MGT 300: EXAM 2 Vocabulary || QUESTIONS &
ANSWERS 100% VERIFIED!!
IDEO Shopping Cart correct answers deepdive methodology in practice
team is eclectic - all come from different areas to come together and bring their specific
talents to the table
no titles, no permanent assignments
no hierarchy - splits into groups and interviews real-life people
find real experts to learn more
one conversation at a time
avoid judgement and criticizing
post ideas on the walls
the (4) components of the management process (4 management functions) correct answers 1.
planning
2. organizing
3. leading
4. controlling
planning correct answers setting goals and deciding how to achieve them.
-coping with uncertainty by formulating future courses of action to achieve specified results
business plan correct answers a document that outlines a proposed firm's goals, the strategy
for achieving them, and the standards for measuring success.
-document that outlines how goals are going to be met
business model correct answers the basic idea behind your business.
-outlines the need the firm will fill, the operations of the business, its components and
functions, as well as the expected revenues and expenses.
-also describes the industry you're entering, how your product will be different, how you'll
market to customers, how you're qualified to run the business, and how you will finance your
business.
Strategy or strategic plan correct answers sets the long-term goals and direction for an
organization. it represents an "educated guess" about what long-term goals or direction to
pursue for the survival or prosperity of the organization or its principal parts.
-a large-scale action plan that sets the long-term goals and direction for an organization
An example of a strategy is " Grow the business organically ," which means "Increase
revenue from existing and new customers rather than from acquiring other companies."
However, strategy is not something that can be decided on just once. It generally is
reconsidered every year because of ever-changing business conditions.
,strategic management correct answers -a process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals.
This definition doesn't mean that managers at the top dictate ideas to be followed by people
lower down. Indeed, precisely because middle managers in particular are the ones who will
be asked to understand and implement the strategies, they should also help to formulate them.
involves managers from all parts of the organization—top managers, middle managers, and
first-line managers—in the formulation, implementation, and execution of strategies and
strategic goals to advance the purposes of the organization. Thus, planning covers not only
strategic planning (done by top managers), but also tactical planning (done by middle
managers) and operational planning (done by first-line managers).
why does strategy matter? correct answers The 'surplus society' has a surplus of
similar organizations, employing
similar people, with similar backgrounds, working on similar jobs, coming up with
similar ideas, producing similar
things, with similar prices and similar
quality
strategic planning is done by what kind of manager correct answers -by top manager
-they determine what the organization's long-term goals should be for the next 1-5 years with
the resources they expect to have available
-requires visionary and directional thinking, says one authority. It should communicate not
only general goals about growth and profits, but also ways to achieve them.
tactical planning is done by what kind of manager correct answers - by middle manager
-determine what contributions their departments or similar work units can make with their
given resources
during the next 6-24 months.
operational planning correct answers - by first-line manager
-determine how to accomplish specific tasks with available resources within the next 1-52
weeks.
three kinds of managers correct answers 1. top management
-CEO, president, VP, general managers, division heads
2. middle management
-functional managers, product-line managers, department managers
3. first-line management
-unit managers, team leaders, first-line supervisors
steps to planning & strategic management: correct answers 1. Establish the mission and
vision
2. Assess the current reality
3. Formulate the grand strategy and strategic, tactical, and operational plans
4. Implement the strategy
5. Maintain strategic control
,assess the current reality correct answers look at where the organization stands
internally and externally-
what's working and what's not
See what can be changed
to increase efficiency and
effectiveness in achieving the vision
Use tools of competitive intelligence, SWOT analysis, forecasting, benchmarking.
tools to assess current reality
competitive intelligence
Gaining information about one's competitors' activities so that you can
anticipate their moves and react appropriately
swot analysis
Assessing the organization's Strengths, Weaknesses, Opportunities,
Threat
why planning and strategic management are important correct answers 3 reasons:
(1) provide direction and momentum
(2) encourage new ideas, and above all
(3) develop a sustainable competitive advantage
"we choose to go to the moon"
without plans, managers would: correct answers only focus on what's in front of them, not
focusing on the future & would be swept up by competition surprising them
ex: internet trend becoming a threat to companies. Amazon to borders bookstores, uber to taxi
cabs, etc.
3 levels of management correct answers Top management, middle management, and first-line
management.
example: new barbies correct answers Mattel, maker of Barbie, is adding tall, petite, and
curvy dolls to its product line. also coming out with an inexpensive 3D printer for children to
create toys of their choosing
bad planning correct answers results from:
-faulty assumptions about the future
-poor assessment of an organization's capabilities,
-ineffective group dynamics, and failure to use management control as a feedback
mechanism.
a detailed plan may be comforting, but it's not necessarily a strategy
, encouraging new ideas correct answers management scholar Gary Hamel says that companies
such as Apple have been successful because they have been able to unleash the spirit of
"strategy innovation"
How companies foster innovation correct answers create an innovation strategy
get commitment from top managers
foster an innovation culture and climate
establish the required structure and processes
obtain the necessary human capital
institute the necessary human resources policies, practices and procedures
obtain the appropriate resources
promoting innovation correct answers invention
-creating or making something new
creativity
developing new and imaginative ideas into reality
innovation
the activity of creating new ideas and converting them into useful applications - specifically,
new goods and services
six seeds of innovation correct answers Hard work in a specific direction
Hard work with direction change
Curiosity
Wealth and money
Necessity
Combination of seeds
Two Myths about Innovation correct answers 1. Innovation happens in a "Eureka!" moment
-most innovation is the product of had work and dedication
2. Innovation can be systematized
- there is no standardized process to achieve success
- through success is unpredictable, cultural conditions can increase the likelihood of success
strategy innovation correct answers the ability to reinvent the basis of competition within
existing industries "bold new business models that put incumbents on the defensive." - Gary
Hamel
developing a sustainable competitive advantage correct answers competitive advantage - the
ability of an organization to produce goods or services more effectively than competitions do,
thereby outperforming them.
companies must have products or services that are valuable, rare, and non-imitable, and an
organization poised to exploit its strengths.
This occurs when an organization is able to get and stay ahead in four areas
(1) in being responsive to customers
(2) in innovating
(3) in quality and
