MGMT 478 - Final Exam (Whitener) UPDATED ACTUAL Questions And Correct
Answers
Terms in this set (102)
What is strategy? provide long-term direction and achieve organizational goals
Why do companies need strategy? to set a clear direction, use resources wisely, and stay competitive
Who should participate in strategy? top/middle management, employees, stakeholders
, The Strategic Management Process (Mission + AFIE) steps Strategic analysis, develop objectives, create/choose strategies, implement,
include: measure performance, vision/mission
Purpose of a mission statement? define organization's reason for existence
what does a mission statement describe? values of an organization
what is the relationship between a mission statement & mission outlines why a company exists, strategic plan outlines how a company will
strategic plan? achieve its goals
What does AFI stand for? Analysis, Formulation, Implementation
What is competitive advantage? ability to make a company's products more desirable than that of a rival
Comparative Advantage produce something more efficiently than rival
Differential Advantage products seen as both unique and of higher quality
Ways to create competitive advantage: cost, differentiation, focus, speed, innovation, geographic, customer service
Example of a focus-based advantage: staples specializing in office supplies
Example of a company being cost competitive: Walmart (economies of scale)
Example of advantage from a speed approach: Amazon (quick delivery)
Economic Moat company that is high specialized with high barriers of entry
Triple Bottom Line people, planet, profit (must balance all for long-term advantage)
Exchanged-based leadership (transactional) rewards in exchange for performance
short-term focus (transactional) seeks immediate results
high-structured (transactional) clear, rules, tasks, expectations
extrinsic motivation (transactional) driven by external rewards (pay, bonus)
standardized (transactional) same approach applied to most people
charismatic leaders (transformational) inspiring, engaging, motivating
motivates followers (transformational) encourages going above & beyond goals
close supervising (transformational) more effective with direct interaction
intrinsic motivation (transformational) boosts purpose & passion in followers
Answers
Terms in this set (102)
What is strategy? provide long-term direction and achieve organizational goals
Why do companies need strategy? to set a clear direction, use resources wisely, and stay competitive
Who should participate in strategy? top/middle management, employees, stakeholders
, The Strategic Management Process (Mission + AFIE) steps Strategic analysis, develop objectives, create/choose strategies, implement,
include: measure performance, vision/mission
Purpose of a mission statement? define organization's reason for existence
what does a mission statement describe? values of an organization
what is the relationship between a mission statement & mission outlines why a company exists, strategic plan outlines how a company will
strategic plan? achieve its goals
What does AFI stand for? Analysis, Formulation, Implementation
What is competitive advantage? ability to make a company's products more desirable than that of a rival
Comparative Advantage produce something more efficiently than rival
Differential Advantage products seen as both unique and of higher quality
Ways to create competitive advantage: cost, differentiation, focus, speed, innovation, geographic, customer service
Example of a focus-based advantage: staples specializing in office supplies
Example of a company being cost competitive: Walmart (economies of scale)
Example of advantage from a speed approach: Amazon (quick delivery)
Economic Moat company that is high specialized with high barriers of entry
Triple Bottom Line people, planet, profit (must balance all for long-term advantage)
Exchanged-based leadership (transactional) rewards in exchange for performance
short-term focus (transactional) seeks immediate results
high-structured (transactional) clear, rules, tasks, expectations
extrinsic motivation (transactional) driven by external rewards (pay, bonus)
standardized (transactional) same approach applied to most people
charismatic leaders (transformational) inspiring, engaging, motivating
motivates followers (transformational) encourages going above & beyond goals
close supervising (transformational) more effective with direct interaction
intrinsic motivation (transformational) boosts purpose & passion in followers
