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MAN 3025 Exam 2 fgcu
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MAN 3025 Exam 2 fgcu
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MAN 3025 Exam 2 fgcuStrategic Management - ANSWER>>>>>a process that involves
managers from all parts of the organization in the formulation and
the implementation of strategies and strategic goals
Strategic Analysis - ANSWER>>>>>the process of analyzing the
organization, the environment, and the organization's competitive
position and current strategies
strategy formulation - ANSWER>>>>>the process of choosing
among different strategies and altering them to best fit the
organization's needs
the five steps of the strategic-management process - ANSWER>>>>>
Mission Statement - ANSWER>>>>>a statement of the
organization's purpose - what it wants to accomplish in the larger
environment
Vision Statement - ANSWER>>>>>expresses what the organization
should become, where it wants to go strategically
competitive intelligence - ANSWER>>>>>gaining information about
one's competitors' activities so that you can anticipate their moves
and react appropriately
SWOT analysis - ANSWER>>>>>strengths, weaknesses,
opportunities, threats
Forecasting - ANSWER>>>>>the attempts to determine the supply
of and demand for various types of human resources to predict
areas within the organization where there will be labor shortages
or surpluses
, trend analysis - ANSWER>>>>>constructing and applying statistical
models that predict labor demand for the next year, given relatively
objective statistics from the previous year
Benchmarking - ANSWER>>>>>a process by which a company
compares its performance with that of high-performing
organizations
Porter's Five Forces - ANSWER>>>>>threat of entry, threat of
substitute, supplier power, buyer power, and competitive rivalry
Three Common Grand Strategies - ANSWER>>>>>1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies - ANSWER>>>>>1. cost-
leadership
2. differentiation
3. cost-focus
4. focused-differentiation
single-product strategy - ANSWER>>>>>a company makes and sells
only one product within its market
diversification strategy - ANSWER>>>>>a growth strategy whereby
a firm introduces a new product or service to a market segment
that it does not currently serve
related and unrelated diversification - ANSWER>>>>>
BCG Matrix - ANSWER>>>>>a means of evaluating strategic
business units on the basis of (1) their business growth rates and (2)
their share of the market
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