C483 EXAMINATION QUESTIONS AND ANSWERS
Similarity between Decision making & Planning Situational Analysis? - They both move in
a cycle.
Triple Bottom Line - people, planet, profit (economic, societal, environmental)
Strategic - Managerial Level : Top- Generic - 3-7 years to plan
Tactical - Managerial level : Middle 1-2 years to plan
Operational - Managerial Level : Frontline - Specific Plans & Procedures - ess than a year
to plan
Decision making Stages - 1. Identify and diagnose the problem
2. Generate alternative solutions
3. Evaluate alternatives
4. Make the choice
5. Implement the decision
6. Evaluate the decision
Specific Formal Planning Steps - 1. Situational Analysis
2. Alternative Goals and Plans
3. Goal and Plan Evaluation
4. Goal and Plan Selection
5. Implementation
6. Monitor and Control
Strategic Management - a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
Strategic Management Process - The full set of commitments, decisions, and actions
required for a firm to achieve strategic competitiveness and earn above-average returns.
Business strategies - low cost and differentiation
, Low Cost - Focuses on delivering no-frills basics with low prices that are hard to match;
cost is the basis for competition.
Differentiation - Focuses on offering what your competition cant - BE UNIQUE
core competencies (internal) - unique strengths, embedded deep within a firm, that are
critical to gaining and sustaining competitive advantage
Benchmarking (external) - assessing how well one companies basic foundations and skills
compare with those of another company
Corporate Strategies - Concentration, Concentric Diversification, Conflomerate
Diversification, Backward Vertical Integration
Concentration - When an organization focuses on one business and one industry
concentric diversification - Organization takes what they're good at and makes similar
businesses
conglomerate diversification - a strategy used to add new businesses that produce
unrelated products or are involved in unrelated markets and activities ( organization decides to
skip into places that they may night specialize in.) EX; apple initially starting with computers -
now they have streaming, phones, watches, etc
Backward vertical integration - When a company owns the supplier or supply process in
the supply chain. Ex; apple owning their own store
Strategy Implementation Steps - 1. Define strategic tasks
2. Assess organization capabilities
3. Develop an implementation agenda
4. Create an implementation plan
Total Quality Management (TQM) - a management philosophy that focuses on satisfying
customers through empowering employees to be an active part of continuous quality
improvement
Quality Gurus - Deming, Juran, Crosby
14 points of quality (WHO CREATED THIS?) - DEMING
1. Create a constant purpose toward improvement.
Similarity between Decision making & Planning Situational Analysis? - They both move in
a cycle.
Triple Bottom Line - people, planet, profit (economic, societal, environmental)
Strategic - Managerial Level : Top- Generic - 3-7 years to plan
Tactical - Managerial level : Middle 1-2 years to plan
Operational - Managerial Level : Frontline - Specific Plans & Procedures - ess than a year
to plan
Decision making Stages - 1. Identify and diagnose the problem
2. Generate alternative solutions
3. Evaluate alternatives
4. Make the choice
5. Implement the decision
6. Evaluate the decision
Specific Formal Planning Steps - 1. Situational Analysis
2. Alternative Goals and Plans
3. Goal and Plan Evaluation
4. Goal and Plan Selection
5. Implementation
6. Monitor and Control
Strategic Management - a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
Strategic Management Process - The full set of commitments, decisions, and actions
required for a firm to achieve strategic competitiveness and earn above-average returns.
Business strategies - low cost and differentiation
, Low Cost - Focuses on delivering no-frills basics with low prices that are hard to match;
cost is the basis for competition.
Differentiation - Focuses on offering what your competition cant - BE UNIQUE
core competencies (internal) - unique strengths, embedded deep within a firm, that are
critical to gaining and sustaining competitive advantage
Benchmarking (external) - assessing how well one companies basic foundations and skills
compare with those of another company
Corporate Strategies - Concentration, Concentric Diversification, Conflomerate
Diversification, Backward Vertical Integration
Concentration - When an organization focuses on one business and one industry
concentric diversification - Organization takes what they're good at and makes similar
businesses
conglomerate diversification - a strategy used to add new businesses that produce
unrelated products or are involved in unrelated markets and activities ( organization decides to
skip into places that they may night specialize in.) EX; apple initially starting with computers -
now they have streaming, phones, watches, etc
Backward vertical integration - When a company owns the supplier or supply process in
the supply chain. Ex; apple owning their own store
Strategy Implementation Steps - 1. Define strategic tasks
2. Assess organization capabilities
3. Develop an implementation agenda
4. Create an implementation plan
Total Quality Management (TQM) - a management philosophy that focuses on satisfying
customers through empowering employees to be an active part of continuous quality
improvement
Quality Gurus - Deming, Juran, Crosby
14 points of quality (WHO CREATED THIS?) - DEMING
1. Create a constant purpose toward improvement.
