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MAN 3025 EXAM 2 FGCU QUESTIONS AND CORRECT
ANSWERS LATEST 2024/2025 GRADED A+
Strategic Management - (answers)a process that involves managers from all parts
of the organization in the formulation and the implementation of strategies and
strategic goals
Strategic Analysis - (answers)the process of analyzing the organization, the
environment, and the organization's competitive position and current strategies
strategy formulation - (answers)the process of choosing among different
strategies and altering them to best fit the organization's needs
the five steps of the strategic-management process - (answers)
Mission Statement - (answers)a statement of the organization's purpose - what it
wants to accomplish in the larger environment
Vision Statement - (answers)expresses what the organization should become,
where it wants to go strategically
competitive intelligence - (answers)gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately
, 2
SWOT analysis - (answers)strengths, weaknesses, opportunities, threats
Forecasting - (answers)the attempts to determine the supply of and demand for
various types of human resources to predict areas within the organization where
there will be labor shortages or surpluses
trend analysis - (answers)constructing and applying statistical models that predict
labor demand for the next year, given relatively objective statistics from the
previous year
Benchmarking - (answers)a process by which a company compares its
performance with that of high-performing organizations
Porter's Five Forces - (answers)threat of entry, threat of substitute, supplier
power, buyer power, and competitive rivalry
Three Common Grand Strategies - (answers)1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies - (answers)1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
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single-product strategy - (answers)a company makes and sells only one product
within its market
diversification strategy - (answers)a growth strategy whereby a firm introduces a
new product or service to a market segment that it does not currently serve
related and unrelated diversification - (answers)
BCG Matrix - (answers)a means of evaluating strategic business units on the basis
of (1) their business growth rates and (2) their share of the market
Implementing strategy - (answers)Action stage of strategic management where
managers need to determine and implement the most appropriate company
structure, motivate employees, develop short-range goals and establish
functional strategies
strategic control - (answers)consists of monitoring the execution of strategy and
making adjustments, if necessary
execution - (answers)the carrying out or completion of some task
Three Core Processes of Business - (answers)People - consider who will benefit
you in the future
MAN 3025 EXAM 2 FGCU QUESTIONS AND CORRECT
ANSWERS LATEST 2024/2025 GRADED A+
Strategic Management - (answers)a process that involves managers from all parts
of the organization in the formulation and the implementation of strategies and
strategic goals
Strategic Analysis - (answers)the process of analyzing the organization, the
environment, and the organization's competitive position and current strategies
strategy formulation - (answers)the process of choosing among different
strategies and altering them to best fit the organization's needs
the five steps of the strategic-management process - (answers)
Mission Statement - (answers)a statement of the organization's purpose - what it
wants to accomplish in the larger environment
Vision Statement - (answers)expresses what the organization should become,
where it wants to go strategically
competitive intelligence - (answers)gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately
, 2
SWOT analysis - (answers)strengths, weaknesses, opportunities, threats
Forecasting - (answers)the attempts to determine the supply of and demand for
various types of human resources to predict areas within the organization where
there will be labor shortages or surpluses
trend analysis - (answers)constructing and applying statistical models that predict
labor demand for the next year, given relatively objective statistics from the
previous year
Benchmarking - (answers)a process by which a company compares its
performance with that of high-performing organizations
Porter's Five Forces - (answers)threat of entry, threat of substitute, supplier
power, buyer power, and competitive rivalry
Three Common Grand Strategies - (answers)1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies - (answers)1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
, 3
single-product strategy - (answers)a company makes and sells only one product
within its market
diversification strategy - (answers)a growth strategy whereby a firm introduces a
new product or service to a market segment that it does not currently serve
related and unrelated diversification - (answers)
BCG Matrix - (answers)a means of evaluating strategic business units on the basis
of (1) their business growth rates and (2) their share of the market
Implementing strategy - (answers)Action stage of strategic management where
managers need to determine and implement the most appropriate company
structure, motivate employees, develop short-range goals and establish
functional strategies
strategic control - (answers)consists of monitoring the execution of strategy and
making adjustments, if necessary
execution - (answers)the carrying out or completion of some task
Three Core Processes of Business - (answers)People - consider who will benefit
you in the future
