Management Exam 2 Question and
Answers 2024/2025 Already Graded A+
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
1|Page
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
, -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
strategic planning - ✔✔make long-term decisions about overall direction of org
top managers 3-5 years
long term goals - ✔✔over a year/ strategic goals
short term goals - ✔✔year/ tactical and operational goals
operating plan - ✔✔plan that breaks long-term output into short-term target or
goals
action plan - ✔✔defines course of action needed to achieve a stated goal
2|Page
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
Answers 2024/2025 Already Graded A+
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
1|Page
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
, -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
strategic planning - ✔✔make long-term decisions about overall direction of org
top managers 3-5 years
long term goals - ✔✔over a year/ strategic goals
short term goals - ✔✔year/ tactical and operational goals
operating plan - ✔✔plan that breaks long-term output into short-term target or
goals
action plan - ✔✔defines course of action needed to achieve a stated goal
2|Page
©NINJANERD 2025/2026. YEAR PUBLISHED 2025.
