MGMT 3000 UGA Lyons Test 1 Questions and Answers | Latest Version | 2024/2025 | Already Passed
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Module
MGMT 3000 UGA Lyons
Institution
MGMT 3000 UGA Lyons
MGMT 3000 UGA Lyons Test 1 Questions
and Answers | Latest Version | 2024/2025
| Already Passed
What is the primary purpose of strategic management in a business?
The primary purpose is to establish a long-term direction, set goals, and allocate resources to
achieve competitive advantage.
...
MGMT 3000 UGA Lyons Test 1 Questions
and Answers | Latest Version | 2024/2025
| Already Passed
What is the primary purpose of strategic management in a business?
✔✔ The primary purpose is to establish a long-term direction, set goals, and allocate resources to
achieve competitive advantage.
How does a SWOT analysis assist in strategic planning?
✔✔ A SWOT analysis helps identify internal strengths and weaknesses, as well as external
opportunities and threats, guiding decision-making.
What is the role of a mission statement in an organization?
✔✔ A mission statement defines the organization's purpose, outlining its core goals and the
values it stands for.
How do Porter's Five Forces influence industry competition?
✔✔ Porter's Five Forces analyze the competitive environment, including the threat of new
entrants, buyer power, supplier power, competitive rivalry, and the threat of substitutes.
1
,What is the significance of corporate social responsibility (CSR) in modern businesses?
✔✔ CSR emphasizes the importance of businesses acting ethically and contributing to societal
well-being beyond profit-making.
How does organizational culture impact employee behavior and performance?
✔✔ Organizational culture shapes employee attitudes, behavior, and motivation, influencing
overall performance and productivity.
What is the importance of setting SMART goals in management?
✔✔ SMART goals are specific, measurable, achievable, relevant, and time-bound, helping
ensure clarity and focus in goal-setting.
How does a value chain analysis contribute to competitive advantage?
✔✔ Value chain analysis identifies key activities that add value to products or services, enabling
businesses to optimize processes for competitive advantage.
What is the role of leadership in driving organizational change?
✔✔ Leadership plays a crucial role in guiding, motivating, and aligning employees during
periods of organizational change.
2
, How does environmental scanning help organizations stay competitive?
✔✔ Environmental scanning involves monitoring external factors that may affect the
organization, helping to anticipate changes and adapt strategies accordingly.
What is the importance of strategic alignment in an organization?
✔✔ Strategic alignment ensures that all parts of the organization are working towards the same
goals, maximizing efficiency and effectiveness.
How do stakeholders influence business decision-making?
✔✔ Stakeholders impact decision-making by influencing priorities, goals, and strategies, as their
interests need to be considered for organizational success.
What is the role of contingency planning in risk management?
✔✔ Contingency planning prepares an organization for unexpected events, helping to minimize
disruptions and ensure continuity.
How does the concept of competitive advantage apply to strategic management?
3
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