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MNGT 3810 Exam 2 Prep Questions And All Correct Answers.
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  • MNGT 3810

Vision Statement - Answer Brief, future-oriented statement. What does the organization want to become? Mission Statement - Answer Description of the organization's "reason for being." What is the organization doing now? Values - Answer List of the organization's beliefs, principles, ...

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  • September 5, 2024
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  • 2024/2025
  • Exam (elaborations)
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MNGT 3810 Exam 2 Prep Questions And
All Correct Answers.
Vision Statement - Answer Brief, future-oriented statement. What does the organization want to
become?



Mission Statement - Answer Description of the organization's "reason for being." What is the
organization doing now?



Values - Answer List of the organization's beliefs, principles, and standards. What's important to the
organization?



Strategy - Answer how the organization plans to accomplish its mission and reach its vision



Goals and Objectives - Answer indicators of how well the strategy is succeeding



The strategy pyramid - Answer A visual way of representing the different levels of the strategy
conceptualization and implementation process. The most general assumptions are shown at the apex
and the practical, implementation actions are at the base.



Planning - Answer Setting objectives that support the company's goals and determining course of
action for achieving objectives



Organizing - Answer Developing an organizational structure and allocating human resources, including
designing individual jobs



Leading - Answer Inspiring others to take action and complete tasks and utilizes social and informal
sources of influence



Controlling - Answer Creating processes and procedures that ensure consistent behavior

, Brainstorming - Answer a way to generate numerous creative ideas and allows people to piggyback off
others' ideas.



nominal group technique - Answer a process to improve brainstorming. Can counter act natural
hesitancy to share ideas, helps build consensus without personal judgment, and reduces controversy and
conflict



Stakeholders - Answer the individuals and groups who have an interest in an organization's
products/services and activities



Steps in identifying stakeholders - Answer 1. determining influences on mission, vision, and strategy
formulation

2. determining the effects of key decisions on the stakeholder

3. determining stakeholders' power and influence over decisions



BHAG - Answer Big Hairy Audacious Goal (From Good To Great)



Strategy - Answer The central, integrated, externally-oriented plan for how an organization will achieve
its long-term goals, HOW THE ORGANIZATION PLANS TO ACCOMPLISH ITS MISSION AND REACH ITS
VISION



Strategic Management - Answer The process by which an organization manages the formulation and
implementation of its strategy



Corporate Strategy - Answer A strategy that determines the means for utilizing resources in the various
functional areas to reach the organization's goals.

What business should we be in?

How does being in one business help us compete in our other businesses?



Diversification - Answer company growth through starting up or acquiring businesses outside the
company's current products and markets

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