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MAN 3025 Exam 2 – UF/269 Questions with Answers
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- MAN 3025 Exam 2 – UF/269 Questions With Answers
MAN 3025 Exam 2 – UF/269 Questions with Answers
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MAN 3025 Exam 2 – UF/269Questions with Answers
Planning - -setting goals and deciding how to achieve them
- Plan - -a document that outlines how goals are going to be met
- Business Plan - -a document that outlines a proposed firm's goals, the
strategy for achieving them, and the standards for measuring success
- Business Model - -outlines the need the firm will fill, the operations of the
business, its components and functions, as well as the expected revenues
and expenses
- Strategy (or Strategic Plan) - -sets the long-term goals and direction for an
organization; an "educated guess" about long-term goals or direction to
pursue for the survival or prosperity of the organization
- Strategic Management - -a process that involves managers from all parts
of the organization in the formulation and the implementation of strategies
and strategic goals
- 1. Establish the missions, visions & values
2. Assess the current reality
3. Formulate the grand strategy, & strategic, tactical & operational plans
4. Implement the strategy
5. Maintain strategic control - -Strategic Management Process
- 3 reasons why an organization should adopt planning & strategic
management: - -1. Provide direction & momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
- Mission Statement - -What is our reason for being?
Expresses the purpose of the organization
- Vision Statement - -"What do we want to become?"
Expresses what the organization should become, where it wants to go
strategically
- Values Statement - -What values do we want to emphasize?
,Also called core values statement, expresses what the company stands for,
its core priorities, the values its employees embody, and what its products
contribute to the world
- Strategic Planning - -determine what the organization's long-term goals
should be for the next 1-5 years with the resources they expect to have
available (done by top management)
- Tactical Planning - -determine what contributions their departments or
similar work units can make with their given resources during the next 6-24
months (done by middle management)
- Operational Planning - -determine how to accomplish specific tasks with
available resources within the next 1-52 weeks (done by first-line
management)
- Goal (or Objective) - -a specific commitment to achieve a measurable
result within a stated period of time
- Long-Term Goals (Strategic Goals) - -tend to span 1 to 5 years and focus
on achieving the strategies identified in a company's strategic plan; they are
by and for top management and focus on objectives for the organization as a
whole
- Short Term Goals (Tactical or Operational Goals) - -generally span 12
months and are connected to strategic goals in a hierarchy known as a
means-end chain
- Means-End Chain - -shows how goals are connected or linked across an
organization
- Action Plan - -defines the course of action needed to achieve the stated
goal
- Standing Plans - -activities that are repeated or occur frequently over time
- Single-Use Plans - -plans developed for activities that are not likely to be
repeated in the future
- What are the two types of plans? - -Standing plans and single use plans
- Policy - -outlines the general response to a designated problem or
situation
- Procedure - -outlines response to a particular problem or circumstances
, - Rule - -designates specific required action
- Program - -encompasses a range of projects or activities
- Project - -has less scope and complexity than a program
- For goal setting to be successful, what 3 things must happen? - -1. Top
management & middle management must be committed
2. The goals must be applied organizationwide
3. Goals must cascade - be linked consistently down through the
organization
- Cascading Goals - -the process of ensuring that the strategic goals set at
the top level align, or "cascade," downward with more specific short-term
goals at lower levels within an organization, including employees' objectives
and activities
- Planning/Control Cycle - -has two planning steps (1 and 2) and two control
steps (3 and 4), as follows: (1) Make the plan. (2) Carry out the plan. (3)
Control the direction by comparing results with the plan. (4) Control the
direction by taking corrective action in two ways—namely (a) by correcting
deviations in the plan being carried out or (b) by improving future plans
- Strategic Positioning - -attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
"performing different activities from rivals, or performing similar activities in
different ways."
- 3 Key Principles of Strategic Positioning - -1. Strategy is the creation of a
unique and valuable position
2. Strategy requires trade-offs in competing
3. Strategy involves creating a "fit" among activities
- What are the 3 levels of strategic management? - -1. Corporate-Level
Strategy
2. Business-Level Strategy
3. Functional-Level Strategy
- Corporate-Level Strategy - -focuses on the organization as a whole; asks
"What type of business are we in?" "What products and services shall we
offer?"
- Business-Level Strategy - -focuses on individual business units or
product/service lines
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