MGT 103 LO Chapter 1-4 Questions And
Answers
Organization Is a legal entity that consists of people who share a common mission
It develops offerings (goods, services, and ideas) that create value for both organization and
customers
Three types of organizations 1) For profit organization serv...
Organization Is a legal entity that consists of people who share a common mission
It develops offerings (goods, services, and ideas) that create value for both organization and
customers
Three types of organizations 1) For profit organization serves its customers to earn a profit
so that it can survive.
2) Non-profit organization is a non gov. organization that serves its customers but does not have
profit as an goal. Goals may be client satisfaction
3)Government Agencies is a federal, state, county or city unit that provides a specific service to
its constituents
, MGT 103 LO Chapter 1-4 Questions And
Answers
For profit and non-profit organizations are divided into three levels of strategy a)
coroporate level, where top managment directs overall strategy for the entire organization
b) strategic business unit level, where managers set a ore specific direction for their businesses to
explout value creating opportunities
c) Functional level, where groups of specialist actually create value for the organization
Organization To give organization focus and direction, they continue to assess their core
values, mission, organization culture, business, and goals
Core Values of an organization core values are the organization's fundamental, passionate
and enduring principles that guide its conduct over time
Organization's mission Organizations mission is a statement of its function in society,
often identifying its customers, markets, products and technologies
Organization's culture is a set of values, ideas, attitudes, and norm of behavior that is
learned and shared among the members of an organization
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