MAN 320F EXAM 2 AROIAN QUESTIONS AND ANSWERS GRADED A+
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Course
MAN 320F
Institution
MAN 320F
MAN 320F EXAM 2 AROIAN QUESTIONS
AND ANSWERS GRADED A+
How can a manager use the concept of value chain analysis?
To examine each step in the production process to identify areas where value is added and
find opportunities for improvement and cost reduction.
What is the role of continge...
MAN 320F EXAM 2 AROIAN QUESTIONS
AND ANSWERS GRADED A+
How can a manager use the concept of value chain analysis?
✔✔ To examine each step in the production process to identify areas where value is added and
find opportunities for improvement and cost reduction.
What is the role of contingency planning in risk management?
✔✔ To prepare for potential unforeseen events by developing alternative plans and strategies to
handle possible risks effectively.
How does the Four Ps framework apply to marketing strategy?
✔✔ By focusing on Product, Price, Place, and Promotion to develop a comprehensive approach
to meeting market needs and achieving business objectives.
What is the significance of benchmarking in performance improvement?
✔✔ Benchmarking involves comparing an organization’s processes and performance metrics to
industry best practices to identify areas for enhancement.
1
,How can scenario planning be used in strategic management?
✔✔ By creating and analyzing different future scenarios to prepare for various possible
outcomes and make more informed strategic decisions.
What is cross-functional collaboration and why is it important?
✔✔ It involves cooperation between different departments or teams within an organization to
achieve common goals and improve overall performance.
How does organizational agility contribute to a company’s success?
✔✔ It allows an organization to quickly adapt to changes in the market or environment,
enhancing its ability to respond to new opportunities or challenges.
What is the concept of strategic alignment?
✔✔ Ensuring that all aspects of the organization, including resources, processes, and goals, are
aligned with the overall strategic objectives.
How can managers leverage customer feedback to drive innovation?
✔✔ By collecting and analyzing feedback to understand customer needs and preferences, and
using these insights to develop new products or improve existing ones.
2
, What are strategic alliances, and how can they benefit an organization?
✔✔ Strategic alliances are partnerships between organizations that leverage each other’s
strengths to achieve mutual benefits, such as entering new markets or sharing resources.
What is the role of a SWOT analysis in strategic planning?
✔✔ To evaluate an organization’s internal strengths and weaknesses as well as external
opportunities and threats to formulate effective strategies.
How can managers utilize the PEST analysis framework?
✔✔ By analyzing Political, Economic, Social, and Technological factors to understand the
external environment and its impact on the organization.
What is the concept of core competencies in business strategy?
✔✔ Core competencies are unique strengths and capabilities that provide a competitive
advantage and contribute to an organization’s success.
How can managers apply the principles of Lean Management?
3
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