MG 302- EXAM 2 QUESTIONS AND ANSWERS
what management group makes strategic goals and plans? - CORRECT ANSWER✅✅✅senior
management
what management group creates tactical goals and plans? - CORRECT ANSWER✅✅✅middle
management
what management group creates operation goals and plans? - CORRECT ANSWER✅✅✅lower
management
what are the steps in the management by objectives? - CORRECT ANSWER✅✅✅1. develop plan
2. translate plan
3. plan operations
4. execute plan
5. monitor and learn
what are the benefits of goals/planning? - CORRECT ANSWER✅✅✅-provides motivation and
commitment
-guide resource allocation
-guide to action
-sets performance standards
what are the limitations of goals/planning? - CORRECT ANSWER✅✅✅-can create a false sense of
certainty
-cause rigidity in turbulent environment
-can prevent creativity and intuition
strategic management concept? - CORRECT ANSWER✅✅✅set of decisions and actions used to
formulate and execute strategies that help achieve organizational goals
, synergy - CORRECT ANSWER✅✅✅when organizational parts interact together to produce greater
output than individually
competitive advantage - CORRECT ANSWER✅✅✅organizational strengths that set the organization
apart from others that gives the organization an edge over the competition
core competency - CORRECT ANSWER✅✅✅what an organization does well in comparison to its
competitors
examples of core competence are - CORRECT ANSWER✅✅✅-technological know-how
-process efficiency
-exceptional customer service
What parts of the SWOT analysis are internal? - CORRECT ANSWER✅✅✅strengths and weaknesses
what parts of the SWOT analysis are external? - CORRECT ANSWER✅✅✅opportunities and threats
BCG matrix - CORRECT ANSWER✅✅✅organizes businesses by growth rate and market share
the stars in the BCG matrix represent ___________ - CORRECT ANSWER✅✅✅rapid growth and
expansion
the question marks in the BCG matrix represent ______________ - CORRECT ANSWER✅✅✅risky
businesses
in the BCG matrix, cash cows represent _______________ - CORRECT ANSWER✅✅✅mature, slow-
growth but dominant businesses in the industry
in the BCG matrix, dogs represent ____________ - CORRECT ANSWER✅✅✅poor performers and
provide little profit
what management group makes strategic goals and plans? - CORRECT ANSWER✅✅✅senior
management
what management group creates tactical goals and plans? - CORRECT ANSWER✅✅✅middle
management
what management group creates operation goals and plans? - CORRECT ANSWER✅✅✅lower
management
what are the steps in the management by objectives? - CORRECT ANSWER✅✅✅1. develop plan
2. translate plan
3. plan operations
4. execute plan
5. monitor and learn
what are the benefits of goals/planning? - CORRECT ANSWER✅✅✅-provides motivation and
commitment
-guide resource allocation
-guide to action
-sets performance standards
what are the limitations of goals/planning? - CORRECT ANSWER✅✅✅-can create a false sense of
certainty
-cause rigidity in turbulent environment
-can prevent creativity and intuition
strategic management concept? - CORRECT ANSWER✅✅✅set of decisions and actions used to
formulate and execute strategies that help achieve organizational goals
, synergy - CORRECT ANSWER✅✅✅when organizational parts interact together to produce greater
output than individually
competitive advantage - CORRECT ANSWER✅✅✅organizational strengths that set the organization
apart from others that gives the organization an edge over the competition
core competency - CORRECT ANSWER✅✅✅what an organization does well in comparison to its
competitors
examples of core competence are - CORRECT ANSWER✅✅✅-technological know-how
-process efficiency
-exceptional customer service
What parts of the SWOT analysis are internal? - CORRECT ANSWER✅✅✅strengths and weaknesses
what parts of the SWOT analysis are external? - CORRECT ANSWER✅✅✅opportunities and threats
BCG matrix - CORRECT ANSWER✅✅✅organizes businesses by growth rate and market share
the stars in the BCG matrix represent ___________ - CORRECT ANSWER✅✅✅rapid growth and
expansion
the question marks in the BCG matrix represent ______________ - CORRECT ANSWER✅✅✅risky
businesses
in the BCG matrix, cash cows represent _______________ - CORRECT ANSWER✅✅✅mature, slow-
growth but dominant businesses in the industry
in the BCG matrix, dogs represent ____________ - CORRECT ANSWER✅✅✅poor performers and
provide little profit
