Commerce 4PA3 Exam Study Guide Solutions

Commerce 4PA3 Exam Study Guide Solutions General Management Perspective - ANSWER-having the capacity to understand and appreciate issues facing individuals placed in the specific role of a general manager general manager - ANSWER-someone who has responsibility for all functional facets of the business create, capture and distribute value - ANSWER-what is the job of the general manager? set direction, create strategy, implement change - ANSWER-3 fundamental components of the GM's job? operating performance, organizational health - ANSWER-2 sets of measures for assessment of organizational performance quadrant 1 - ANSWER-desired state of performance matrix quadrant 2 - ANSWER-inward-looking and self-satisfied organization where people enjoy their work but are performing inadequately in terms of market/financial standards quadrant 3 - ANSWER-business is achieving operating objectives at the expense of organizational health quadrant 4 - ANSWER-represents a problem in which immediate and comprehensive action is necessary Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024 Copyright ©Stuvia International BV Page 2/31 colins and porras framework - ANSWER-based on solid research and provides a practical approach for applying the concept. vision consists on 2 major components. guiding philosophy includes the core purpose and values of the organization core purpose and core values - ANSWER-guiding philosophy 2 elements values - ANSWER-represent the basic beliefs that govern individual and group behaviour in an organization core purpose - ANSWER-defines organization's reason for being and may never be fully realized, in contrast to goals and objectives, which are formulated specifically to be achievable mission statement - ANSWER-mission is clear and compelling goal that serves to unify an organization's efforts feasibility - ANSWER-question of whether you can reasonably expect to get to your visionary destination cannot be answered in the abstract flexibility - ANSWER-vision must be flexible because circumstances may change in unanticipated ways stretch - ANSWER-vision should go further than what is doable with today's resources/capabilities managerial strategy - ANSWER-Which of the following is not one of the major levels of organization strategy? management preferences - ANSWER-When developing alternatives based on the Diamond-E drill, this element often provides the most strain on action plans: development - ANSWER-Which stage is not included in the product life cycle? Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024 Copyright ©Stuvia International BV Page 3/31 the balanced scorecard - ANSWER-Kaplan and Norton developed: strategic planning - ANSWER-approach to undertaking strategic analysis on a recurring basis and deals with who develops the strategy, how it happens and when it takes place strategy - ANSWER-concrete expression of how an organization intends to operate in service of whatever mission it has designed strategy - ANSWER-definitive tool for building, communicating and maintaining direction of the business goals - ANSWER-set up targets against which progress/performance can be assessed product market focus - ANSWER-provides critical direction to people throughout the organization so they can focus their effort on targeted markets and products/services value proposition - ANSWER-beacon for employees, illuminating specifically what the business is trying to do for customers and clients and requirements of their particular goal core activities - ANSWER-highlight key jobs that will have to be done and the capabilities that need most to be developed and reinforced strategy business unit - ANSWER-sells a distinct set of products/services to an identifiable group of customers and is accountable for distinct revenues, costs, and investments directly or by reasonable allocation business strategy - ANSWER-focuses on how an organization will create value within a particular line of business Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024 Copyright ©Stuvia International BV Page 4/31 corporate strategy - ANSWER-deals with portfolio of business strategies and how they relate to each other strategic goals - ANSWER-an expression in measurable terms of what a business intends to achieve or where it intends to go hard goals - ANSWER-focus on aims and performance of the business as a classic economic entity whether it be for-profit or not-for-profit, revealing measurable targets/time frames soft goals - ANSWER-set out targets for the social conduct of the organization growth strategy - ANSWER-implies priority on market, plant and personnel investments in order to grow the business, if necessary at the expense of current profitability harvest strategy - ANSWER-implies stingy approach to investment and spending as priority is given to milking cash and profits from a business divest - ANSWER-give priority to those actions that prepare and initiate the sale of the business scope - ANSWER-whether the product/service is existing or new and whether the market already exists or is new, which frame this type of strategic choice penetration strategy - ANSWER-suggests there is market share to be gained by focusing on the current products and markets, or perhaps there is growth in the market that would provide growth even if market share were to remain the same value proposition - ANSWER-statement of the fundamental benefit or benefits that it has chosen to offer in the market place Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024 Copyright ©Stuvia International BV Page 5/31 low cost strategy - ANSWER-endeavours to provide products/services at a lower cost than competitors and enables firms to compete on price differentiation strategy - ANSWER-integrated set of actions taken to produce goods or services (at an acceptable cost) that consumers perceive as being different in ways that are important to them core activities - ANSWER-relates to the notion of cross-enterprise leadership broad/intermediate levels of generality - ANSWER-emphasis is on describing the basic activities that a business has chosen to perform and less so on how it intends to link and perform them process level of generality - ANSWER-focus turns to mapping activity systems in sufficient detail to support operations planning and coordination, systems development and quite detailed comparisons with competitors henry mintzberg - ANSWER-creator of 5 Ps plan, position, ploy, perspective, pattern - ANSWER-5Ps by Henry M