MGT 8803 Final Study| 165 questions| with complete solutions

3 factors that effect planning of organization correct answer: 1) organization level (more heirarchy better with more stability) 2) degree of uncertainty (more uncertain, shorter planning horizon) 3) length of future commitments (planning horizon should be as long as length of longest commitment by management 4 functions of management correct answer: 1) planning: business goals 2) organizing: allocating resources 3) leading: coordinating and directing 4) controlling: observe and analyze metrics to ensure completion of task 4 types of plans correct answer: 1) strategic: broad plans with missions and goals 2) functional: related to areas of biz that support strategic plans 3) operational/tactical: narrow focus of specific activities 4) contingency: handles risks and what-ifs business strategy correct answer: Goal directed actions to achieve superior performance and develop competitive advantage creating competitive advantage correct answer: 1) cost leadership: underprice competition but retain higher profit margin 2) differentiation: charge higher premium than competitors for better value 3) focus (segmentation): market niches -- goes well with differentiation competitive parity correct answer: When 2 or more firms in the same industry perform at the same level firm's business model correct answer: Results of prior choices processes and relationships that are unique to the firm that help explain performance along with strategy components of a business model correct answer: 1) markets service served: selection of markets firm chooses to compete in 2) firm infrastructure: development of core competencies to create competitive advantage 3) economic model and how revenues are generated and sources of cost core competencies correct answer: Unique capabilities and resources that enable the firm to deliver and support a value proposition to its customer activity map correct answer: Diagnostic tool that can be used to understand how an organization connects its value prop to the activities that enable the organization to create a competitive advantage - Darker circles represent foundations of the business model - Lighter circler show how strategy is implemented through clusters of tightly linked activities - Useful for strengthening strategic fit and assessing source and strength of competitive advantage levels of strategy correct answer: 1) corporate level strategy: what businesses company will vest in and what they will do + sets grand strategies 2) business unit level strategy: competitive strategy is developed (small firm -- biz and corp function as one // large firm -- each of biz units develop their own buisness unit level strategy) 3) functional level strategy: activities of different functional areas to help achieve overall biz strategy