MGT 300 FINAL EXAM STUDY GUIDE || QUESTIONS AND ANSWERS 100% VERIFIED!!
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Course
MGT 300
Institution
MGT 300
Planning correct answers process of establishing objectives and goals and how to achieve them
Three planning steps correct answers -Setting an objective
-Identifying and Assessing
-Developing and Approach to achieve the Objective
Setting an Objective correct answers -address the issue of ...
MGT 300 FINAL EXAM STUDY GUIDE || QUESTIONS
AND ANSWERS 100% VERIFIED!!
Planning correct answers process of establishing objectives and goals and how to achieve
them
Three planning steps correct answers -Setting an objective
-Identifying and Assessing
-Developing and Approach to achieve the Objective
Setting an Objective correct answers -address the issue of what you hope to achieve
-objectives may be set in areas such as profitability, market share, projects to be completed
Identifying and Assesing correct answers -conditions related to the objective
-recognizes the important variables that influence objectives
ex. a car manufacturer needs to predict the direction and speed of change in corporate average
fuel economy standards and whether the electric car will help achieve new targets
Developing an Approach to Achieve the Objectives correct answers the responsibilities for
achievement and includes answers to such questions as who will do what, how, on what
schedule , and what anticipated results.
-MOST IMPORTANT STEP
Other Steps in the Planning Process correct answers -Define mission/vision(leading)
-Implementing plan (organizing and leading)
-Monitoring Implementation (controlling)
-Evaluating Effectiveness (controlling)
Centralized Planning correct answers -done by a single person or group such as a corporate
planning department
-not usual for large organizations to have 50 or more employees in such a department
-allows flexibility
Decentralized Planning correct answers -each division or department is responsible for
planning its own operations with little if any guidance from the central planning group
-more common in large-scale organizations with multiple product lines
-dangerous bc of overlaps or conflicts in planning
Short Range Plans correct answers -1st line managers
-from 1 day to 1 year
-known as "Operational Planning"
Intermediate Range Plans correct answers -Middle managers
-from 1 to 3 years
-known as "Tactile Planning"
Long Range Plans correct answers -Top Managers
-3 to 5 or more years
-known as "Strategic Planning"
, -eventually become short range plans as time goes on; as this happens new plans take place
What affects planning? correct answers -how often plans are reviewed/ revised
-resources available
-degree of accuracy required by management
Strategic Mapping/Planning correct answers activities that involve defining the organizations
vision, mission, setting objectives, and developing strategies to enable it to operate
successfully in the environment
-decision making by top management
-ultimate allocation of large amounts of resources (money, labor, time)
-has significant long term impact
-deals with issues that are future oriented
What strategy about? correct answers its about choices and involves making decisions about
how to present your company to achieve the vision
Strategic Management Process correct answers -includes the planning process,
implementation, and control phase
-objectives must be established so that everyone knows what management want to
accomplish
Stages in the Strategic Management Process correct answers Stage 1: Developing a strategic
vision, mission, and values
Stage 2: setting objectives and identifying key performance areas
Stage 3: crafting a strategy to achieve the objectives and move the company along the
intended path
Stage 4: executing the strategy
Stage 5: monitoring developments, evaluating performance, and making corrective
adjustments
BGC MATRIX correct answers -most publicized techniques to help in strategic planning
-based on two techniques: various industry growth rates and SBUs relative market share
-STARS= SBUs in fast growth markers w/ large relative marker share
-QUESTIONS MARKS=SBUs in high growth industries but small market shares
-CASH COW= SBUs that have reasonably high market shares that are competing in mature,
slow industries that usual do not require commitments of great financial resources
-DOGS= SBUs w/ low relative market share, competing in industries with little growth
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