Three Steps in Planning correct answers -determining the organization's mission and goals
-formulating strategy
-implementing strategy
determining the organization's mission and goals correct answers Define the business
Establish major goals
Formulating Strategy correct answers Analyze cur...
BADM 310 Exam 3 || All Correct.
Three Steps in Planning correct answers -determining the organization's mission and goals
-formulating strategy
-implementing strategy
determining the organization's mission and goals correct answers Define the business
Establish major goals
Formulating Strategy correct answers Analyze current situation and develop strategies
Implementing strategy correct answers Allocate resources and responsibilities to achieve
strategies
Planning correct answers process managers use to identify and select appropriate goals and
courses of action for an organization
The organizational plan that results from the planning process correct answers details the goals
and specifies strategies to use to attain those goals.
Planning (2) correct answers a goal-making and strategy-making process
Strategy correct answers A cluster of decisions about what goals to pursue, what actions to take,
and how to use resources to achieve goals.
Why Planning is Important correct answers direction, participation, coordination, control
Direction correct answers Necessary to give the organization a sense of direction and purpose
Participation correct answers Useful way of getting managers to participate in decision making
about the appropriate goals and strategies for an organization
Coordination correct answers Helps coordinate managers of the different functions and divisions
of an organization
Control correct answers Can be used as a device for controlling managers
Mission Statement correct answers A broad declaration of an organization's purpose that
identifies the organization's products and customers and distinguishes the organization from its
competitors.
Mission Statement 2 correct answers identifies what is unique or important about its products to
its employees and customers
Mission Statement 3 correct answers Distinguishes or differentiates the organization in some
ways from its competitors
,To perform the planning task, managers: correct answers 1. Establish and discover where an
organization is at the present time
2. Determine its desired future state
3. Decide how to move it forward to reach that future state
Levels of Planning correct answers Corporate, Business Unit / Division, Functional
Each division's functional managers correct answers responsible for the planning and strategy
making necessary to increase the efficiency and effectiveness of their particular function
Corporate-Level Plan correct answers Top management's decisions pertaining to the
organization's mission, overall strategy, and structure.
Provides a framework for all other planning.
Corporate-Level Strategy correct answers A plan that indicates in which industries and national
markets an organization intends to compete
Business-Level Plan correct answers Long-term divisional goals that will allow the division to
meet corporate goals
Division's business-level strategy and structure to achieve divisional goals
Business-Level Strategy correct answers Outlines the specific methods a division, business unit,
or organization will use to compete effectively against its rivals in an industry
Functional-Level Plan correct answers Goals that the managers of each function will pursue to
help their division attain its business-level goals
Functional Strategy correct answers A plan of action that managers of individual functions can
take to add value to an organization's goods and services
Time Horizon correct answers the intended duration of a plan
the periods of time over which plans are intended to apply or endure
Long-Term time horizon correct answers 5 or more years
,Intermediate Time Horizon correct answers 1-5 years
Short-term Time Horizon correct answers 1 year or less
rolling plan correct answers a plan that is updated and amended every year to take account of
changing conditions in the external environment
Standing Plans correct answers used in situations in which programmed decision making is
appropriate
Policy correct answers a general guide to action
rule correct answers a formal, written guide to action
Standard Operating Procedures (SOPs) correct answers Written instructions describing exact
series of actions that should be followed in a specific situation
Single-Use plans correct answers plans developed to handle non-programmed decision making
in unusual or one-of-a-kind situations
Programs correct answers integrated sets of plans achieving certain goals
Projects correct answers Specific action plans created to complete various aspects of a program
Qualities of an effective plan correct answers Unity, continuity, accuracy, flexibility
Scenario Planning correct answers the generation of multiple forecasts of future conditions
followed by an analysis of how to respond effectively to each of these conditions
Defining the Business correct answers 1. Who are our customers?
2. What customer needs are being satisfied?
3. How are we satisfying customer needs?
Establishing major goals correct answers Provides the organization with a sense of direction
Strategic Leadership correct answers the ability of the CEO and top managers to convey a
compelling vision of what they want to achieve to their subordinates
Mission correct answers company's purpose
Mission 2 correct answers Why the organization exists?
Vision correct answers its aspiration for future results
Vision 2 correct answers Defining mid- to long-term goals of an organization
, Values correct answers internal compass guiding its actions
Values 2 correct answers Attitude, behavior, and character of an organization
Strategic Formulation correct answers The development of a set of corporate, business, and
functional strategies that allow an organization to accomplish its mission and achieve its goals
SWOT Analysis correct answers planning exercise to identify organizational
SWOT meaning correct answers Conceptually straightforward; often complex in reality
Provides a solid foundation for more "sophisticated" but narrow forecasts and plans.
The first step of the SWOT analysis correct answers identify an organization's strengths and
weaknesses
second step of swot analysis correct answers begins when managers embark on a full-scale
SWOT planning exercise to identify potential opportunities and threats in the environment that
affect the organization now or may affect it in the future
Porter's Five Forces Model correct answers A well-known model that helps managers focus on
the five most important competitive forces or potential threats, in the external environment
Goal of Porter's Five Forces Model correct answers Assess industry attractiveness
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R269,40. You're not tied to anything after your purchase.
