Principles of Management C483 WGU, Exam Review Questions and answers, 100% Accurate 2024 | 28 Pages

Describe strategic planning - -Making decisions about the organization's long-term goals and strategies Describe strategic goals - -major target long-term goals that are effective and efficient describe strategy - -pattern of actions and resource allocations designed to achieve the goals of the organization. 1. Where will we be active? 2. How will we get there (increase sales or acquire another company)? 3. How will we win the in the marketplace (keep prices low or offer the best service)? 4. how fast will we move in what sequence will we make the changes? 5.How will we obtain financial returns (low cost or premium prices)? *In setting a strategy, managers try to match the organization's skills and resources to the opportunities found in the external environment. Explain what a Core Competency/ Capability means for an organization