WGU D073 - Best Practices in Management (with Error-free answers)

Contingency Theory (Situational Theory) correct answers Leadership success must match needs of the situation Emergent Theory correct answers Leaders will naturally rise Full-range Theory (Transformational Leadership) correct answers Individualized consideration; Intellectual stimulation; Inspirational motivation; Idealized influence What do managers do? correct answers Plan (long-range/strategic; environmental scanning), Organize (coordinate work; project management), Lead (supervise; community relations), Control (allocate human, financial, and material resources; customer relations and marketing; internal consulting) Objectives correct answers Short, measurable actions (goals + timeline) Strategic Management Process correct answers 1. Strategic objective and analysis (SWOT & PESTLE) 2. Strategic formulation (broad goals, objs SMART) 3. Strategic execution/implementation 4. Strategic evaluation and control (evaluate and adjust) 4 Essential Components of Corporate Strategy correct answers 1. Allocation of resources 2. Organizational design 3. Portfolio management 4. Strategic trade-offs Operational Strategies correct answers The methods companies use to reach their objectives Customer-driven Strategies correct answers Meet the needs of the customers Market Position correct answers Customers' perception of the brand/product vs the competition Competitive Strategies correct answers How to price and market products 1. Cost Leadership (economies of scale) 2. Differentiation (difficult to replicate product/service) 3. Market Segmentation (blends the above, serves untapped segments of the market) What is the Deming Cycle (PDCA Model) correct answers Plan (leadership) Do (Kaizen teams) Check (use balanced scorecard, metrics, and audits) Act (make adjustments)