D073 WGU EXAMS FULLY SOLVED & UPDATED 2024.

Vision Statement what a company desires to achieve in the long-run, generally in a time frame of five to ten years, or sometimes even longer Mission Statement used by a company to explain, in simple and concise terms, its purpose(s) for being Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Edwin Locke's Trait Theory - Drive a high level of effort, including a strong desire for achievement as well as high levels of ambition, energy, tenacity, and initiative Edwin Locke's Trait Theory - leadership motivation an intense desire to lead others Edwin Locke's Trait Theory - honesty and integrity a commitment to the truth (not being deceitful), where word and deed correspond Edwin Locke's Trait Theory - self-confidence an assurance in one's self, one's ideas, and one's ability Edwin Locke's Trait Theory - cognitive ability conceptually skilled, capable of exercising sound judgment, having strong analytical skills, and possessing the capacity to think strategically and multi-dimensionally Edwin Locke's Trait Theory - knowledge of the business a high degree of understanding of the company, industry, and technical matters behavior theory takes into account the effects of reward and punishment on changing behavior transactional theory - individualized consideration the degree to which the leader attends to each follower's concerns and needs and acts as a mentor or coach transactional theory - intellectual stimulation the degree to which the leader challenges assumptions, takes risks, and solicits followers' ideas transactional theory - inspirational motivation the degree to which the leader articulates a vision that is appealing and inspiring to followers transactional theory - idealized influence the degree to which the leader provides a role model for high ethical behavior, instills pride, and gains respect and trust four functions of management - Planning Managers develop the road map or series of objectives that must be met to achieve the goals of the organization. four functions of management - Organizing Managers must utilize resources in the most effective way by assigning tasks, delegating responsibilities, and establishing authority. four functions of management - Leading Managers must be influential leaders who can negotiate between parties, complete tasks, and lead employees. four functions of management - Coordinating There must be an ongoing balance in coordinating the resources and functions of a business. Leader establishing a direction and influencing others to follow. Looks in the future. Manager successfully administering the many intricate details involved in a business's operations. Looks at the now. Leader Keywords Horizon, future, big-picture, long-term, vision/visionary, core values/culture, mission, inspire, motivate, influence, change maker, risk-taker Manager Keywords Executing, implementing, Hierarchy, planning, organizing, leading/directing, controlling, monitoring, allocating resources, processes, efficiency, technical skills, communication skills, decision-making, problem-solving Robert Katz's management skills technical skills, communication or human relations skills, conceptual skills Contingency Theory predicts that effective leaders are those whose personal traits match the needs of the situation in which they find themselves Strategic Management Process Step 1 - Strategic objectives and analysis SWOT and PESTEL Strategic Management Process Step 2 - Strategic formulation Goals and objectives are written based on the information obtained from the PESTLE and SWOT analyses. Objectives are measurable, quantitative statements a manager can use to evaluate an organization's, department's, or employees' progress toward meeting their goals. Strategic Management Process Step 3 - Strategic implementation Planning stops and action begins. Employees know their assignments, responsibilities, and authority. Strategic Management Process Step 4 - Strategic evaluation and control Performance measurements to determine progress and milestones. Corrective actions can be used if results are verified from the plan. Michael Porter's three most effective strategies Cost leadership large firms generating a high volume of goods that are distributed at a relatively low cost, compared to the competition Michael Porter's three most effective strategies Differentiation To create a product or service that is unique and it satisfies a specific target market. Focused on branding. Like Gucci, which mostly covers marketing costs, not production. Michael Porter's three most effective strategies Market segmentation Identifies a specific target group of customers that are not being satisfied by competition. The organization uses both differentiation and cost leadership. This approach describes a company that is focused only on economies of scale. economies of scale Like Costco, buy a large bag of candy to have it be cheaper individually. "increasing production and lowering costs" SMART Goals Specific Measurable Attainable Realistic Time-bound Smart - Specific Focused, defined, Clear. Objective should identify the expected actions and outcomes. 5 w' What do I want to accomplish? Why is this goal important? Who is involved? Where is it located? Which resources or limits are involved? sMart - Measurable Keeps you focused and Motivated. 3 H's- How much? How many? How will I know when it's accomplished? %%%%%% smArt - Achievable Crucial for all Stakeholders. Must be attainable. smaRt - Relevant Your goal aligns with the company's mission smarT - Time bound Having a schedule or deadline. They will help increase productivity and prevent work from dragging on. Where to put it on a calendar. strategic goals long-term tactical plans short-term Operational strategies The methods companies use to reach their objectives. Classified into the following categories: developing a well-integrated company using corporate strategies, producing products and services with a focus on customer satisfaction, maximizing the organization's core competencies, and creating a system to measure competitive priorities Corporate strategies focus on seeing the company as made up of interconnected parts concentrated on driving the company mission Customer-driven strategies focus on meeting the needs of the customer Competitive strategies help determine ho