COMMERCE 4PA3 exam study guide
new solution McMaster University
,General Management Perspective - having the capacity to understand and appreciate issues facing
individuals placed in the specific role of a general manager
general manager - someone who has responsibility for all functional facets of the business
create, capture and distribute value - what is the job of the general manager?
set direction, create strategy, implement change - 3 fundamental components of the GM's job?
operating performance, organizational health - 2 sets of measures for assessment of organizational
performance
quadrant 1 - desired state of performance matrix
quadrant 2 - inward-looking and self-satisfied organization where people enjoy their work but are
performing inadequately in terms of market/financial standards
quadrant 3 - business is achieving operating objectives at the expense of organizational health
quadrant 4 - represents a problem in which immediate and comprehensive action is necessary
colins and porras framework - based on solid research and provides a practical approach for applying the
concept. vision consists on 2 major components. guiding philosophy includes the core purpose and
values of the organization
core purpose and core values - guiding philosophy 2 elements
,values - represent the basic beliefs that govern individual and group behaviour in an organization
core purpose - defines organization's reason for being and may never be fully realized, in contrast to
goals and objectives, which are formulated specifically to be achievable
mission statement - mission is clear and compelling goal that serves to unify an organization's efforts
feasibility - question of whether you can reasonably expect to get to your visionary destination cannot
be answered in the abstract
flexibility - vision must be flexible because circumstances may change in unanticipated ways
stretch - vision should go further than what is doable with today's resources/capabilities
managerial strategy - Which of the following is not one of the major levels of organization strategy?
management preferences - When developing alternatives based on the Diamond-E drill, this element
often provides the most strain on action plans:
development - Which stage is not included in the product life cycle?
the balanced scorecard - Kaplan and Norton developed:
strategic planning - approach to undertaking strategic analysis on a recurring basis and deals with who
develops the strategy, how it happens and when it takes place
, strategy - concrete expression of how an organization intends to operate in service of whatever mission
it has designed
strategy - definitive tool for building, communicating and maintaining direction of the business
goals - set up targets against which progress/performance can be assessed
product market focus - provides critical direction to people throughout the organization so they can
focus their effort on targeted markets and products/services
value proposition - beacon for employees, illuminating specifically what the business is trying to do for
customers and clients and requirements of their particular goal
core activities - highlight key jobs that will have to be done and the capabilities that need most to be
developed and reinforced
strategy business unit - sells a distinct set of products/services to an identifiable group of customers and
is accountable for distinct revenues, costs, and investments directly or by reasonable allocation
business strategy - focuses on how an organization will create value within a particular line of business
corporate strategy - deals with portfolio of business strategies and how they relate to each other
strategic goals - an expression in measurable terms of what a business intends to achieve or where it
intends to go
hard goals - focus on aims and performance of the business as a classic economic entity whether it be
for-profit or not-for-profit, revealing measurable targets/time frames
new solution McMaster University
,General Management Perspective - having the capacity to understand and appreciate issues facing
individuals placed in the specific role of a general manager
general manager - someone who has responsibility for all functional facets of the business
create, capture and distribute value - what is the job of the general manager?
set direction, create strategy, implement change - 3 fundamental components of the GM's job?
operating performance, organizational health - 2 sets of measures for assessment of organizational
performance
quadrant 1 - desired state of performance matrix
quadrant 2 - inward-looking and self-satisfied organization where people enjoy their work but are
performing inadequately in terms of market/financial standards
quadrant 3 - business is achieving operating objectives at the expense of organizational health
quadrant 4 - represents a problem in which immediate and comprehensive action is necessary
colins and porras framework - based on solid research and provides a practical approach for applying the
concept. vision consists on 2 major components. guiding philosophy includes the core purpose and
values of the organization
core purpose and core values - guiding philosophy 2 elements
,values - represent the basic beliefs that govern individual and group behaviour in an organization
core purpose - defines organization's reason for being and may never be fully realized, in contrast to
goals and objectives, which are formulated specifically to be achievable
mission statement - mission is clear and compelling goal that serves to unify an organization's efforts
feasibility - question of whether you can reasonably expect to get to your visionary destination cannot
be answered in the abstract
flexibility - vision must be flexible because circumstances may change in unanticipated ways
stretch - vision should go further than what is doable with today's resources/capabilities
managerial strategy - Which of the following is not one of the major levels of organization strategy?
management preferences - When developing alternatives based on the Diamond-E drill, this element
often provides the most strain on action plans:
development - Which stage is not included in the product life cycle?
the balanced scorecard - Kaplan and Norton developed:
strategic planning - approach to undertaking strategic analysis on a recurring basis and deals with who
develops the strategy, how it happens and when it takes place
, strategy - concrete expression of how an organization intends to operate in service of whatever mission
it has designed
strategy - definitive tool for building, communicating and maintaining direction of the business
goals - set up targets against which progress/performance can be assessed
product market focus - provides critical direction to people throughout the organization so they can
focus their effort on targeted markets and products/services
value proposition - beacon for employees, illuminating specifically what the business is trying to do for
customers and clients and requirements of their particular goal
core activities - highlight key jobs that will have to be done and the capabilities that need most to be
developed and reinforced
strategy business unit - sells a distinct set of products/services to an identifiable group of customers and
is accountable for distinct revenues, costs, and investments directly or by reasonable allocation
business strategy - focuses on how an organization will create value within a particular line of business
corporate strategy - deals with portfolio of business strategies and how they relate to each other
strategic goals - an expression in measurable terms of what a business intends to achieve or where it
intends to go
hard goals - focus on aims and performance of the business as a classic economic entity whether it be
for-profit or not-for-profit, revealing measurable targets/time frames
