WGU - C483 EXAM STUDY QUESTIONS AND ANSWERS GRADED A 2024

Planning - the conscious, systematic process of deciding what goals and activities a person, group, work unit, or organization will pursue in the future Situational Analysis (step 1 of planning) - A process planners use to gather, interpret, and summarize all information relevant to the planning issue under consideration Goal (step 2a) - A target or end that management desires to reach. Plans (step 2b) - The actions or means managers intend to use to achieve organizational goals. Contingency plan - "What if" plans. Include actions to be taken if initial plans don't work well or if events demand a sudden change. Goal and Plan Eval (step 3) - evaluate advantage, disadvantages, and potential effects of each goal/plan. Prioritize goals, and eliminate some. Pay attention to cost and ROI. Scenario - A narrative that describes a particular set of future conditions Planning Steps - 1. Situational Analysis 2. Alternative Goals and Plans 3. Goal & Plan Evaluation 4. Goal & Plan Selection 5. Implementation 6. Monitor & Control Strategic Planning - A set of procedures for making decisions about the organization's long-term goals and strategies Have strong external orientation & cover major portions of the organization. Strategic Goals - Major targets or end results relating to the organization's long-term survival, value, and growth. -reflect effectiveness and efficiency. Strategy - A pattern of actions and resource allocations designed to achieve the organization's goals. 5 questions to answer for EFFECTIVE STRATEGIES - 1. Where will we be active? 2. How will we get there? 3. How will we win in the market? 4. How fast will we move and in what sequence will we make changes? 5. How will we obtain financial returns? Tactical Planning - A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing. Operational Planning - The process of identifying the specific procedures and processes required at lower levels of the organization. Strategy Map - a tool for communicating strategic goals and helping employees to understand the parts they will play in helping to achieve them. Illustrates 4 key drivers: 1. skills of its people and ability to grow & learn. 2. effectiveness of its internal processes. 3. ability to deliver value to customers. 4. ability to grow its financial assets. Strategic Management - a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals mission - An organization's basic purpose and scope of operations. A clear and concise expression of the basic and purpose of the organization. What the organization does, for whom it does, its basic good or servie, and its values. Strategic Vision - The long-term direction and strategic intent of a company. Stakeholders - Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies. Core capability - A unique skill and/or knowledge an organization possesses that gives it an edge over competitors. Benchmarking - Process of assessing how well one company's basic functions and skills compare with those of another company or set of companies SWOT analysis - A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. Corporate Strategy - The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. Concentration - A strategy employed for an organization that operates a single business and competes in a single industry. Vertical Integration - The acquisition or development of new businesses that produce parts or components of the organization's product. Concentric diversification - A strategy used to add new businesses that produce related products or are involved in related markets and activities. Conglomerate diversification - a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities Business Strategy - The major actions by which a business competes in a particular industry or market. low-cost strategy - A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product.