MCS 1000 CH 2 Question and answers already passed
Profit - correct answer The money left over after a business firm's total expenses are subtracted from its total revenue; the reward for the risk it undertakes in marketing its offerings
Strategy - correct answer An organization's long-te...
MCS 1000 CH 2 Question and answers
already passed
Profit - correct answer ✔The money left over after a business firm's total
expenses are subtracted from its total revenue; the reward for the risk it
undertakes in marketing its offerings
Strategy - correct answer ✔An organization's long-term course of action
designed to deliver a unique customer experience while achieving its goals
Corporate Level - correct answer ✔The level at which top management
directs overall strategy for the entire organization
Marketing Accountability - correct answer ✔The responsibility for the
systematic management of marketing resources and processes to achieve
measurable gains in return on marketing investment and increased marketing
efficiency, while maintaining quality and increasing the value of the
corporation
Strategic Business Unit (SBU) - correct answer ✔A subsidiary, division, or
unit of an organization that markets a set of related offerings to a clearly
defined group of customers
Strategic Business Unit Level - correct answer ✔A business unit level where
managers set a more specific strategic direction for their businesses to exploit
value-creating opportunities
Functional Level - correct answer ✔The level in an organization where
groups of specialists actually create value for the organization
, Cross-function teams - correct answer ✔A small number of people from
different departments in an organization who are mutually accountable to
accomplish a task or common set of performance goals
Visionary Organization - correct answer ✔1)Organizational Foundation
(Why): Core Values, Mission (Vision), Organizational Culture
+
2)Organizational Direction (What): Business, Goals (Short-term and long-
term)
=
3)Organizational Strategies (How): By level; corporate, SBU, functional; By
offering; Product, Service, Idea, Experience
Core Values - correct answer ✔An organizational's core values are the
fundamental, passionate, and enduring principles that guide its conduct over
time
Mission - correct answer ✔A statement of the organization's function in
society, often identifying its customers, markets, products, and technologies
Organizational Culture - correct answer ✔A set of values, ideas, attitudes,
and norms of behavior that is learned and shared among the members of an
organization
Business - correct answer ✔The clear, broad, underlying industry or market
sector of an organization's offering
Business Model - correct answer ✔The strategies an organization develops
to provide value to the customers it serves
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