MGT 301 Exam #2 UK Kirn UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Planning - CORRECT ANSWER - setting goals and deciding how to achieve them
Planning - Three Definitions - CORRECT ANSWER - - Planning is defined as setting
goals and deciding how to achieve them.
- Planning is coping with uncertainty by formulating future courses of action to achieve specified
results.
- A plan is a document that outlines how goals are going to be met.
Strategy - CORRECT ANSWER - a large-scale action plan that sets the direction for an
organization, what must be done in the long term
Strategic Management - CORRECT ANSWER - a process that involves managers from all
parts of the organization in the formulation and the implementation of strategies and strategic
goals
Why is planning and strategic management important? - CORRECT ANSWER - 1.
Provide direction and momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
Planning and Strategic Management Steps - CORRECT ANSWER - 1. Establish mission
and values
2. Assess the current reality
3. Formulate the strategy and operational plans
4. Implement the strategy
5. Maintain strategic control
, Competitive Advantage - CORRECT ANSWER - the ability of an organization to produce
goods or services more effectively than competitors do, thereby outperforming them
Sustainable Competitive Advantage - CORRECT ANSWER - Occurs when an
organization is able to get and stay ahead in four areas
Four Areas of Sustainable Advantage - CORRECT ANSWER - In being responsive to
customers
In innovating
In quality
In effectiveness
Mission Statement - CORRECT ANSWER - expresses the purpose of the organization
Vision Statement - CORRECT ANSWER - A clear sense of the future and the actions
needed to get there
Value Statement - CORRECT ANSWER - what the company stands for: its core priorities,
the values its employees embody, and what its products contribute to the world
Fundamentals of Planning - CORRECT ANSWER - -strategic planning: 1-5 years (top
management)
-tactical planning: 6-24 months (middle management)
-operational planning: 1-52 weeks (first-line management)
Vision Statement Includes... - CORRECT ANSWER - people, portfolio, partners, planet,
profit, and productivity
ACTUAL Exam Questions and CORRECT
Answers
Planning - CORRECT ANSWER - setting goals and deciding how to achieve them
Planning - Three Definitions - CORRECT ANSWER - - Planning is defined as setting
goals and deciding how to achieve them.
- Planning is coping with uncertainty by formulating future courses of action to achieve specified
results.
- A plan is a document that outlines how goals are going to be met.
Strategy - CORRECT ANSWER - a large-scale action plan that sets the direction for an
organization, what must be done in the long term
Strategic Management - CORRECT ANSWER - a process that involves managers from all
parts of the organization in the formulation and the implementation of strategies and strategic
goals
Why is planning and strategic management important? - CORRECT ANSWER - 1.
Provide direction and momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
Planning and Strategic Management Steps - CORRECT ANSWER - 1. Establish mission
and values
2. Assess the current reality
3. Formulate the strategy and operational plans
4. Implement the strategy
5. Maintain strategic control
, Competitive Advantage - CORRECT ANSWER - the ability of an organization to produce
goods or services more effectively than competitors do, thereby outperforming them
Sustainable Competitive Advantage - CORRECT ANSWER - Occurs when an
organization is able to get and stay ahead in four areas
Four Areas of Sustainable Advantage - CORRECT ANSWER - In being responsive to
customers
In innovating
In quality
In effectiveness
Mission Statement - CORRECT ANSWER - expresses the purpose of the organization
Vision Statement - CORRECT ANSWER - A clear sense of the future and the actions
needed to get there
Value Statement - CORRECT ANSWER - what the company stands for: its core priorities,
the values its employees embody, and what its products contribute to the world
Fundamentals of Planning - CORRECT ANSWER - -strategic planning: 1-5 years (top
management)
-tactical planning: 6-24 months (middle management)
-operational planning: 1-52 weeks (first-line management)
Vision Statement Includes... - CORRECT ANSWER - people, portfolio, partners, planet,
profit, and productivity
