MGMT 3000 Test 1 Study Guide - UGA Hopkins | Latest Update | 2024/2025 | 100% Verified
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Course
MGMT 3000
Institution
MGMT 3000
MGMT 3000 Test 1 Study Guide - UGA
Hopkins | Latest Update | 2024/2025 |
100% Verified
What is the difference between a mission statement and a vision statement?
A mission statement defines the organization's purpose and primary objectives, while a
vision statement describes the long-te...
MGMT 3000 Test 1 Study Guide - UGA
Hopkins | Latest Update | 2024/2025 |
100% Verified
What is the difference between a mission statement and a vision statement?
✔✔ A mission statement defines the organization's purpose and primary objectives, while a
vision statement describes the long-term aspirations and goals.
How can a company assess its competitive environment?
✔✔ By conducting market research and analyzing competitors' strengths, weaknesses,
opportunities, and threats.
What is the role of leadership in organizational change?
✔✔ Leadership guides and supports employees through the transition, ensuring that change is
effectively implemented and embraced.
How does strategic alignment benefit an organization?
✔✔ It ensures that all departments and employees are working towards the same goals and
objectives, enhancing overall effectiveness.
1
,What is a strategic plan, and why is it important?
✔✔ A strategic plan outlines long-term goals and the actions needed to achieve them, providing
direction and focus for the organization.
How can a SWOT analysis inform strategic decision-making?
✔✔ By highlighting key areas for improvement and opportunities for growth based on internal
and external factors.
What is the role of a strategic business unit (SBU)?
✔✔ An SBU operates as an independent entity within a larger organization, focusing on specific
markets or products.
How does resource allocation impact organizational strategy?
✔✔ Effective resource allocation ensures that resources are directed towards strategic priorities
and high-impact initiatives.
What is the significance of stakeholder analysis in strategic management?
✔✔ It identifies and assesses the needs and influences of various stakeholders, ensuring that
their interests are considered in strategic decisions.
2
,How does risk management contribute to organizational stability?
✔✔ By identifying, assessing, and mitigating potential risks, risk management helps protect the
organization from unforeseen challenges and losses.
What is the primary goal of strategic management?
✔✔ To achieve long-term success by aligning organizational goals with the external
environment.
How does SWOT analysis help in strategic planning?
✔✔ It identifies internal strengths and weaknesses as well as external opportunities and threats.
What is the difference between operational and strategic goals?
✔✔ Operational goals focus on short-term, day-to-day activities, while strategic goals are long-
term and broader in scope.
What is the role of corporate governance in an organization?
✔✔ To ensure accountability, transparency, and ethical decision-making by the management and
board of directors.
3
, How can businesses use competitive advantage to their benefit?
✔✔ By leveraging unique strengths or capabilities to outperform competitors and capture market
share.
What is the significance of setting SMART goals in management?
✔✔ SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound, helping to
create clear and actionable objectives.
How does the concept of organizational culture impact business performance?
✔✔ A strong organizational culture can drive employee engagement, satisfaction, and alignment
with company goals.
What is the purpose of a mission statement in a company?
✔✔ To define the organization’s purpose, values, and primary objectives, guiding decision-
making and strategy.
How does change management facilitate organizational adaptation?
4
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