MGMT3013- Exam 2 Study Guide Questions and Answers 100% Pass

MGMT3013- Exam 2 Study Guide Questions and Answers 100% Pass __________________ involves setting goals and deciding how to achieve them. - Planning A ____________ ___________ is a document that outlines proposed firm's goals, the strategy for achieving them, and the standards for measuring success - Business Plan A strategy is a ________________________ that sets the direction for an organization - plan Strategic management is a process that involves managers from all parts of the organization in the _____________ and the _______________ of strategies and strategic goals - formulation; implementation An organization should adopt planning and strategic management for three reasons: 1. provide ____________ and _____________, 2. encourage ___ _________, and 2Brittie Donald, All Rights Reserved © 2025 3. develop a sustainable _________ ____________ - 1. direction; Momentum 2. new ideas 3. competitive advantage Planning consists of translating an organization's __ and __ into objectives - mission; vision A mission statement expresses the _____________ of the organization. - company's reason for being and purpose What an organization hopes to become is expressed as a ______________ - vision A _________ statement expresses what the company stands for, its core priorities, the values its employees embody, and what its products contribute to the world. - values Using the organization's mission, vision, and values as their foundation, managers conduct ___________ ________ - strategic plan tactical planning is performed by __________ ___________ - lower level managers ____________ __________ is performed by first-line management. - operational planning The purpose of planning is to set a ___ and then an operationa lplan and an action plan - goal 3Brittie Donald, All Rights Reserved © 2025 _______ is a specific commitment to achieve a measurable result within a stated period of time - Goal Goals can be ___ and ___ and they are connected through a means-end chain is ________ - long term; short term used in planning to show how goals are connected ____________ _________ are set by and for top man