, or
short-term frames; explicit time frames or open-ended
Who Sets Goals? - answer All managers
, Managing Multiple Goals - answer allows managers to balance and
reconcile inconsistent or conflicting goals.
Strategic Plans - answer A general plan set by and for top management
that outlines resource allocation, priorities, and action steps to achieve
strategic goals.
Tactical Plans - answer A plan aimed at achieving the tactical goals set by
and for middle management.
Operational Plans - answer short term focus plans that are set by and for
lower level managers
Time Frames for Planning - answer The Time Dimension of Planning
Long-range Plans
Intermediate Plans
Short-range Plans
The Time Dimension of Planning - answer Planning must provide
sufficient time to fulfill the managerial commitments involved.
Intermediate plans - answer usually cover from 1 to 5 years and parallel
tactical plans.
long-range plans - answer usually cover three years or more
Short-range Plans - answer Short-range (operational) action and
contingency plans of 1 year or less
Responsibilities for Planning - answer Planning Staff
Planning Task Force
Board of Directors
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