Exam (elaborations) MGT 8803

The management process - ANSWER planning, organizing, leading, controlling planning - ANSWER setting performance objectives and deciding how to achieve them organizing - ANSWER arranging tasks, people, and other resources to accomplish the work leading - ANSWER inspiring and motivating workers to work hard to achieve organizational goals controlling - ANSWER measuring performance and taking action to ensure desired results strategy steps - ANSWER 1. set goals 2. superior (financial performance) 3. compare with competitors and against industry average 4. formulate over multiple levels of the organization that have to align strategic business unit (SBU) - ANSWER - profit center which focuses on product offering and market segment - winning in the market place - a competitive advantage strategy - ANSWER goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. competitive advantage - ANSWER superior performance relative to other competitors in the same industry or the industry average strategic positioning - ANSWER A unique position within an industry that allows the firm to provide value to customers while controlling costs. Requires trade offs corporate strategy - ANSWER scope of the firm and the allocation of resouces across the firm