WGU C201 BUSINESS ACUMEN| 100 Questions| Accurate 100%(RATED A+)

What is Management? - ANSWER Management is the process of achieving Organizational objectives through people and other resources. The Manager's job is to combine Human and Technical resources in the best way possible to achieve the company's goals. How do the jobs of top managers, middle managers, and supervisory managers differ? - ANSWER Top managers design long term plans, set a direction for their organization and inspire all employees to achieve the company's vision. Middle managers focus on the specific mission and operations, products, or customers. They develop procedures to implement the company's strategic plans. Supervisory interact directly with non-management employees, who produce and sell the companies goods and services. They are responsible for implementing the plans developed by middle managers and motivating workers to accomplish daily, weekly, and monthly goals. What is the relationship between the managers planning and controlling functions? - ANSWER Controlling assess the success of the planning function. Controlling also produces feedback for the next round of planning. What is meant by a vision for the company? - ANSWER A vision serves as a target for the company's actions, helping direct the company towards opportunities and differentiating it from its competitors. Why is it important for a top executive to set high ethical standards? - ANSWER High ethical standards often result in a stable workforce, job satisfaction, and customer loyalty. Outline the planning process. - ANSWER Some plans are very broad and long range, focusing on key organizational objectives; others are more detailed and specify how particular objectives will be achieved. From the mission statement to objectives to specific plans, each phase must fit into comprehensive planning framework. Describe the purpose of tactical planning. - ANSWER The purpose of tactical planning is to determine which short-term activities should be implemented to accomplish the companies overall strategy. Compare the kinds of plans made by top managers and middle managers. - ANSWER Top managers focus on long-range, strategic plans. In contrast, middle-level managers focus on short term tactical planning. What is the purpose of a mission statement? - ANSWER A mission statement is a companies written explanation of its purpose, the reason it exists, the customers it will serve, and how it is different from its competitors. A mission statement guides the actions of its company, managers, and employees. Which of a company's characteristics does a SWOT analysis compare? - ANSWER Strength, Weaknesses, Opportunities and Threats Compared to its competitors. How do managers use objectives? - ANSWER Objectives set guideposts by which managers define the organizations desired performance in such areas as new product development, sales, customer service, and employee satisfaction.