MGT 420 EXAM 1, CHAPTER 4 REVIEW
questions well answered passed
Mission - correct answer ✔✔a unit's continuing purpose or reason for being
a mission should answer: - correct answer ✔✔What are we attempting to do for whom? should
we maximize profit for higher dividends or drive up share price?
vision - correct answer ✔✔long-term goal for the company
strategic planning - correct answer ✔✔process by which top management determines overall
organizational purposes and objectives and how they are achieved
environmental external assessment in strategic planning - correct answer ✔✔determining
external conditions, threats, and opportunities
environmental internal assessment in strategic planning - correct answer ✔✔determining
competencies, strengths, and weaknesses within the organization
steps in strategic planning - correct answer ✔✔determination of the organization's mission,
assessment of the org and its environment, setting of specific objectives or direction and
determination of strategies to accomplish those objectives
lowest-cost strategy focuses on: - correct answer ✔✔gaining competitive advantage by being
the lowest-cost producer of a product or service within its marketplace, while selling the
product or service at a price advantage relative to the industry average
, lowest-cost strategies require ________ construction of efficient-scale facilities and vigorous
pursuit of cost minimization in such areas as operations, marketing and HR - correct answer
✔✔aggressive
differentiation strategies: - correct answer ✔✔develop products or services that are unique
from those of their competitors
differentiation strategies can take many forms, such as: - correct answer ✔✔design or brand
image, technology, features, customer service and price
differentiation strategies lead to: - correct answer ✔✔competitive advantage through building
brand loyalty among devoted customers
for the lowest-cost strategy, the imperative is to _______ output costs per employee - correct
answer ✔✔reduce
the desired employee roles for attaining a lowest-cost strategy include _______ and _______
behaviors - correct answer ✔✔repetitive and predictable
the key employees' roles for differentiation strategies include highly ________ behavior, a
relatively long-term focus, cooperative and interdependent behavior and a greater degree of
risk taking - correct answer ✔✔creative
Compared with lowest-cost strategies, successful attainment of differentiation strategies
depends on employee: - correct answer ✔✔creativity, openness to novel work approaches, and
willingness to take risks
systematic process of matching the internal and external supply of people with job openings
anticipated in the org over a specified period of time - correct answer ✔✔human resource
planning
questions well answered passed
Mission - correct answer ✔✔a unit's continuing purpose or reason for being
a mission should answer: - correct answer ✔✔What are we attempting to do for whom? should
we maximize profit for higher dividends or drive up share price?
vision - correct answer ✔✔long-term goal for the company
strategic planning - correct answer ✔✔process by which top management determines overall
organizational purposes and objectives and how they are achieved
environmental external assessment in strategic planning - correct answer ✔✔determining
external conditions, threats, and opportunities
environmental internal assessment in strategic planning - correct answer ✔✔determining
competencies, strengths, and weaknesses within the organization
steps in strategic planning - correct answer ✔✔determination of the organization's mission,
assessment of the org and its environment, setting of specific objectives or direction and
determination of strategies to accomplish those objectives
lowest-cost strategy focuses on: - correct answer ✔✔gaining competitive advantage by being
the lowest-cost producer of a product or service within its marketplace, while selling the
product or service at a price advantage relative to the industry average
, lowest-cost strategies require ________ construction of efficient-scale facilities and vigorous
pursuit of cost minimization in such areas as operations, marketing and HR - correct answer
✔✔aggressive
differentiation strategies: - correct answer ✔✔develop products or services that are unique
from those of their competitors
differentiation strategies can take many forms, such as: - correct answer ✔✔design or brand
image, technology, features, customer service and price
differentiation strategies lead to: - correct answer ✔✔competitive advantage through building
brand loyalty among devoted customers
for the lowest-cost strategy, the imperative is to _______ output costs per employee - correct
answer ✔✔reduce
the desired employee roles for attaining a lowest-cost strategy include _______ and _______
behaviors - correct answer ✔✔repetitive and predictable
the key employees' roles for differentiation strategies include highly ________ behavior, a
relatively long-term focus, cooperative and interdependent behavior and a greater degree of
risk taking - correct answer ✔✔creative
Compared with lowest-cost strategies, successful attainment of differentiation strategies
depends on employee: - correct answer ✔✔creativity, openness to novel work approaches, and
willingness to take risks
systematic process of matching the internal and external supply of people with job openings
anticipated in the org over a specified period of time - correct answer ✔✔human resource
planning
