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MBA 706 Test 2 Questions and Answers 100% Correct Answers 100% CorrectMBA 706 Test 2 Questions and Answers 100% Correct Answers 100% CorrectMBA 706 Test 2 Questions and Answers 100% Correct Answers 100% CorrectMBA 706 Test 2 Questions and Answers 100% Correct Answers 100% Correct100% Correct Answer...

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  • October 10, 2024
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  • 2024/2025
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  • mba 706 test 2 questions and answers 100 correct
  • mba 706 test 2 questions and answers stuvia
  • strategic planning answer a long term process t

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MBA 706 Test 2 Questions and

Answers 100% Correct Answers

100% Correct


Strategic Planning - ANSWER-a long-term process that helps an organization

allocate its resources to take advantage of diff opportunities. (uses situation

analysis)




Strategic Business Unit (SBU) - ANSWER-separate company/division/product

line within an org with its own competitors, customers, and profit center

accounting purposes. (Uses situation analysis)




Levels of Business - ANSWER-Corporate(LLC, entitiy)/Firms (provide services

like law, accounting, design)(Large Organization- top executives) -> SBU

(separate company division) -> Functional (accounting, finance, marketing)




A situation analysis is - ANSWER-critical to the development of business-level

goals, objectives, and strategy.

,Vision - ANSWER-aspirational statement made by an org to articulate what

they hope to become in the future




Core Competency - ANSWER-is a unique ability that a company acquires

from its founders or developers that cannot be easily imitated.




SMART - ANSWER-Specific. Measurable. Achievable. Realistic. Time-bound




Objectives (functional level) - ANSWER-are what orgs want to accomplish for

given strategic planning, which is typically a year.




Mission (or Purpose) - ANSWER-Short statement of why org exists and what

the overall goal is (what kind of service or products it provides). Captures

key elements of the orgs past and present in a clearly phased sentence or

paragraph.




What business are we in and what needs do we satisfy?

Who our customers?

What are our values, beliefs, ethics, and operating philosophy?

, What are our competitive advantage(s) or core competencies?

What are our human, environmental, and financial resource stewardship

responsibilities?




Values - ANSWER-inform executives, workers, investors, and the general

public of the core values or philosophy of the firm that influences strategic

planning, operations, and employee actions on a day to day basis.




Corporate Goals/Objectives - ANSWER-long term outcome you want to

achieve also what the company wants to be in the future




Corporate Strategies - ANSWER-provides direction for the strategic planning

efforts of SBU's and their functional areas




Situational Analysis (Strategic Planning) - ANSWER-As part of the strategic

planning process, the situation analysis occurs before a company decides on

any specific marketing actions




Competitive intelligence - ANSWER-involves identifying current and future

competitors that collectively with another and the firm by providing similar

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