BUS 100 Final Exam with Verified
Answers
Management - ✔✔The process of coordinating people and other resources to achieve the goals
of an organization
The Basic Management Functions - ✔✔Planning-> Organizing->Leading and Motivating-
>Controlling
A Mission Statement answers which two questions? - ✔✔Who are our customers and Who is
our core competency?
Core Competencies - ✔✔Approaches and processes that give a company an advantage
SWOT Analysis - ✔✔Strengths (Core Competencies), Weakness, Opportunities, and Threats
Planning - ✔✔Establishing organizational goals and deciding how to accomplish them
Mission - ✔✔An organization's mission is a statement of basic purpose that makes the
organization different from others
Weakness - ✔✔Internal limitations a company faces in developing or implementing plans
Opportunities - ✔✔Situations that, if exploited, could produce rewards for an organization
What is easier to change, a Strategic plan or a Tactical Plan? - ✔✔Tactical Plan
,Examples of Opportunities - ✔✔New Markets, New Technology, Increased Demand, and
Competitor Complacency.
Examples of Threats - ✔✔Foreign Competitors, Slowing Market Growth, Regulatory
Requirements, and Sole Sourcing.
Examples of Weakness - ✔✔Turnover, Lack of Direction, Labor Grievances, and a Negative
Public Image
Examples of Core Competencies - ✔✔Efficient Distributions, Protected Patents, Proven
Management, and Cost Advantage
Threats - ✔✔Conditions or barriers that may prevent the firm from reaching its objectives
Strategic Planning - ✔✔Broad guide for major policy setting, Designed to achieve long-term
goals
Who makes a Strategic Plan for the Business? - ✔✔Board of Directors and Top Management
Tactical Plan - ✔✔Smaller-scale plan to implement strategic plan. Can be updated periodically.
Operation Plan - ✔✔Designed to implement tactical plans. Plan is one year or less. Deals with
how to accomplish specific objectives.
Organizing - ✔✔A manager must group resources and activities to accomplish some end result
in a efficient and effective manner.
Leading - ✔✔The process of influencing people to work toward a common goal
, Motivating - ✔✔The process of providing reasons for people to work in the best interests of the
organization
S.M.A.R.T Goals - ✔✔Goals that are Specific, Measurable, Attainable, Relevant, and Time
Specific
Middle Management - ✔✔Implements strategy and policies developed by top managers.
Develop tactical and operational plans. Coordinate and supervise first-line managers.
Middle Management examples - ✔✔Division Manager, Department Head, Plant Manager,
Operations Manager
Top Management Examples - ✔✔President and Vice President
Management Levels - ✔✔Top Management<-Middle Management<-First Line Management
Top Management is in charge of... - ✔✔Guides and controls the organization's overall fortunes.
Responsible for developing the mission and determining strategy.
HR Management - ✔✔Manages a company's human resources programs. Hiring, training, and
evaluating employee performance. Ensures government regulation compliance.
Finance Management - ✔✔Responsible for an organization's financial resources. Accounting
and Investment
First Line Management - ✔✔Coordinates and supervises operating employees. Spend most of
time motivating and working with employees, answering questions, and solving day-to-day
problems.
Answers
Management - ✔✔The process of coordinating people and other resources to achieve the goals
of an organization
The Basic Management Functions - ✔✔Planning-> Organizing->Leading and Motivating-
>Controlling
A Mission Statement answers which two questions? - ✔✔Who are our customers and Who is
our core competency?
Core Competencies - ✔✔Approaches and processes that give a company an advantage
SWOT Analysis - ✔✔Strengths (Core Competencies), Weakness, Opportunities, and Threats
Planning - ✔✔Establishing organizational goals and deciding how to accomplish them
Mission - ✔✔An organization's mission is a statement of basic purpose that makes the
organization different from others
Weakness - ✔✔Internal limitations a company faces in developing or implementing plans
Opportunities - ✔✔Situations that, if exploited, could produce rewards for an organization
What is easier to change, a Strategic plan or a Tactical Plan? - ✔✔Tactical Plan
,Examples of Opportunities - ✔✔New Markets, New Technology, Increased Demand, and
Competitor Complacency.
Examples of Threats - ✔✔Foreign Competitors, Slowing Market Growth, Regulatory
Requirements, and Sole Sourcing.
Examples of Weakness - ✔✔Turnover, Lack of Direction, Labor Grievances, and a Negative
Public Image
Examples of Core Competencies - ✔✔Efficient Distributions, Protected Patents, Proven
Management, and Cost Advantage
Threats - ✔✔Conditions or barriers that may prevent the firm from reaching its objectives
Strategic Planning - ✔✔Broad guide for major policy setting, Designed to achieve long-term
goals
Who makes a Strategic Plan for the Business? - ✔✔Board of Directors and Top Management
Tactical Plan - ✔✔Smaller-scale plan to implement strategic plan. Can be updated periodically.
Operation Plan - ✔✔Designed to implement tactical plans. Plan is one year or less. Deals with
how to accomplish specific objectives.
Organizing - ✔✔A manager must group resources and activities to accomplish some end result
in a efficient and effective manner.
Leading - ✔✔The process of influencing people to work toward a common goal
, Motivating - ✔✔The process of providing reasons for people to work in the best interests of the
organization
S.M.A.R.T Goals - ✔✔Goals that are Specific, Measurable, Attainable, Relevant, and Time
Specific
Middle Management - ✔✔Implements strategy and policies developed by top managers.
Develop tactical and operational plans. Coordinate and supervise first-line managers.
Middle Management examples - ✔✔Division Manager, Department Head, Plant Manager,
Operations Manager
Top Management Examples - ✔✔President and Vice President
Management Levels - ✔✔Top Management<-Middle Management<-First Line Management
Top Management is in charge of... - ✔✔Guides and controls the organization's overall fortunes.
Responsible for developing the mission and determining strategy.
HR Management - ✔✔Manages a company's human resources programs. Hiring, training, and
evaluating employee performance. Ensures government regulation compliance.
Finance Management - ✔✔Responsible for an organization's financial resources. Accounting
and Investment
First Line Management - ✔✔Coordinates and supervises operating employees. Spend most of
time motivating and working with employees, answering questions, and solving day-to-day
problems.
