WGU C483 Principles of Management 2023 Exam- Solved

Top-level Managers - ANSWER-Strategic Managers Middle-level Managers - ANSWER-Tactical Managers Frontline Managers - ANSWER-Operational Managers Goals should be: - ANSWER-S.M.A.R.T. Specific, Measurable, Attainable, Relevant, Time-bound Strategic Planning - 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 - 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 - 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? How will we obtain financial returns? Tactical Planning - ANSWER-Set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of an organization. (Marketing and HR) Focus on major actions a unit must take to fulfill it's part of the strategic plan Operational Planning - ANSWER-Process of identifying the specific procedures and processes required at lower levels of the organization Frontline managers usually focus of routine tasks such as production runs, delivery schedules and human resource requirements Mission - ANSWER-A clear and concise expression of the basic purpose of an organization Strategic Mission - ANSWER-Points to the future by providing perspective on where the organization is headed and what it can become Stakeholders - ANSWER-Groups and individuals who affect and are affected by the achievement of the organization's mission, goals and strategies Resources - ANSWER-Inputs to a system that can enhance performance Core capability AKA Competence - ANSWER-A unique skill and/or knowledge an organization possesses Benchmarking - ANSWER-Process of assessing how well one company's basic functions and skills compare with those of another company or set of companies SWOT Analysis - ANSWER-Comparison of strengths, weaknesses, opportunities and threats that help executives formulate strategies Corporate Strategy - ANSWER-The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those Concentration Strategy - ANSWER-Focuses on a single business completing in a single industry Vertical Integration - ANSWER-The acquisition or development of new businesses that produce parts or components of an organization's product A strategy involving expanding the domain of the organization into supply channels or distributors Concentric Diversification - ANSWER-A strategy used to add new businesses that produce related products or are involved in related markets and activities A strategy involving moving into a new businesses that are related to the company's original core business Conglomerate Diversification - ANSWER-A strategy used to add businesses that produced unrelated products or involved in unrelated markets and activities Business Strategy - ANSWER-The major actions by which a business builds and strengthens it's competitive position in the marketplace Low-cost Strategy - ANSWER-A strategy a business uses to build a competitive advantage by being efficient and offering a standard, no-frills product Differentiated Strategy - ANSWER-A strategy an organization uses to build competitive advantage by being unique in it's industry or marketing segment along one or more dimensions Functional Strategy - ANSWER-Strategy implemented by each functional area of the organization to support the organization's business strategy 4 Steps of Implementation - ANSWER-- DEFINE strategic tasks - ASSESS organizational capabilities - DEVELOP an implementation agenda - CREATE an implementation plan Strategic Control System - ANSWER-A system designed to support managers in evaluation the organization's progress regarding it's strategy, when discrepancies exist, taking corrective action Strategic Vision - ANSWER-The long-term direction and strategic intent of a company Goal - ANSWER-A target or end that management desires to reach Plans - ANSWER-The actions or end that management desires to reach Scenario - ANSWER-A narrative that describes a particular set of future conditions Strategic Management Process - ANSWER-1. Establishment of mission, vision, goals 2. Analysis of external opportunities and threats 3. Analysis of internal strength and weakness 4. SWOT 5. Strategy implementation 5. Strategic control Mechanistic Organization - ANSWER-Form of organization that seeks to maximize internal efficiency Organic Structure - ANSWER-Organizational form with more emphasis on flexibility Employees relate to each other more personally and informally, and interactions are much less rigid Strategic Alliance - ANSWER-Formal relationship created between independent organizations with the purpose of a joint pursuit of mutual goals Learning Organization - ANSWER-An organization skilled at creating, acquiring and transferring knowledge and at modifying it's behavior to reflect new knowledge and insights High-involvement Organization - ANSWER-An organization in which top management ensures that there is consensus with which direction the organization is heading Economies of Scope - ANSWER-Economies in which materials and processes employed in one product can be used to make other related products Downsizing - ANSWER-Planned elimination of positions or jobs Rightsizing - ANSWER-A successful effort to achieve an appropriate size at which the company performs most effectively Survivor Syndrome - ANSWER-The loss of productivity and morale in employees who remain after a downsizing Customer Relationship Management (CRM) - ANSWER-A multi-faceted process, typically mediated by a set of information technologies, that focuses on creating two-way exchanges with customers so that firms have an intimate knowledge of their needs, wants and buying patterns