Mngt COMPLETE ASSIGHNMENT QUESTIONS AND ANSWERS GUARANTEE SUCCESS

Goals - ANSWERSOutcome statements that define what an organization is trying to accomplish Objectives - ANSWERSPrecise, time-based, measurable actions that support the completion of a goal (AKA how they achieve the goal) Objectives must... - ANSWERS1. Be related directly to the goal 2. be clear, concise and understandable 3. Be stated in terms of results 4. Begin with an action verb 5. Specify a date for accomplishment 6. Be measureable Management by Objectives (MBO) - ANSWERSA systematic and organized approach that aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals set by management About setting goals and then breaking these down into more specific objectives or key results What is the purpose of MBO? - ANSWERSTo get managers and empowered employees acting to implement and achieve their plans, which automatically achieves the organization's goals What are the two aspects of strategizing for most organizations? - ANSWERS1. Corporate strategy 2. Business strategy Synergy - ANSWERSExists when the interaction of two or more activities, such as those in a business, create a combined effect greater that the sum of their individual effects The combination of certain business is stronger than they would be individually because they either do things more cheaply or of higher quality as a result of their coordination under a common owner Diversification - ANSWERSExists when an organization participates in multiple businesses that are in some way distinct from each other Related Diversification - ANSWERSWhen a firm operates multiple businesses within the same industry Unrelated Diversification - ANSWERSWhen a firm engages in businesses in different industries that lack similarities between each other Business Strategy - ANSWERSHow a given business needs to compete to be effective SWOT Analysis - ANSWERSA tool to help organizations understand internal strengths and weaknesses and external opportunities of the environment Stands for Strengths, Weaknesses, Opportunities, Threats Opportunities - ANSWERSAssess factors external to the business that could enable a business to exist and or prosper