BUS 4750 WMU FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!! ALREADY GRADED A+
Steps of the strategic management process - (ANSWER)- Environmental Scanning.
- Strategic Direction.
- Strategy Formulation.
- Strategic Control.
Environmental Scanning - (ANSWER)Analyze opportunities, threats or constraints that exist in the
outside environment.
- Analyze the internal weaknesses and strength.
- Example: SWOT
Strategic Direction - (ANSWER)- establish the organization's mission and develop the goals and
objectives.
Strategic Formulation - (ANSWER)formulate plans to attain missions/ goals or objectives.
strategic implementation - (ANSWER)- put strategies into action.
- how to get things done by motivating workers, have good leaders.
- strategies must be functional.
Strategic Control - (ANSWER)compare results to mission/ goals / objectives.
- measuring.
- celebrating the success.
- achievement of one goal.
- set new goals.
level of strategy in an organization - (ANSWER)3 main levels:
- corporate level strategy.
- business level strategy.
,BUS 4750 WMU FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!! ALREADY GRADED A+
- functional level strategy.
corporate level strategy - (ANSWER)- streatgy for the overal company.
- which decisions are being made or added into the business.
questions related to corporate level strategy - (ANSWER)- what business area or areas should the
company be involved in?
- how many products will we create?
- how many businesses will be in the company?
- what will be the relationships amongst of them?
Business Level strategy - (ANSWER)- defines how the company will compete in individual business areas.
Questions related business level strategy - (ANSWER)- who will be our main customers?
- how will we profitably serve the customers?
Functional Level Strategy - (ANSWER)- strategies followed by the specialized departments or areas of
business to achieve the business level strategy objective.
Questions related to Accounting/ IT/ HR/ Marketing department - (ANSWER)- when and where the
works/ jobs get done?
- What do they need to do to implement the business?
Board of directors - (ANSWER)an elected group of individuals that represent stakeholders.
- responsible for representing the firms' owners by monitoring the top-level manager's strategic
decisions.
Who are board of directors supposed to represent? - (ANSWER)- The CEO: for corporate level strategy
and the overall firm performance.
,BUS 4750 WMU FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!! ALREADY GRADED A+
- Provide leadership and vision.
-Manage the process.
Typical tasks of a board directors - (ANSWER)- see the firm is being properly managed.
- keep management focus on long run return.
An intended strategy - (ANSWER)- original plans to implement.
A realized strategy - (ANSWER)- plans are actually implemented.
- made up of deliberate strategies.
Four perspectives of the balanced scorecard - (ANSWER)- customer.
- process.
- learning and growth.
- financial.
Benefit of the balanced scorecard - (ANSWER)- helps recognizing that long run financial success is driven
by an organization's ability to continually learn and grow to manage the process that deliver customer
value.
Mission - (ANSWER)reason for organization's existence.
- basic business scope and provides an important vehicle for communicating a sense of direction and
basic values.
Convey the message - (ANSWER)to all the stakeholders.
- "be sincere, be what you mean, mean what you say".
Vision - (ANSWER)a picture of an organization's desired future.
, BUS 4750 WMU FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!! ALREADY GRADED A+
- set a long- term direction.
- what does the organization wish to become in the future.
Goal - (ANSWER)narrow aims that organization to serve their vision and missions.
SMART goal - (ANSWER)- specific.
- measurable.
- aggressive.
-realistic.
- timebound
Specific - (ANSWER)a goal is specific if it is explicit rather than vague.
Example of specific goal - (ANSWER)- president Kennedy proposed a specific goal in a speech to
Congress.
Explicitness in specific goal is offered - (ANSWER)because it targets people's energy.
Measurable - (ANSWER)- the goal is achieved can be QUANTIFIED.
example of the measurable goal - (ANSWER)- reaching to the moon: simple and clear measurability.
Aggressive - (ANSWER)- achieving it presents a significant challenge to the organization.
- performance is the strongest when goals are challenging but attainable.
example of aggressive goal - (ANSWER)goals force people to test and extend the limits of the abilities.
VERIFIED!!! ALREADY GRADED A+
Steps of the strategic management process - (ANSWER)- Environmental Scanning.
- Strategic Direction.
- Strategy Formulation.
- Strategic Control.
Environmental Scanning - (ANSWER)Analyze opportunities, threats or constraints that exist in the
outside environment.
- Analyze the internal weaknesses and strength.
- Example: SWOT
Strategic Direction - (ANSWER)- establish the organization's mission and develop the goals and
objectives.
Strategic Formulation - (ANSWER)formulate plans to attain missions/ goals or objectives.
strategic implementation - (ANSWER)- put strategies into action.
- how to get things done by motivating workers, have good leaders.
- strategies must be functional.
Strategic Control - (ANSWER)compare results to mission/ goals / objectives.
- measuring.
- celebrating the success.
- achievement of one goal.
- set new goals.
level of strategy in an organization - (ANSWER)3 main levels:
- corporate level strategy.
- business level strategy.
,BUS 4750 WMU FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!! ALREADY GRADED A+
- functional level strategy.
corporate level strategy - (ANSWER)- streatgy for the overal company.
- which decisions are being made or added into the business.
questions related to corporate level strategy - (ANSWER)- what business area or areas should the
company be involved in?
- how many products will we create?
- how many businesses will be in the company?
- what will be the relationships amongst of them?
Business Level strategy - (ANSWER)- defines how the company will compete in individual business areas.
Questions related business level strategy - (ANSWER)- who will be our main customers?
- how will we profitably serve the customers?
Functional Level Strategy - (ANSWER)- strategies followed by the specialized departments or areas of
business to achieve the business level strategy objective.
Questions related to Accounting/ IT/ HR/ Marketing department - (ANSWER)- when and where the
works/ jobs get done?
- What do they need to do to implement the business?
Board of directors - (ANSWER)an elected group of individuals that represent stakeholders.
- responsible for representing the firms' owners by monitoring the top-level manager's strategic
decisions.
Who are board of directors supposed to represent? - (ANSWER)- The CEO: for corporate level strategy
and the overall firm performance.
,BUS 4750 WMU FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!! ALREADY GRADED A+
- Provide leadership and vision.
-Manage the process.
Typical tasks of a board directors - (ANSWER)- see the firm is being properly managed.
- keep management focus on long run return.
An intended strategy - (ANSWER)- original plans to implement.
A realized strategy - (ANSWER)- plans are actually implemented.
- made up of deliberate strategies.
Four perspectives of the balanced scorecard - (ANSWER)- customer.
- process.
- learning and growth.
- financial.
Benefit of the balanced scorecard - (ANSWER)- helps recognizing that long run financial success is driven
by an organization's ability to continually learn and grow to manage the process that deliver customer
value.
Mission - (ANSWER)reason for organization's existence.
- basic business scope and provides an important vehicle for communicating a sense of direction and
basic values.
Convey the message - (ANSWER)to all the stakeholders.
- "be sincere, be what you mean, mean what you say".
Vision - (ANSWER)a picture of an organization's desired future.
, BUS 4750 WMU FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!! ALREADY GRADED A+
- set a long- term direction.
- what does the organization wish to become in the future.
Goal - (ANSWER)narrow aims that organization to serve their vision and missions.
SMART goal - (ANSWER)- specific.
- measurable.
- aggressive.
-realistic.
- timebound
Specific - (ANSWER)a goal is specific if it is explicit rather than vague.
Example of specific goal - (ANSWER)- president Kennedy proposed a specific goal in a speech to
Congress.
Explicitness in specific goal is offered - (ANSWER)because it targets people's energy.
Measurable - (ANSWER)- the goal is achieved can be QUANTIFIED.
example of the measurable goal - (ANSWER)- reaching to the moon: simple and clear measurability.
Aggressive - (ANSWER)- achieving it presents a significant challenge to the organization.
- performance is the strongest when goals are challenging but attainable.
example of aggressive goal - (ANSWER)goals force people to test and extend the limits of the abilities.
