MGMT 3000 exam 2 Questions well
answered already passed
business plan - correct answer ✔✔a document that outlines a proposed firm's goals, the
strategy for achieving them, and the standards for measuring success
planning - correct answer ✔✔setting goals and deciding how to achieve them
plan - correct answer ✔✔a document that outlines how goals are going to be met
business model - correct answer ✔✔outlines the need the firm will fill, the operations of the
business, its components and functions, as well as the expected revenues and expenses
strategy - correct answer ✔✔sets the long term goals and direction for an organization
-strategic plan
Strategic Management - correct answer ✔✔a process that involves managers from all parts of
the organization in the formulation and the implementation of strategies and strategic goals
strategic planning - correct answer ✔✔done by top managers for the next 1-5 years with the
resources they expect to have available
tactical planning - correct answer ✔✔done by middle managers for the next 6-24 months
-determine what contributions their departments or similar work units can make with their
given resources
,operational planning - correct answer ✔✔done by first line managers for the next 1-52 weeks
-determine how to accomplish specific tasks with available resources
1. Provide direction and momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage - correct answer ✔✔why are planning and
strategic mgmt important?
strategy innovation - correct answer ✔✔the ability to reinvent the basis of competition within
existing industries—"bold new business models that put incumbents on the defensive."
competitive advantage - correct answer ✔✔the ability of an organization to produce goods or
services more effectively than competitors do, thereby outperforming them
mission - correct answer ✔✔purpose
-reason for being
-top mgmt is responsible
Mission Statement - correct answer ✔✔expresses the purpose of the organization
vision - correct answer ✔✔where the organization wants to go
-what do they want to become
-long term goal describing what an organization wants to become
Vision Statement - correct answer ✔✔expresses what the organization should become, where it
wants to go strategically
, values - correct answer ✔✔what values do they want to emphasize
-mission and vision express these
values statement - correct answer ✔✔expresses what the company stands for, its core
priorities, the values its employees embody, and what its products contribute to the world
strategic, tactical, operational - correct answer ✔✔what steps come after mission, vision, and
values statement
goal - correct answer ✔✔a specific commitment to achieve a measurable result within a stated
period of time
-objective
long-term goals - correct answer ✔✔span one to five years and focus on achieving the
strategies identified in a company's strategic plan
short term goals - correct answer ✔✔A goal that will be attained in less than one year
-tactical or operational
means-end chain - correct answer ✔✔shows how goals are connected or linked across an
organization
operating plan - correct answer ✔✔breaks long term output into short term targets
action plan - correct answer ✔✔defines the course of action needed to achieve the stated goal
standing plans - correct answer ✔✔plans used repeatedly to handle frequently recurring events
answered already passed
business plan - correct answer ✔✔a document that outlines a proposed firm's goals, the
strategy for achieving them, and the standards for measuring success
planning - correct answer ✔✔setting goals and deciding how to achieve them
plan - correct answer ✔✔a document that outlines how goals are going to be met
business model - correct answer ✔✔outlines the need the firm will fill, the operations of the
business, its components and functions, as well as the expected revenues and expenses
strategy - correct answer ✔✔sets the long term goals and direction for an organization
-strategic plan
Strategic Management - correct answer ✔✔a process that involves managers from all parts of
the organization in the formulation and the implementation of strategies and strategic goals
strategic planning - correct answer ✔✔done by top managers for the next 1-5 years with the
resources they expect to have available
tactical planning - correct answer ✔✔done by middle managers for the next 6-24 months
-determine what contributions their departments or similar work units can make with their
given resources
,operational planning - correct answer ✔✔done by first line managers for the next 1-52 weeks
-determine how to accomplish specific tasks with available resources
1. Provide direction and momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage - correct answer ✔✔why are planning and
strategic mgmt important?
strategy innovation - correct answer ✔✔the ability to reinvent the basis of competition within
existing industries—"bold new business models that put incumbents on the defensive."
competitive advantage - correct answer ✔✔the ability of an organization to produce goods or
services more effectively than competitors do, thereby outperforming them
mission - correct answer ✔✔purpose
-reason for being
-top mgmt is responsible
Mission Statement - correct answer ✔✔expresses the purpose of the organization
vision - correct answer ✔✔where the organization wants to go
-what do they want to become
-long term goal describing what an organization wants to become
Vision Statement - correct answer ✔✔expresses what the organization should become, where it
wants to go strategically
, values - correct answer ✔✔what values do they want to emphasize
-mission and vision express these
values statement - correct answer ✔✔expresses what the company stands for, its core
priorities, the values its employees embody, and what its products contribute to the world
strategic, tactical, operational - correct answer ✔✔what steps come after mission, vision, and
values statement
goal - correct answer ✔✔a specific commitment to achieve a measurable result within a stated
period of time
-objective
long-term goals - correct answer ✔✔span one to five years and focus on achieving the
strategies identified in a company's strategic plan
short term goals - correct answer ✔✔A goal that will be attained in less than one year
-tactical or operational
means-end chain - correct answer ✔✔shows how goals are connected or linked across an
organization
operating plan - correct answer ✔✔breaks long term output into short term targets
action plan - correct answer ✔✔defines the course of action needed to achieve the stated goal
standing plans - correct answer ✔✔plans used repeatedly to handle frequently recurring events
