WGU :: C483 :: Principles of Management questions with complete solutions

Top-level Managers correct answer: Strategic Managers Middle-level Managers correct answer: Tactical Managers Frontline Managers correct answer: Operational Managers Goals should be: correct answer: S.M.A.R.T. Specific, Measurable, Attainable, Relevant, Time-bound Strategic Planning correct answer: Set of procedures for making decisions about an organization's long-term goals and strategies Have a strong external orientation and cover major portions of the organization Senior executives are responsible for the development and execution, although they usually do not formulate or implement the entire plan personally Strategic Goals correct answer: Major targets or results that relate to the long-term survival, value, and growth of the organization. Strategic managers usually establish goals that reflect both effectiveness and efficiency Include growth, increasing market share, improving profitability, boosting return on investment, fostering both quantity and quality of outputs, increasing productivity, improving customer service, and contributing to society A strategy correct answer: Pattern of actions and resource allocations designed to achieve an organization's goals Where will we be active? How will we get there? How will we win in the marketplace? How fast will we make changes?