Mgmt 3013: Oklahoma State University Exam 2 Questions and Correct Answers 2025/2026

Mgmt 3013: Oklahoma State University Exam 2 Questions and Correct Answers 2025/2026 Planning - Answer -Coping with uncertainty and making future actions to achieve results; setting goals and deciding how to achieve them. Business Plan - Answer -Starting a plan; document that outlines a proposed firms' goal, the strategy for achieving them and standards for measurement. Business Model - Answer -Outlines the need the firm will fill, operates the business, it's components and functions, and expected revenues and expenses. Strategy - Answer -Over all guiding; Large- scale plan that sets the direction for an organization; educated guess about what must be done long term Strategic Management - Answer -Incorporating managers from all levels of the organization in the formulation and cooperation of the organizations strategy; Engaging with first line managers and top managers helps the organization because they can see what is realistic or feasibleWhy planning and strategic management are important- - Answer - Provide direction and momentum, encourage new ideas, develop a sustainable competitive advantage. Mission statement - Answer -"what is our reason for being" "description of product/ service and why it's offered" Purpose of organization. Vision statement - Answer -"What do we want to become?" What the organization should become, where it wants to go strategically. Strategic Planning - Answer -Top managers for next 5-10 yrs.- GoalsAction Plans- Top managers determine what the organization's longterm goals should be for the next 5-10 yrs, with the resources they expect to have available. Tactical planning - Answer -"Done by middle managers for the next 6-24 mo.- Goals- Action Plans- How to get cusomers to make better purchasing decisions Operational planning - Answer -"