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Management correct answers The process of coordinating people and other resources to achieve the goals of an organization The Basic Management Functions correct answers Planning-> Organizing->Leading and Motivating->Controlling A Mission Statement answers which two questions? correct...

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BUS 100 Exam 2 || with 100% Error-free Solutions.
Management correct answers The process of coordinating people and other resources to achieve the goals of an organization
The Basic Management Functions correct answers Planning-> Organizing->Leading and Motivating->Controlling
A Mission Statement answers which two questions? correct answers Who are our customers and Who is our core competency?
Core Competencies correct answers Approaches and processes that give a company an advantage
SWOT Analysis correct answers Strengths (Core Competencies), Weakness, Opportunities, and Threats
Planning correct answers Establishing organizational goals and deciding how to accomplish them
Mission correct answers An organization's mission is a statement of basic purpose that makes the
organization different from others
Weakness correct answers Internal limitations a company faces in developing or implementing plans
Opportunities correct answers Situations that, if exploited, could produce rewards for an organization
What is easier to change, a Strategic plan or a Tactical Plan? correct answers Tactical Plan
Examples of Opportunities correct answers New Markets, New Technology, Increased Demand, and Competitor Complacency.
Examples of Threats correct answers Foreign Competitors, Slowing Market Growth, Regulatory Requirements, and Sole Sourcing.
Examples of Weakness correct answers Turnover, Lack of Direction, Labor Grievances, and a Negative Public Image
Examples of Core Competencies correct answers Efficient Distributions, Protected Patents, Proven Management, and Cost Advantage
Threats correct answers Conditions or barriers that may prevent the firm from reaching its objectives Strategic Planning correct answers Broad guide for major policy setting, Designed to achieve long-term goals
Who makes a Strategic Plan for the Business? correct answers Board of Directors and Top Management
Tactical Plan correct answers Smaller-scale plan to implement strategic plan. Can be updated periodically.
Operation Plan correct answers Designed to implement tactical plans. Plan is one year or less. Deals with how to accomplish specific objectives.
Organizing correct answers A manager must group resources and activities to accomplish some end result in a efficient and effective manner.
Leading correct answers The process of influencing people to work toward a common goal
Motivating correct answers The process of providing reasons for people to work in the best interests of the organization
S.M.A.R.T Goals correct answers Goals that are Specific, Measurable, Attainable, Relevant, and Time Specific
Middle Management correct answers Implements strategy and policies developed by top managers. Develop tactical and operational plans. Coordinate and supervise first-line managers.
Middle Management examples correct answers Division Manager, Department Head, Plant Manager, Operations Manager
Top Management Examples correct answers President and Vice President
Management Levels correct answers Top Management<-Middle Management<-First Line Management
Top Management is in charge of... correct answers Guides and controls the organization's overall
fortunes. Responsible for developing the mission and determining strategy.
HR Management correct answers Manages a company's human resources programs. Hiring, training, and evaluating employee performance. Ensures government regulation compliance.
Finance Management correct answers Responsible for an organization's financial resources. Accounting and Investment
First Line Management correct answers Coordinates and supervises operating employees. Spend most of time motivating and working with employees, answering questions, and solving day-to-
day problems.

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