MG 302- Exam #2 Questions and Correct Answers

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MG 302- Exam #2 Questions and Correct
Answers

Question: what management group makes strategic goals and plans?
Answer: senior management


Question: what management group creates tactical goals and plans?
Answer: middle management


Question: what management group creates operation goals and plans?
Answer: lower management


Question: what are the steps in the management by objectives?
Answer: 1. develop plan
2. translate plan
3. plan operations
4. execute plan
5. monitor and learn


Question: what are the benefits of goals/planning?
Answer: -provides motivation and commitment
-guide resource allocation
-guide to action
-sets performance standards


Question: what are the limitations of goals/planning?
Answer: -can create a false sense of certainty
-cause rigidity in turbulent environment
-can prevent creativity and intuition


Pretest - Stuvia US

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Question: strategic management concept?
Answer: set of decisions and actions used to formulate and execute
strategies that help achieve organizational goals


Question: synergy
Answer: when organizational parts interact together to produce greater
output than individually


Question: competitive advantage
Answer: organizational strengths that set the organization apart from
others that gives the organization an edge over the competition


Question: core competency
Answer: what an organization does well in comparison to its competitors


Question: examples of core competence are
Answer: -technological know-how
-process efficiency
-exceptional customer service


Question: What parts of the SWOT analysis are internal?
Answer: strengths and weaknesses


Question: what parts of the SWOT analysis are external?
Answer: opportunities and threats


Question: BCG matrix
Answer: organizes businesses by growth rate and market share


Question: the stars in the BCG matrix represent ___________
Answer: rapid growth and expansion


Pretest - Stuvia US