C483 EXAMINATION QUESTIONS AND ANSWERS
Chapter 1 -
SWOT analysis - a planning tool used to analyze an organization's strengths, weaknesses,
opportunities, and threats
Situational Analysis - A process planners use, within time and resource constraints, to
gather, interpret, and summarize all information relevant to the planning issue under
consideration.
core capability - a unique skill and/or knowledge an organization possesses that gives it
an edge over competitors
mission - An organization's basic purpose and scope of operations.
Strategic Vision - the long-term direction and strategic intent of a company
strategy - A pattern of actions and resource allocations designed to achieve the
organization's goals.
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
functional areas like customer service or human resources.
differentiation strategy - A strategy an organization uses to build competitive advantage
by being unique in its industry or market segment along one or more dimensions.
Concentration Strategy - A strategy an organization uses to operate a single business and
compete in a single industry.
Strategic management six major components - 1. Establishing mission, vision, and goals
2. Analyzing external opportunities and threats
3. Analyzing internal strengths and weaknesses
4. SWOT ( strengths, weaknesses, opportunities, and threats) analysis and strategy formulation.
5. Strategy implementation
6. Strategic control
Benchmarking - a process by which a company compares its performance with that of
high-performing organizations
, Formal planning steps - 1. Situational Analysis
2. Alternative Goals and Plans
3. Goal and Plan Evaluation
4. Goal and Plan Selection
5. Implementation
6. Monitor and Control
operational planning - The process of identifying the specific procedures and processes
required at lower levels of the organization.
TQM (Total Quality Management) -
Customer Relationship Management (CRM) - A multifaceted process focusing on creating
two-way exchanges with customers to foster intimate knowledge of their needs, wants, and
buying patterns.
Value Chain - The sequence of activities that flow from raw materials to the delivery of a
good or service, with additional value created at each step.
Generic Value Chain - -Research and development
-Inbound logistics
-Operations
-Outbound logistics
-Marketing and sales
-Service offers
Total Quality Management (TQM) - an integrative approach to management that
supports the attainment of customer satisfaction through a wide variety of tools and techniques
that result in high-quality goods and services
Deming's 14 points - 1. Create constancy of purpose
2. Adopt philosophy of prevention
3. Cease mass inspection
4. Select a few suppliers based on quality
Chapter 1 -
SWOT analysis - a planning tool used to analyze an organization's strengths, weaknesses,
opportunities, and threats
Situational Analysis - A process planners use, within time and resource constraints, to
gather, interpret, and summarize all information relevant to the planning issue under
consideration.
core capability - a unique skill and/or knowledge an organization possesses that gives it
an edge over competitors
mission - An organization's basic purpose and scope of operations.
Strategic Vision - the long-term direction and strategic intent of a company
strategy - A pattern of actions and resource allocations designed to achieve the
organization's goals.
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
functional areas like customer service or human resources.
differentiation strategy - A strategy an organization uses to build competitive advantage
by being unique in its industry or market segment along one or more dimensions.
Concentration Strategy - A strategy an organization uses to operate a single business and
compete in a single industry.
Strategic management six major components - 1. Establishing mission, vision, and goals
2. Analyzing external opportunities and threats
3. Analyzing internal strengths and weaknesses
4. SWOT ( strengths, weaknesses, opportunities, and threats) analysis and strategy formulation.
5. Strategy implementation
6. Strategic control
Benchmarking - a process by which a company compares its performance with that of
high-performing organizations
, Formal planning steps - 1. Situational Analysis
2. Alternative Goals and Plans
3. Goal and Plan Evaluation
4. Goal and Plan Selection
5. Implementation
6. Monitor and Control
operational planning - The process of identifying the specific procedures and processes
required at lower levels of the organization.
TQM (Total Quality Management) -
Customer Relationship Management (CRM) - A multifaceted process focusing on creating
two-way exchanges with customers to foster intimate knowledge of their needs, wants, and
buying patterns.
Value Chain - The sequence of activities that flow from raw materials to the delivery of a
good or service, with additional value created at each step.
Generic Value Chain - -Research and development
-Inbound logistics
-Operations
-Outbound logistics
-Marketing and sales
-Service offers
Total Quality Management (TQM) - an integrative approach to management that
supports the attainment of customer satisfaction through a wide variety of tools and techniques
that result in high-quality goods and services
Deming's 14 points - 1. Create constancy of purpose
2. Adopt philosophy of prevention
3. Cease mass inspection
4. Select a few suppliers based on quality
