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Commerce 4PA3 Exam Study Guide Solutions

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Commerce 4PA3 Exam Study Guide Solutions General Management Perspective - ANSWER-having the capacity to understand and appreciate issues facing individuals placed in the specific role of a general manager general manager - ANSWER-someone who has responsibility for all functional facets of the b...

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Commerce 4PA3 Exam Study Guide

Solutions

General Management Perspective - ANSWER✔✔-having the capacity to understand and appreciate

issues facing individuals placed in the specific role of a general manager

general manager - ANSWER✔✔-someone who has responsibility for all functional facets of the business

create, capture and distribute value - ANSWER✔✔-what is the job of the general manager?

set direction, create strategy, implement change - ANSWER✔✔-3 fundamental components of the GM's

job?

operating performance, organizational health - ANSWER✔✔-2 sets of measures for assessment of

organizational performance

quadrant 1 - ANSWER✔✔-desired state of performance matrix

quadrant 2 - ANSWER✔✔-inward-looking and self-satisfied organization where people enjoy their work

but are performing inadequately in terms of market/financial standards

quadrant 3 - ANSWER✔✔-business is achieving operating objectives at the expense of organizational

health

quadrant 4 - ANSWER✔✔-represents a problem in which immediate and comprehensive action is

necessary

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colins and porras framework - ANSWER✔✔-based on solid research and provides a practical approach

for applying the concept. vision consists on 2 major components. guiding philosophy includes the core

purpose and values of the organization

core purpose and core values - ANSWER✔✔-guiding philosophy 2 elements

values - ANSWER✔✔-represent the basic beliefs that govern individual and group behaviour in an

organization

core purpose - ANSWER✔✔-defines organization's reason for being and may never be fully realized, in

contrast to goals and objectives, which are formulated specifically to be achievable

mission statement - ANSWER✔✔-mission is clear and compelling goal that serves to unify an

organization's efforts

feasibility - ANSWER✔✔-question of whether you can reasonably expect to get to your visionary

destination cannot be answered in the abstract

flexibility - ANSWER✔✔-vision must be flexible because circumstances may change in unanticipated

ways

stretch - ANSWER✔✔-vision should go further than what is doable with today's resources/capabilities

managerial strategy - ANSWER✔✔-Which of the following is not one of the major levels of organization

strategy?

management preferences - ANSWER✔✔-When developing alternatives based on the Diamond-E drill,

this element often provides the most strain on action plans:

development - ANSWER✔✔-Which stage is not included in the product life cycle?

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the balanced scorecard - ANSWER✔✔-Kaplan and Norton developed:

strategic planning - ANSWER✔✔-approach to undertaking strategic analysis on a recurring basis and

deals with who develops the strategy, how it happens and when it takes place

strategy - ANSWER✔✔-concrete expression of how an organization intends to operate in service of

whatever mission it has designed

strategy - ANSWER✔✔-definitive tool for building, communicating and maintaining direction of the

business

goals - ANSWER✔✔-set up targets against which progress/performance can be assessed

product market focus - ANSWER✔✔-provides critical direction to people throughout the organization so

they can focus their effort on targeted markets and products/services

value proposition - ANSWER✔✔-beacon for employees, illuminating specifically what the business is

trying to do for customers and clients and requirements of their particular goal

core activities - ANSWER✔✔-highlight key jobs that will have to be done and the capabilities that need

most to be developed and reinforced

strategy business unit - ANSWER✔✔-sells a distinct set of products/services to an identifiable group of

customers and is accountable for distinct revenues, costs, and investments directly or by reasonable

allocation

business strategy - ANSWER✔✔-focuses on how an organization will create value within a particular line

of business

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corporate strategy - ANSWER✔✔-deals with portfolio of business strategies and how they relate to each

other

strategic goals - ANSWER✔✔-an expression in measurable terms of what a business intends to achieve

or where it intends to go

hard goals - ANSWER✔✔-focus on aims and performance of the business as a classic economic entity

whether it be for-profit or not-for-profit, revealing measurable targets/time frames

soft goals - ANSWER✔✔-set out targets for the social conduct of the organization

growth strategy - ANSWER✔✔-implies priority on market, plant and personnel investments in order to

grow the business, if necessary at the expense of current profitability

harvest strategy - ANSWER✔✔-implies stingy approach to investment and spending as priority is given to

milking cash and profits from a business

divest - ANSWER✔✔-give priority to those actions that prepare and initiate the sale of the business

scope - ANSWER✔✔-whether the product/service is existing or new and whether the market already

exists or is new, which frame this type of strategic choice

penetration strategy - ANSWER✔✔-suggests there is market share to be gained by focusing on the

current products and markets, or perhaps there is growth in the market that would provide growth even

if market share were to remain the same

value proposition - ANSWER✔✔-statement of the fundamental benefit or benefits that it has chosen to

offer in the market place

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