Management Exam 2 Question and Answers 2024

MANAGEMENT EXAM 2 QUESTION AND ANSWERS 2024 Planning and strategic management steps 1. Establish the mission and vision and values 2. Assess the current reality 3. Formulate the grand strategy and strategic, tactical, and operational plans 4. Implement the strategy 5. Maintain strategic control Planning coping with uncertainty Strategy setting long-term direction Strategic management involving all mangers in strategy Competitive advantage ability of an org to produce goods or service more efficiently than competitors do, outperforming them Sustainable comp. Advantage occurs when an org is able to get and stay in ahed in these areas -being responsive to customers -innovating -quality -effectiveness Mission statement what is the reason for being? Vision statement what do we want to become? Value statement what values do we want to emphasize? Operational planning direct daily tasks of nonmanagerial personnel, predictable decisions, following routine Done by first line managers for 1-52 weeks Tactical planning implement policies and plans of top managers, supervise/coordinate activities, make decisions without clear info Middle managers for 6-24 months