MAN 3025 Exam 2 FGCU Questions And Answers With Verified Updates
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Course
MAN 3025
Institution
MAN 3025
MAN 3025 Exam 2 FGCU Questions And Answers With Verified Updates
Strategic Management ANS a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
Strategic Analysis ANS the process of analyzing the organiz...
MAN 3025 Exam 2 FGCU Questions And Answers
With Verified Updates
Strategic Management ANS a process that involves managers from all parts of the organization
in the formulation and the implementation of strategies and strategic goals
Strategic Analysis ANS the process of analyzing the organization, the environment, and the
organization's competitive position and current strategies
strategy formulation ANS 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 ANS
Mission Statement ANS a statement of the organization's purpose - what it wants to accomplish
in the larger environment
Vision Statement ANS expresses what the organization should become, where it wants to go
strategically
competitive intelligence ANS gaining information about one's competitors' activities so that you
can anticipate their moves and react appropriately
SWOT analysis ANS strengths, weaknesses, opportunities, threats
Forecasting ANS 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 ANS constructing and applying statistical models that predict labor demand for the
next year, given relatively objective statistics from the previous year
, Benchmarking ANS a process by which a company compares its performance with that of high-
performing organizations
Porter's Five Forces ANS threat of entry, threat of substitute, supplier power, buyer power, and
competitive rivalry
Three Common Grand Strategies ANS 1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies ANS 1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
single-product strategy ANS a company makes and sells only one product within its market
diversification strategy ANS 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 ANS
BCG Matrix ANS a means of evaluating strategic business units on the basis of (1) their business
growth rates and (2) their share of the market
Implementing strategy ANS Action stage of strategic management where managers need to
determine and implement the most appropriate company structure, motivate employees, develop
short-range goals and establish functional strategies
strategic control ANS consists of monitoring the execution of strategy and making adjustments, if
necessary
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