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MAN 3025 Exam 2 - UF questions with complete solutions 2024
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MAN 3025 Exam 2 - UF questions with complete solutions 2024
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lOMoARcPSD|41562175MAN 3025 Exam 2 - UF questions with
complete solutions 2024
Planning setting jgoals jand jdeciding jhow jto jachieve jthem
Plan a jdocument jthat joutlines jhow jgoals jare jgoing jto jbe jmet
Business jPlan a jdocument jthat joutlines ja jproposed jfirm's jgoals, jthe
jstrategy jfor jachieving jthem, jand jthe jstandards jfor jmeasuring jsuccess
Business jModel outlines jthe jneed jthe jfirm jwill jfill, jthe joperations jof jthe
jbusiness, jits jcomponents jand jfunctions, jas jwell jas jthe jexpected jrevenues
jand jexpenses
Strategy j(or jStrategic jPlan) sets jthe jlong-term jgoals jand jdirection jfor jan
jorganization; jan j"educated jguess" jabout jlong-term jgoals jor jdirection jto
jpursue jfor jthe jsurvival jor jprosperity jof jthe jorganization
Strategic jManagement a jprocess jthat jinvolves jmanagers jfrom jall jparts jof
jthe jorganization jin jthe jformulation jand jthe jimplementation jof jstrategies
jand jstrategic jgoals
1. jEstablish jthe jmissions, jvisions j& jvalues
2. jAssess jthe jcurrent jreality
3. jFormulate jthe jgrand jstrategy, j& jstrategic, jtactical j& joperational jplans
4. jImplement jthe jstrategy
5. jMaintain jstrategic jcontrol Strategic jManagement jProcess
3 jreasons jwhy jan jorganization jshould jadopt jplanning j& jstrategic
jmanagement: 1. jProvide jdirection j& jmomentum
2. jEncourage jnew jideas
3. jDevelop ja jsustainable jcompetitive jadvantage
Mission jStatementWhat jis jour jreason jfor jbeing?
Expresses jthe jpurpose jof jthe jorganization
Vision jStatement "What jdo jwe jwant jto jbecome?" j
Expresses jwhat jthe jorganization jshould jbecome, jwhere jit jwants jto jgo
jstrategically
Values jStatement What jvalues jdo jwe jwant jto jemphasize?
Also jcalled jcore jvalues jstatement, jexpresses jwhat jthe jcompany jstands
jfor, jits jcore jpriorities, jthe jvalues jits jemployees jembody, jand jwhat jits
jproducts jcontribute jto jthe jworld
Strategic jPlanning determine jwhat jthe jorganization's jlong-term jgoals
jshould jbe jfor jthe jnext j1-5 jyears jwith jthe jresources jthey jexpect jto jhave
javailable j(done jby jtop jmanagement)
Tactical jPlanning determine jwhat jcontributions jtheir jdepartments jor
jsimilar jwork junits jcan jmake jwith jtheir jgiven jresources jduring jthe jnext j6-
24 jmonths j(done jby jmiddle jmanagement)
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Operational jPlanning determine jhow jto jaccomplish jspecific jtasks jwith
javailable jresources jwithin jthe jnext j1-52 jweeks j(done jby jfirst-line
jmanagement)
Goal j(or jObjective) a jspecific jcommitment jto jachieve ja jmeasurable
jresult jwithin ja jstated jperiod jof jtime
Long-Term jGoals j(Strategic jGoals) tend jto jspan j1 jto j5 jyears jand jfocus
jon jachieving jthe jstrategies jidentified jin ja jcompany's jstrategic jplan; jthey
jare jby jand jfor jtop jmanagement jand jfocus jon jobjectives jfor jthe
jorganization jas ja jwhole
Short jTerm jGoals j(Tactical jor jOperational jGoals) generally jspan j12 jmonths
jand jare jconnected jto jstrategic jgoals jin ja jhierarchy jknown jas ja jmeans-end
jchain
Means-End jChain shows jhow jgoals jare jconnected jor jlinked jacross jan
jorganization
Action jPlan defines jthe jcourse jof jaction jneeded jto jachieve jthe jstated jgoal
Standing jPlans activities jthat jare jrepeated jor joccur jfrequently jover jtime
Single-Use jPlans plans jdeveloped jfor jactivities jthat jare jnot jlikely jto jbe
jrepeated jin jthe jfuture
What jare jthe jtwo jtypes jof jplans? Standing jplans jand jsingle juse jplans
Policyoutlines jthe jgeneral jresponse jto ja jdesignated jproblem jor jsituation
Procedure outlines jresponse jto ja jparticular jproblem jor jcircumstances
Rule designates jspecific jrequired jaction
Program encompasses ja jrange jof jprojects jor jactivities
Project has jless jscope jand jcomplexity jthan ja jprogram
For jgoal jsetting jto jbe jsuccessful, jwhat j3 jthings jmust jhappen? 1. jTop
jmanagement j& jmiddle jmanagement jmust jbe jcommitted
2. jThe jgoals jmust jbe japplied jorganizationwide
3. jGoals jmust jcascade j- jbe jlinked jconsistently jdown jthrough jthe
jorganization
Cascading jGoals the jprocess jof jensuring jthat jthe jstrategic jgoals jset jat
jthe jtop jlevel jalign, jor j"cascade," jdownward jwith jmore jspecific jshort-term
jgoals jat jlower jlevels jwithin jan jorganization, jincluding jemployees'
jobjectives jand jactivities
Planning/Control jCycle has jtwo jplanning jsteps j(1 jand j2) jand jtwo jcontrol
jsteps j(3 jand j4), jas jfollows: j(1) jMake jthe jplan. j(2) jCarry jout jthe jplan. j(3)
jControl jthe jdirection jby jcomparing jresults jwith jthe jplan. j(4) jControl jthe
jdirection jby jtaking jcorrective jaction jin jtwo jways—namely j(a) jby jcorrecting
jdeviations jin jthe jplan jbeing jcarried jout jor j(b) jby jimproving jfuture jplans
Strategic jPositioning attempts jto jachieve jsustainable jcompetitive
jadvantage jby jpreserving jwhat jis jdistinctive jabout ja jcompany
"performing jdifferent jactivities jfrom jrivals, jor jperforming jsimilar jactivities
jin jdifferent jways."
3 jKey jPrinciples jof jStrategic jPositioning 1. jStrategy jis jthe jcreation jof ja
junique jand jvaluable jposition
2. jStrategy jrequires jtrade-offs jin jcompeting
3. jStrategy jinvolves jcreating ja j"fit" jamong jactivities
What jare jthe j3 jlevels jof jstrategic jmanagement? 1. jCorporate-Level
jStrategy
2. jBusiness-Level jStrategy
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3. jFunctional-Level jStrategy
Corporate-Level jStrategy focuses jon jthe jorganization jas ja jwhole;
jasks j"What jtype jof jbusiness jare jwe jin?" j"What jproducts jand jservices
jshall jwe joffer?"
Business-Level jStrategy focuses jon jindividual jbusiness junits jor
jproduct/service jlines
Functional-Level jStrategy applies jto jthe jkey jfunctional jdepartments jor
junits jwithin jthe jbusiness junits
Current jReality jAssessment j(Organizational jAssessment) assessment
jto jlook jat jwhere jthe jorganization jstands jand jsee jwhat jis jworking jand
jwhat jcould jbe jdifferent jso jas jto jmaximize jefficiency jand jeffectiveness jin
jachieving jthe jorganization's jmission
Strategy jFormulation the jprocess jof jchoosing jamong jdifferent
jstrategies jand jaltering jthem jto jbest jfit jthe jorganization's jneeds
Strategy jImplementation putting jstrategic jplans jinto jeffect
Strategic jControl consists jof jmonitoring jthe jexecution jof jstrategy jand
jmaking jadjustments, jif jnecessary
Sustainable jCompetitive jAdvantage exists jwhen jother jcompanies jcannot
jduplicate jthe jvalue jdelivered jto jcustomers
What jare jthe jtools jfor jassessing jcurrent jreality? SWOT janalysis, jVRIO
janalysis, jforecasting jand jbenchmarking
SWOT jAnalysis a jsituational janalysis jin jwhich ja jcompany jassess jits
jstrengths, jweaknesses, jopportunities jand jthreats
Organizational jStrengthsskills jand jcapabilities jthat jgive jthe jorganization
jspecial jcompetencies jand jcompetitive jadvantages jin jexecuting jstrategies
jin jpursuit jof jits jmission
Organizational jWeaknesses drawbacks jthat jhinder jan jorganization jin
jexecuting jstrategies jin jpursuit jof jits jvision
Organizational jOpportunities environmental jfactors jthat jthe jorganization
jmay jexploit jfor jcompetitive jadvantage
Organizational jThreats environmental jfactors jthat jhinder jan jorganization's
jachieving ja jcompetitive jadvantage
VRIO jAnalysis framework jfor janalyzing ja jresource jof jcapability jto
jdetermine jits jcompetitive jstrategic jpotential jby janswering jfour jquestions
jabout jits jvalue, jrarity, jimitability jand jorganization
Forecast a jvision jor jprojection jof jthe jfuture
Trend jAnalysis hypothetical jextension jof ja jpast jseries jof jevents jinto jthe
jfuture
Contingency jPlanning j(Scenario jAnalysis) creation jof jalternative
jhypothetical jbut jequally jlikely jfuture jconditions
Benchmarking a jprocess jby jwhich ja jcompany jcompares jits
jperformance jwith jthat jof jhigh-performing jorganizations
What jare jthe j3 jfundamental jtypes jof jCorporate jStrategy? Growth,
jstability, jand jdefensive
Growth jStrategy a jgrand jstrategy jthat jinvolves jexpansion j- jas jin jsales
jrevenues, jmarket jshare, jnumber jof jemployees, jor jnumber jof jcustomers jor
j(for jnonprofits) jclients jserved
Innovation jStrategy growing jmarket jshare jor jprofits jby jinnovating
jimprovements jin jproducts jor jservices
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