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COMMERCE 4PA3 exam study guide new solution McMaster University

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COMMERCE 4PA3 exam study guide
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,General Management Perspective - having the capacity to understand and appreciate issues facing
individuals placed in the specific role of a general manager



general manager - someone who has responsibility for all functional facets of the business



create, capture and distribute value - what is the job of the general manager?



set direction, create strategy, implement change - 3 fundamental components of the GM's job?



operating performance, organizational health - 2 sets of measures for assessment of organizational
performance



quadrant 1 - desired state of performance matrix



quadrant 2 - inward-looking and self-satisfied organization where people enjoy their work but are
performing inadequately in terms of market/financial standards



quadrant 3 - business is achieving operating objectives at the expense of organizational health



quadrant 4 - represents a problem in which immediate and comprehensive action is necessary



colins and porras framework - based on solid research and provides a practical approach for applying the
concept. vision consists on 2 major components. guiding philosophy includes the core purpose and
values of the organization



core purpose and core values - guiding philosophy 2 elements

,values - represent the basic beliefs that govern individual and group behaviour in an organization



core purpose - defines organization's reason for being and may never be fully realized, in contrast to
goals and objectives, which are formulated specifically to be achievable



mission statement - mission is clear and compelling goal that serves to unify an organization's efforts



feasibility - question of whether you can reasonably expect to get to your visionary destination cannot
be answered in the abstract



flexibility - vision must be flexible because circumstances may change in unanticipated ways



stretch - vision should go further than what is doable with today's resources/capabilities



managerial strategy - Which of the following is not one of the major levels of organization strategy?



management preferences - When developing alternatives based on the Diamond-E drill, this element
often provides the most strain on action plans:



development - Which stage is not included in the product life cycle?



the balanced scorecard - Kaplan and Norton developed:



strategic planning - approach to undertaking strategic analysis on a recurring basis and deals with who
develops the strategy, how it happens and when it takes place

, strategy - concrete expression of how an organization intends to operate in service of whatever mission
it has designed



strategy - definitive tool for building, communicating and maintaining direction of the business



goals - set up targets against which progress/performance can be assessed



product market focus - provides critical direction to people throughout the organization so they can
focus their effort on targeted markets and products/services



value proposition - beacon for employees, illuminating specifically what the business is trying to do for
customers and clients and requirements of their particular goal



core activities - highlight key jobs that will have to be done and the capabilities that need most to be
developed and reinforced



strategy business unit - sells a distinct set of products/services to an identifiable group of customers and
is accountable for distinct revenues, costs, and investments directly or by reasonable allocation



business strategy - focuses on how an organization will create value within a particular line of business



corporate strategy - deals with portfolio of business strategies and how they relate to each other



strategic goals - an expression in measurable terms of what a business intends to achieve or where it
intends to go



hard goals - focus on aims and performance of the business as a classic economic entity whether it be
for-profit or not-for-profit, revealing measurable targets/time frames

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