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Exam (elaborations)

MAN 320F Final Exam Study Guide Questions and Answers Rated A+

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  • Course
  • MAN 320F
  • Institution
  • MAN 320F

MAN 320F Final Exam Study Guide Questions and Answers Rated A+ What is the primary objective of strategic management? To develop long-term plans that align the organization’s goals with its internal and external environment. To oversee day-to-day operations and manage immediate tasks. ...

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  • September 10, 2024
  • 47
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MAN 320F
  • MAN 320F
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MAN 320F Final Exam Study Guide
Questions and Answers Rated A+
What is the primary objective of strategic management?


✔✔ To develop long-term plans that align the organization’s goals with its internal and external

environment.


✘ To oversee day-to-day operations and manage immediate tasks.


✘ To enforce company policies and regulations.


✘ To handle customer service issues and complaints.




Which management function involves setting goals and planning how to achieve them?


✔✔ Planning


✘ Organizing


✘ Leading


✘ Controlling




What is the role of “organizational structure” in management?


✔✔ It defines the hierarchy and reporting relationships within an organization.


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,✘ It determines the company’s marketing strategy.


✘ It outlines employee job descriptions.


✘ It focuses on employee training and development.




How does “operational planning” differ from “strategic planning”?


✔✔ Operational planning focuses on short-term goals and day-to-day operations, while strategic

planning addresses long-term objectives.


✘ Operational planning is concerned with setting company-wide policies, while strategic

planning deals with specific departmental goals.


✘ Operational planning is conducted by middle managers, while strategic planning is for lower-

level managers.


✘ There is no difference; both terms are interchangeable.




What is the purpose of a “SWOT analysis” in strategic management?


✔✔ To identify strengths, weaknesses, opportunities, and threats that affect the organization’s

strategy.


✘ To evaluate financial statements and budgets.


✘ To assess employee performance and productivity.


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,✘ To review customer satisfaction and feedback.




Which leadership style involves making decisions without input from others?


✔✔ Autocratic


✘ Democratic


✘ Laissez-faire


✘ Transformational




What is “change management” and why is it important?


✔✔ It involves preparing and supporting employees through organizational changes to ensure

successful implementation.


✘ It focuses on changing company policies and regulations.


✘ It deals with handling customer complaints about changes.


✘ It is concerned with changing the company’s physical workspace.




What does “performance appraisal” assess in an organization?


✔✔ It evaluates an employee’s job performance and contributions to the organization.



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, ✘ It reviews the company's financial performance.


✘ It measures the effectiveness of marketing strategies.


✘ It assesses the quality of the organization’s products or services.




How can “market segmentation” improve marketing efforts?


✔✔ By dividing the market into distinct groups with similar needs to tailor marketing strategies

effectively.


✘ By increasing the overall marketing budget.


✘ By focusing solely on existing customers rather than potential new ones.


✘ By standardizing marketing approaches across all customer groups.




What is “financial forecasting” used for in business management?


✔✔ To predict future financial conditions and performance based on current and past data.


✘ To manage day-to-day cash flow and expenses.


✘ To set immediate operational goals and objectives.


✘ To conduct performance reviews of employees.




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