SEVI Exam 2 Questions and Correct
Answers
Management
The process of coordinating resources to achieve the goals of an organization
Material Resources
the tangible, physical resources an organization uses
Financial Resources
the funds an organization uses to meet its obligations to investors and creditors
Informational Resources
the information gathered about competitors and changes to the industry
Resource-based View (RBV)
resources that are valuable, rare, inimitable, and non-substitutable lead to long-term success
(Jay Barney)
,Planning
establishing organizational goals and deciding how to accomplish them
Mission
a statement of the basic purpose that makes an organization different from others
Strategic Planning Process
the establishment of an organization's major goals and objectives and the allocation of
resources to achieve them
Goal
an end result that an organization is expected to achieve over a one- to ten-year period
Objective
a specific statement detailing what an organization intends to accomplish over a shorter period
of time
SWOT Analysis
the identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats
Core Competencies
, approaches and processes that a company performs well that may give it an advantage over its
competitors
Strategic Plan
an organization's broadest plan, developed as a guide for major policy setting and decision
making
Tactical Plan
a smaller-scale plan developed to implement a strategy
Operational Plan
a type of plan designed to implement tactical plans
Top Manager
an upper-level executive who guides and controls the overall fortunes of an organization -
determines strategy and mission
Middle Manager
a manager who implements the strategy and major policies developed by top management -
develops tactical and operational plans
Answers
Management
The process of coordinating resources to achieve the goals of an organization
Material Resources
the tangible, physical resources an organization uses
Financial Resources
the funds an organization uses to meet its obligations to investors and creditors
Informational Resources
the information gathered about competitors and changes to the industry
Resource-based View (RBV)
resources that are valuable, rare, inimitable, and non-substitutable lead to long-term success
(Jay Barney)
,Planning
establishing organizational goals and deciding how to accomplish them
Mission
a statement of the basic purpose that makes an organization different from others
Strategic Planning Process
the establishment of an organization's major goals and objectives and the allocation of
resources to achieve them
Goal
an end result that an organization is expected to achieve over a one- to ten-year period
Objective
a specific statement detailing what an organization intends to accomplish over a shorter period
of time
SWOT Analysis
the identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats
Core Competencies
, approaches and processes that a company performs well that may give it an advantage over its
competitors
Strategic Plan
an organization's broadest plan, developed as a guide for major policy setting and decision
making
Tactical Plan
a smaller-scale plan developed to implement a strategy
Operational Plan
a type of plan designed to implement tactical plans
Top Manager
an upper-level executive who guides and controls the overall fortunes of an organization -
determines strategy and mission
Middle Manager
a manager who implements the strategy and major policies developed by top management -
develops tactical and operational plans
