MAN 3025 Exam 2 FGCU
Strategic Management - Answer-a process that involves managers from all parts of the organization in
the formulation and the implementation of strategies and strategic goals
Strategic Analysis - Answer-the process of analyzing the organization, the environment, and the
organization's competitive position and current strategies
strategy formulation - Answer-the process of choosing among different strategies and altering them to
best fit the organization's needs
the five steps of the strategic-management process - Answer-
Mission Statement - Answer-a statement of the organization's purpose - what it wants to accomplish in
the larger environment
Vision Statement - Answer-expresses what the organization should become, where it wants to go
strategically
,competitive intelligence - Answer-gaining information about one's competitors' activities so that you
can anticipate their moves and react appropriately
SWOT analysis - Answer-strengths, weaknesses, opportunities, threats
Forecasting - Answer-the attempts to determine the supply of and demand for various types of human
resources to predict areas within the organization where there will be labor shortages or surpluses
trend analysis - Answer-constructing and applying statistical models that predict labor demand for the
next year, given relatively objective statistics from the previous year
Benchmarking - Answer-a process by which a company compares its performance with that of high-
performing organizations
Porter's Five Forces - Answer-threat of entry, threat of substitute, supplier power, buyer power, and
competitive rivalry
Three Common Grand Strategies - Answer-1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies - Answer-1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
, single-product strategy - Answer-a company makes and sells only one product within its market
diversification strategy - Answer-a growth strategy whereby a firm introduces a new product or service
to a market segment that it does not currently serve
related and unrelated diversification - Answer-
BCG Matrix - Answer-a means of evaluating strategic business units on the basis of (1) their business
growth rates and (2) their share of the market
Implementing strategy - Answer-Action stage of strategic management where managers need to
determine and implement the most appropriate company structure, motivate employees, develop
short-range goals and establish functional strategies
strategic control - Answer-consists of monitoring the execution of strategy and making adjustments, if
necessary
execution - Answer-the carrying out or completion of some task
Three Core Processes of Business - Answer-People - consider who will benefit you in the future
Strategy - consider how success will be accomplished
Operations - consider what path will be followed
How Execution Helps Implement & Control Strategy - Answer-
decision - Answer-choice made from among available alternatives
Strategic Management - Answer-a process that involves managers from all parts of the organization in
the formulation and the implementation of strategies and strategic goals
Strategic Analysis - Answer-the process of analyzing the organization, the environment, and the
organization's competitive position and current strategies
strategy formulation - Answer-the process of choosing among different strategies and altering them to
best fit the organization's needs
the five steps of the strategic-management process - Answer-
Mission Statement - Answer-a statement of the organization's purpose - what it wants to accomplish in
the larger environment
Vision Statement - Answer-expresses what the organization should become, where it wants to go
strategically
,competitive intelligence - Answer-gaining information about one's competitors' activities so that you
can anticipate their moves and react appropriately
SWOT analysis - Answer-strengths, weaknesses, opportunities, threats
Forecasting - Answer-the attempts to determine the supply of and demand for various types of human
resources to predict areas within the organization where there will be labor shortages or surpluses
trend analysis - Answer-constructing and applying statistical models that predict labor demand for the
next year, given relatively objective statistics from the previous year
Benchmarking - Answer-a process by which a company compares its performance with that of high-
performing organizations
Porter's Five Forces - Answer-threat of entry, threat of substitute, supplier power, buyer power, and
competitive rivalry
Three Common Grand Strategies - Answer-1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies - Answer-1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
, single-product strategy - Answer-a company makes and sells only one product within its market
diversification strategy - Answer-a growth strategy whereby a firm introduces a new product or service
to a market segment that it does not currently serve
related and unrelated diversification - Answer-
BCG Matrix - Answer-a means of evaluating strategic business units on the basis of (1) their business
growth rates and (2) their share of the market
Implementing strategy - Answer-Action stage of strategic management where managers need to
determine and implement the most appropriate company structure, motivate employees, develop
short-range goals and establish functional strategies
strategic control - Answer-consists of monitoring the execution of strategy and making adjustments, if
necessary
execution - Answer-the carrying out or completion of some task
Three Core Processes of Business - Answer-People - consider who will benefit you in the future
Strategy - consider how success will be accomplished
Operations - consider what path will be followed
How Execution Helps Implement & Control Strategy - Answer-
decision - Answer-choice made from among available alternatives
