MGMT 3000 exam questions and
answers rated A+
Business plan - ANS✅✅a document that outlines a proposed firm's goals, the strategy for
achieving them, and the standards for measuring success
Planning - ANS✅✅setting goals and deciding how to achieve them
Plan - ANS✅✅a document that outlines how goals are going to be met
Business model - ANS✅✅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 - ANS✅✅sets the long term goals and direction for an organization
-strategic plan
Strategic Management - ANS✅✅a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
strategic planning - ANS✅✅done by top managers for the next 1-5 years with the resources they
expect to have available
tactical planning - ANS✅✅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 - ANS✅✅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 - ANS✅✅why are planning and strategic mgmt
important?
, strategy innovation - ANS✅✅the ability to reinvent the basis of competition within existing
industries—"bold new business models that put incumbents on the defensive."
competitive advantage - ANS✅✅the ability of an organization to produce goods or services more
effectively than competitors do, thereby outperforming them
mission - ANS✅✅purpose
-reason for being
-top mgmt is responsible
Mission Statement - ANS✅✅expresses the purpose of the organization
vision - ANS✅✅where the organization wants to go
-what do they want to become
-long term goal describing what an organization wants to become
Vision Statement - ANS✅✅expresses what the organization should become, where it wants to go
strategically
values - ANS✅✅what values do they want to emphasize
-mission and vision express these
values statement - ANS✅✅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 - ANS✅✅what steps come after mission, vision, and values
statement
goal - ANS✅✅a specific commitment to achieve a measurable result within a stated period of time
-objective
answers rated A+
Business plan - ANS✅✅a document that outlines a proposed firm's goals, the strategy for
achieving them, and the standards for measuring success
Planning - ANS✅✅setting goals and deciding how to achieve them
Plan - ANS✅✅a document that outlines how goals are going to be met
Business model - ANS✅✅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 - ANS✅✅sets the long term goals and direction for an organization
-strategic plan
Strategic Management - ANS✅✅a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
strategic planning - ANS✅✅done by top managers for the next 1-5 years with the resources they
expect to have available
tactical planning - ANS✅✅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 - ANS✅✅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 - ANS✅✅why are planning and strategic mgmt
important?
, strategy innovation - ANS✅✅the ability to reinvent the basis of competition within existing
industries—"bold new business models that put incumbents on the defensive."
competitive advantage - ANS✅✅the ability of an organization to produce goods or services more
effectively than competitors do, thereby outperforming them
mission - ANS✅✅purpose
-reason for being
-top mgmt is responsible
Mission Statement - ANS✅✅expresses the purpose of the organization
vision - ANS✅✅where the organization wants to go
-what do they want to become
-long term goal describing what an organization wants to become
Vision Statement - ANS✅✅expresses what the organization should become, where it wants to go
strategically
values - ANS✅✅what values do they want to emphasize
-mission and vision express these
values statement - ANS✅✅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 - ANS✅✅what steps come after mission, vision, and values
statement
goal - ANS✅✅a specific commitment to achieve a measurable result within a stated period of time
-objective
