CM 443 MANAGEMENT OF THE CONSTRUCTION FIRM FINAL
UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Strategic plans: What is the process and what are they for?
Answer:
Develop Mission Statement Create Vision Describing Future Conduct Internal / External Assesment
Establish Strategic Objectives Develop Strageties to Accomplish Objectives Establish Short-Term Goals
Develop Action Plans Establish Performance Measurement Criteria They are helpful in assessing company
strengths/weaknesses, analyzing the extrenal environment, forcasting the future. Objectives include:
• to establish a framework for decision making,
• to assign responsibilities and allocate resources,
• to establish quantifiable goals that can be used to measure company progress
Question:
2. Mission Statement: Understand what it is and why they are important.
Answer:
Should articulate in simple terms why the company exists and what makes it different from other firms in
the industry.
Question:
3. Vission Statement: Understand what it is and why they are important.
Answer:
Broadly describes where the company intends to be in the next ten or so years.
Question:
4. Strategic Objectives
Answer:
Developed to guide the company in the accomplishment of its vision. They should be broad and timeless
statements that require action.
Question:
5. Internal and external assessments
Answer:
I - Assesment of Company E - Assesment of Industry, Markets, and Environment
Question:
6. Strategic Short Term Goals
Answer:
Decribe the methods to be employed to accomplish each objective. They should define what is to be done,
and how it is to be done.
Question:
7. Action Plans Understand what they are and why they are important.
, Answer:
An assignement of specific actions to an individual, an allocation of resources, and an establishment of a
specific date by which the actions are to be completed.
Question:
8. SWOT analysis
Answer:
strengths, weaknesses, opportunities, threats
Question:
9. Value chain analysis
Answer:
A systematic approach to examining all of the company's funcional activities, and assessing how well they
create customer value.
Question:
10. Sales vs Marketing
Answer:
M - process of retaining existing customers, identifying prospective new ones, and attracting new customers
to consider the construction firm as their service provider. S - contacting a specific potential customer
identified by the marketing process and winning the construction contract.
Question:
11. Marketing Plan: What does it do in terms of support, and what are the steps?
Answer:
Develop Company Business Plan Identify Marketing Goals/Objectives Analyze Marketplace and Research
Prospective Customers Learn How Company is Perceived by Customers Research Competition Develop
Marketing Strategies Develop Action Plans Assigning Responsibility and Allocating Resources Establish
Performance Measurements Criteria It is a supporting functional plan of the overall company business plan.
Strategies are selected that will support the accomplishment of the company business strategies identified in
the planning process.
Question:
12. Market Analysis
Answer:
Assessment of current and projected customer demand Assessment of customer satisfaction Assessment of
current and potential competition
Question:
13. STP Marketing
Answer:
segmenting, targeting, positioning
Question:
14. Competition Assessment
UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Strategic plans: What is the process and what are they for?
Answer:
Develop Mission Statement Create Vision Describing Future Conduct Internal / External Assesment
Establish Strategic Objectives Develop Strageties to Accomplish Objectives Establish Short-Term Goals
Develop Action Plans Establish Performance Measurement Criteria They are helpful in assessing company
strengths/weaknesses, analyzing the extrenal environment, forcasting the future. Objectives include:
• to establish a framework for decision making,
• to assign responsibilities and allocate resources,
• to establish quantifiable goals that can be used to measure company progress
Question:
2. Mission Statement: Understand what it is and why they are important.
Answer:
Should articulate in simple terms why the company exists and what makes it different from other firms in
the industry.
Question:
3. Vission Statement: Understand what it is and why they are important.
Answer:
Broadly describes where the company intends to be in the next ten or so years.
Question:
4. Strategic Objectives
Answer:
Developed to guide the company in the accomplishment of its vision. They should be broad and timeless
statements that require action.
Question:
5. Internal and external assessments
Answer:
I - Assesment of Company E - Assesment of Industry, Markets, and Environment
Question:
6. Strategic Short Term Goals
Answer:
Decribe the methods to be employed to accomplish each objective. They should define what is to be done,
and how it is to be done.
Question:
7. Action Plans Understand what they are and why they are important.
, Answer:
An assignement of specific actions to an individual, an allocation of resources, and an establishment of a
specific date by which the actions are to be completed.
Question:
8. SWOT analysis
Answer:
strengths, weaknesses, opportunities, threats
Question:
9. Value chain analysis
Answer:
A systematic approach to examining all of the company's funcional activities, and assessing how well they
create customer value.
Question:
10. Sales vs Marketing
Answer:
M - process of retaining existing customers, identifying prospective new ones, and attracting new customers
to consider the construction firm as their service provider. S - contacting a specific potential customer
identified by the marketing process and winning the construction contract.
Question:
11. Marketing Plan: What does it do in terms of support, and what are the steps?
Answer:
Develop Company Business Plan Identify Marketing Goals/Objectives Analyze Marketplace and Research
Prospective Customers Learn How Company is Perceived by Customers Research Competition Develop
Marketing Strategies Develop Action Plans Assigning Responsibility and Allocating Resources Establish
Performance Measurements Criteria It is a supporting functional plan of the overall company business plan.
Strategies are selected that will support the accomplishment of the company business strategies identified in
the planning process.
Question:
12. Market Analysis
Answer:
Assessment of current and projected customer demand Assessment of customer satisfaction Assessment of
current and potential competition
Question:
13. STP Marketing
Answer:
segmenting, targeting, positioning
Question:
14. Competition Assessment
