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MGMT 3013 EXAM 2 question and answers rated A+ passed
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MGMT 3013 EXAM 2 question and answers rated A+ passedplanning - correct answer setting goals and deciding how to achieve them business plan - correct answer A document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success business mode...

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  • June 9, 2023
  • 11
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mgmt 3013 exam 2 question and answers rated a pas
  • planning setting goals and deciding how to achieve
  • business plan a document that outlines a proposed
  • business model outlines the need the firm will f

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  • MGMT
  • MGMT

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MGMT 3013 EXAM 2 question and
answers rated A+ passed

planning - correct answer setting goals and deciding how to achieve them



business plan - correct answer A document that outlines a proposed firm's goals, the strategy for
achieving them, and the standards for measuring success



business model - correct answer 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 - correct answer a large-scale action plan that sets the direction for an organization



strategic management - correct answer a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals.



the strategic management process - correct answer 1. establish the mission and vision

2. assess the current reality

3. formulate the grand strategy & strategic tactical, & operational plans.

4. implement the strategy.

5. maintain strategic control.



why planning and strategic management are important? - correct answer 1. they provide direction and
momentum.

2. encourage new ideas.

3. develop a sustainable competitive advantage.



strategy innovation - correct answer the ability to reinvent the basis of competition within existing
industries

, mission statement - correct answer expresses the purpose of the organization



vision statement - correct answer expresses what the organization should become, where it wants to go
strategically



strategic planning - correct answer top managers determine what the organization's long-term goals
should be for the next 1-5 years with the resources they expect to have available.



strategic positioning - correct answer attempts to achieve sustainable competitive advantage by
preserving what is distinctive about a company



current reality assessment - correct answer to look at where the organization stands and see what is
working and what could be different so as to maximize efficiency and effectiveness in achieving the
organization's mission

-also called organizational assessment



grand strategy - correct answer explains how the organization's mission is to be accomplished



a forecast is a(n) ______. - correct answer projection for the future



when organizations endeavor to keep their costs, and hence prices, of their products or services below
those of competitors and to target a wide market this is a _____ strategy. - correct answer cost
leadership



A SWOT analysis is _____. - correct answer a search for the Strengths, Weaknesses, Opportunities, and
Threats affecting an organization



a defense strategy is also known as a(n) _____. - correct answer retrenchment strategy



porter's competitive strategies of cost-leadership and differentiation focus on _____ markets, and the
cost-focus and focused-differentiation strategies focus on ____ markets. - correct answer wide; narrow

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