MGT 301 LATEST 2026 TEST PAPER QUESTIONS AND
SOLUTIONS RATED A+
✔✔Long-term goals - ✔✔- generally referred to as a strategic goals
- tend to span 1-5 years and focus on achieving the strategies identified in a company's
strategic plan
✔✔Short-term goals - ✔✔- sometimes referred to as tactical or operational goals, or just
plain goals
- generally span 12 months and connected to strategic goals in an hierarchy known as
the means-and-end chain
✔✔Operation plan - ✔✔- a plan that breaks long-term output short-term targets or goals
- turns strategic plans into actionable short-term and action plans
✔✔Action Plan - ✔✔- defines the course of action (the tactics) needed to achieve a
stated goal
- contains a projected date for completing the desired activities for each tactic
✔✔SMART goals - ✔✔S - Specific
M - Measurable
A - Attainable
R - Results-orientated
T - Target dates
✔✔Management by objectives (MBO) - ✔✔1. managers and employees jointly set
objectives for the employee
2. managers develop action plans
3. managers and employees periodically review the employee's performance
4. managers make a performance appraisal and reward the employees according to
results
✔✔3 types of objectives used in MBO - ✔✔1. Improvement Objectives
Purpose: express performance to be accomplished in a specific way for a specific area
Example: "increase sport utility sales by 10%," "reduce food spoilage by 15%"
2. Personal Development Objectives
Purpose: express personal goals to be realized
Example: "Attend 5 days of leadership training" "Learn basics of Microsoft office
software by June 1st"
, 3. Maintenance Objectives
-Purpose: express the intention to maintain performance at perviously established levels
Example: "continue to meet the increased sales goals specified last quarter" "produce
another 60,000 cases of wine this month"
✔✔MBO goal setting: - ✔✔1. top management must be committed to it
2. goals must be applied organization-wide
3. goals must "cascade"- be linked consistently down through the organization
✔✔The planning/control cycle - ✔✔1. make the plan
2. carry out the plan
3. control the direction by comparing the results with the plan
4. control the direction in 2 ways:
1. by correcting deviations in the plan being carried out (return to step 2) or
2. by improving future plans (go to step 1 to start over)
✔✔Strategic Positioning - ✔✔- developed by a famous strategist Micheal Porter
- attempts to achieve sustainable competitive advantage by preserving what is
distinctive about a company
- "performing different activities from rivals, or performing similar activities in different
ways"
✔✔Strategic planning and its principles - ✔✔1. Strategy is the creation of a unique and
valuable
- few needs, many customers
- broad needs, few customers
- broad needs, Many customers
2. strategy requires trade-offs in competing
3. strategy involves creating "fit" among activities
✔✔The strategic-management process - ✔✔1. establish the mission vision and values
statement
2. assess the current reality
3. formulate the grand strategy
4. implement the strategy
5. maintain strategic control
✔✔Competitive Intelligence - ✔✔- means gaining information about ones competitors
activities so that you can anticipate their moves and react appropriately.
- sources of information include public print and advertising, investor information,
informal source
✔✔SWOT analysis - ✔✔Strengths
SOLUTIONS RATED A+
✔✔Long-term goals - ✔✔- generally referred to as a strategic goals
- tend to span 1-5 years and focus on achieving the strategies identified in a company's
strategic plan
✔✔Short-term goals - ✔✔- sometimes referred to as tactical or operational goals, or just
plain goals
- generally span 12 months and connected to strategic goals in an hierarchy known as
the means-and-end chain
✔✔Operation plan - ✔✔- a plan that breaks long-term output short-term targets or goals
- turns strategic plans into actionable short-term and action plans
✔✔Action Plan - ✔✔- defines the course of action (the tactics) needed to achieve a
stated goal
- contains a projected date for completing the desired activities for each tactic
✔✔SMART goals - ✔✔S - Specific
M - Measurable
A - Attainable
R - Results-orientated
T - Target dates
✔✔Management by objectives (MBO) - ✔✔1. managers and employees jointly set
objectives for the employee
2. managers develop action plans
3. managers and employees periodically review the employee's performance
4. managers make a performance appraisal and reward the employees according to
results
✔✔3 types of objectives used in MBO - ✔✔1. Improvement Objectives
Purpose: express performance to be accomplished in a specific way for a specific area
Example: "increase sport utility sales by 10%," "reduce food spoilage by 15%"
2. Personal Development Objectives
Purpose: express personal goals to be realized
Example: "Attend 5 days of leadership training" "Learn basics of Microsoft office
software by June 1st"
, 3. Maintenance Objectives
-Purpose: express the intention to maintain performance at perviously established levels
Example: "continue to meet the increased sales goals specified last quarter" "produce
another 60,000 cases of wine this month"
✔✔MBO goal setting: - ✔✔1. top management must be committed to it
2. goals must be applied organization-wide
3. goals must "cascade"- be linked consistently down through the organization
✔✔The planning/control cycle - ✔✔1. make the plan
2. carry out the plan
3. control the direction by comparing the results with the plan
4. control the direction in 2 ways:
1. by correcting deviations in the plan being carried out (return to step 2) or
2. by improving future plans (go to step 1 to start over)
✔✔Strategic Positioning - ✔✔- developed by a famous strategist Micheal Porter
- attempts to achieve sustainable competitive advantage by preserving what is
distinctive about a company
- "performing different activities from rivals, or performing similar activities in different
ways"
✔✔Strategic planning and its principles - ✔✔1. Strategy is the creation of a unique and
valuable
- few needs, many customers
- broad needs, few customers
- broad needs, Many customers
2. strategy requires trade-offs in competing
3. strategy involves creating "fit" among activities
✔✔The strategic-management process - ✔✔1. establish the mission vision and values
statement
2. assess the current reality
3. formulate the grand strategy
4. implement the strategy
5. maintain strategic control
✔✔Competitive Intelligence - ✔✔- means gaining information about ones competitors
activities so that you can anticipate their moves and react appropriately.
- sources of information include public print and advertising, investor information,
informal source
✔✔SWOT analysis - ✔✔Strengths
