Value Innovation - Answer--Value (utility, cost, and price position) creation and innovation
-add value and reduce cost by enhancing a limited set of key factors and eliminating traditional factors
Strategic plan - Answer--comprehensive plan/action that identifies critical direction and guides ...
MAN320F Exam 2 Questions and
Answers
Value Innovation - Answer--Value (utility, cost, and price position) creation and
innovation
-add value and reduce cost by enhancing a limited set of key factors and eliminating
traditional factors
Strategic plan - Answer--comprehensive plan/action that identifies critical direction and
guides allocation of resources of an organization
Strategic Management - Answer-process through which organizations
-analyze/learn from stakeholders
-establish strategic direction
-create strategies that help achieve established goals
-execute those strategies in effort to satisfy key organization stake holders
Three Key Environments - Answer-1) The Organization -owners/managers/employees
3) Broad Environment- no direct baring on organization
The Broad Environment - Answer--no direct baring on organization
-domestic and global forces
-Socio-cultural trends
-technological trends
-political trends
-Economic trends
Mission Statement - Answer--reflects what an organization is
-used for decision making and resource allocations
Vision Statement - Answer--forward-looking vie of what the organization wants to
become
Michael Porter's 5 Forces - Answer--Power of Customers
-Power of Suppliers
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