2026l Update)l Principlesl ofl Managementl |l
Questionsl &l Answers|l Gradel A|l 100%l
Correctl (Verifiedl Solutions)
Q:l Businessl Strategy
Answer:
Thel majorl actionsl byl whichl anl organizationl buildsl andl strengthensl itsl competitivel
positionl inl thel marketplace.l Thel majorl actionsl byl whichl al businessl competesl inl al
particularl industryl orl market.
Q:l Functionall strategy
Answer:
Strategiesl implementedl byl eachl functionall areal ofl thel organizationl tol supportl thel
organization'sl businessl strategy.
Q:l Strategyl Implementationl Steps
Answer:
Stepl 1:l Definel strategicl tasks.l Articulatel inl simplel languagel whatl al particularl businessl
mustl dol tol createl orl sustainl al competitivel advantage.l Definel strategicl tasksl tol helpl
employeesl understandl howl theyl contributel tol thel organization,l includingl redefiningl
relationshipsl amongl thel partsl ofl thel organization.
Stepl 2:l Assessl organizationl capabilities.l Evaluatel thel organization'sl abilityl tol implementl
thel strategicl tasks.l Al taskl forcel typicallyl interviewsl employeesl andl managersl tol identifyl
specificl issuesl thatl helpl orl hinderl effectivel implementation.l Thenl thel resultsl arel
,summarizedl forl topl management.l Inl thel coursel ofl yourl career,l youl willl likelyl bel askedl
tol participatel inl al taskl force.l
Stepl 3:l Developl anl implementationl agenda.l Managementl decidesl howl itl willl changel itsl
ownl activitiesl andl procedures;l howl criticall inter-dependenciesl willl bel managed;l whatl
skillsl andl individualsl arel neededl inl keyl roles;l andl whatl structures,l measures,l
information,l andl rewardsl mightl ultimatelyl supportl thel neededl behavior.l Al philosophyl
statement,l communicatedl inl termsl ofl value,l isl thel outcomel ofl thisl process.
Stepl 4:l Createl anl implementationl plan.l Thel topl managementl team,l thel employeel taskl
force,l andl othersl developl thel implementationl plan.l Thel topl managementl teaml thenl
monitorsl progress.l Thel employeel taskl forcel continuesl itsl workl byl providingl feedbackl
aboutl howl othersl inl thel organizationl arel respondingl tol thel changes.
Q:l Strategicl controll system
Answer:
Al systeml designedl tol supportl managersl inl evaluatingl thel organization'sl progressl
regardingl itsl strategyl and,l whenl discrepanciesl exist,l takingl correctivel action
Q:l Situationall analysis
Answer:
Al processl plannersl use,l withinl timel andl resourcel constraints,l tol gather,l interpret,l andl
summarizel alll informationl relevantl tol thel planningl issuel underl consideration
Q:l Thel Basicl Planningl Process
Answer:
Stepl 1:l Situationall Analysis
Stepl 2:l Alternativel Goalsl andl Plans
Stepl 3:l Goall andl Planl Evaluationl
Stepl 4:l Goall andl Planl Selection
, Stepl 5:l Implementation
Stepl 6:l Monitorl andl Control
Q:l Contingencyl plans
Answer:
Setsl ofl actionsl tol bel takenl whenl al company'sl initiall plansl havel notl workedl welll orl ifl
eventsl inl thel externall environmentl requirel al suddenl change.
Q:l Thel planningl levell withl thel shortestl timel horizonl isl knownl asl _____l planning.
Answer:
Operationall (<1l year)
Q:l Thel planningl levell withl thel longestl timel horizonl isl knownl asl _____l planning.
Answer:
Strategicl (3-7l years)
Q:l Thel planningl levell withl al moderatel timel horizonl isl knownl asl _____l planning.
Answer:
Tacticall (1-2l years)
Q:l Inl al SWOTl analysis,l thel absencel ofl reliablel suppliersl wouldl bel consideredl asl
a(n):