MNG3701, MNG3701 - Case Study Questions and Answers
100% A+
Purpose of Business Organisation - CORRECT ANSWER-* To the Entrepreneur it is the profit
he makes from his business
* To the consumer it is the value of the service or product
* To employees it is their salary/wage earned
* To an organization it can be selling shares to shareholders
Stakeholders - CORRECT ANSWER-Any person or group of people that have (or claim to have)
an interest in an organization and its activities.
Stakeholder Expectations - CORRECT ANSWER-* Customers - quality products and good
service
* Suppliers - payment on time
* Community - contribution in form of sponsorships or community projects
* Organized labor - treat employees with fairness, dignity and respect
Internal Stakeholders - CORRECT ANSWER-Work directly within the organisation - business
owners, shareholders, investors, employees and management
External Stakeholders - CORRECT ANSWER-Not directly associated with the organization -
community, government, organized labor (trade unions), customers, suppliers.
Triple Bottom Line (Expected from Organizations) - CORRECT ANSWER-* Be profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in which it operates
Manager - CORRECT ANSWER-The person responsible for running a part of or an entire
organization
Management - CORRECT ANSWER-The interlocking functions that managers perform.
Management Process - CORRECT ANSWER-"The process of working with and through others
to achieve organizational objectives in a changing environment."
Management Process Characteristics - CORRECT ANSWER-* Management is a process
* Management entails working with and through others
* Management aims to contribute to the realization of organizational goals and objectives
* Management needs to cope with a changing environment
Interrelated Management Tasks - CORRECT ANSWER-* Planning
* Organising
* Leading
* Control
, Micro (internal) environment - CORRECT ANSWER-Functions, policies, strategies, goals,
objectives and available resources.
External Environment - CORRECT ANSWER-Consists of market environment and remote
environment
Market Environment - CORRECT ANSWER-* Customer - needs, purchasing power, behavior
and bargaining power
* Competitors - new and existing competition
* Labor market and labor unions - skills, occupations, age groups, industries, genders,
geographical regions * Intermediaries - middlemen: wholesalers, retailers, agents and brokers
* Suppliers - capital, material and labor
Remote Environment - CORRECT ANSWER-* Political/legislative environment - Tax
regulation
* Economic environment - Business cycles, interest rates, inflation, unemployment, trends
(GNP) etc.
* Social environment - Cultural aspects and values of individuals
* Technological environment - Knowledge, tools, actions and techniques used to transform
ideas, info, raw material and components into finished products and services.
* Environmental environment - Limited natural resources * Global environment - Threats and
opportunities of doing business abroad
Areas of Management - CORRECT ANSWER-* Top Management (Senior)
* Middle Management
* Lower-Level Management
Top-Management (Senior) - CORRECT ANSWER-* Directors, partners, CEO, management
committees and other governing bodies.
* Long term strategic planning.
* Display leadership and control.
Middle Management - CORRECT ANSWER-* Functional managers
* Implement strategies, policies and plans formulated by top management.
* Involved in tactical planning.
* Medium to short term planning
Lower Level Management - CORRECT ANSWER-* Operational management
* Supervisors / first line managers
* Involve daily activities
* Short term planning
* Apply policies, procedures and rules to achieve high level of productivity and efficiency to
achieve day to day goals.
1 Comment on the importance of strategy implementation as a component of the strategic
management process.
100% A+
Purpose of Business Organisation - CORRECT ANSWER-* To the Entrepreneur it is the profit
he makes from his business
* To the consumer it is the value of the service or product
* To employees it is their salary/wage earned
* To an organization it can be selling shares to shareholders
Stakeholders - CORRECT ANSWER-Any person or group of people that have (or claim to have)
an interest in an organization and its activities.
Stakeholder Expectations - CORRECT ANSWER-* Customers - quality products and good
service
* Suppliers - payment on time
* Community - contribution in form of sponsorships or community projects
* Organized labor - treat employees with fairness, dignity and respect
Internal Stakeholders - CORRECT ANSWER-Work directly within the organisation - business
owners, shareholders, investors, employees and management
External Stakeholders - CORRECT ANSWER-Not directly associated with the organization -
community, government, organized labor (trade unions), customers, suppliers.
Triple Bottom Line (Expected from Organizations) - CORRECT ANSWER-* Be profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in which it operates
Manager - CORRECT ANSWER-The person responsible for running a part of or an entire
organization
Management - CORRECT ANSWER-The interlocking functions that managers perform.
Management Process - CORRECT ANSWER-"The process of working with and through others
to achieve organizational objectives in a changing environment."
Management Process Characteristics - CORRECT ANSWER-* Management is a process
* Management entails working with and through others
* Management aims to contribute to the realization of organizational goals and objectives
* Management needs to cope with a changing environment
Interrelated Management Tasks - CORRECT ANSWER-* Planning
* Organising
* Leading
* Control
, Micro (internal) environment - CORRECT ANSWER-Functions, policies, strategies, goals,
objectives and available resources.
External Environment - CORRECT ANSWER-Consists of market environment and remote
environment
Market Environment - CORRECT ANSWER-* Customer - needs, purchasing power, behavior
and bargaining power
* Competitors - new and existing competition
* Labor market and labor unions - skills, occupations, age groups, industries, genders,
geographical regions * Intermediaries - middlemen: wholesalers, retailers, agents and brokers
* Suppliers - capital, material and labor
Remote Environment - CORRECT ANSWER-* Political/legislative environment - Tax
regulation
* Economic environment - Business cycles, interest rates, inflation, unemployment, trends
(GNP) etc.
* Social environment - Cultural aspects and values of individuals
* Technological environment - Knowledge, tools, actions and techniques used to transform
ideas, info, raw material and components into finished products and services.
* Environmental environment - Limited natural resources * Global environment - Threats and
opportunities of doing business abroad
Areas of Management - CORRECT ANSWER-* Top Management (Senior)
* Middle Management
* Lower-Level Management
Top-Management (Senior) - CORRECT ANSWER-* Directors, partners, CEO, management
committees and other governing bodies.
* Long term strategic planning.
* Display leadership and control.
Middle Management - CORRECT ANSWER-* Functional managers
* Implement strategies, policies and plans formulated by top management.
* Involved in tactical planning.
* Medium to short term planning
Lower Level Management - CORRECT ANSWER-* Operational management
* Supervisors / first line managers
* Involve daily activities
* Short term planning
* Apply policies, procedures and rules to achieve high level of productivity and efficiency to
achieve day to day goals.
1 Comment on the importance of strategy implementation as a component of the strategic
management process.
