MGMT 3500 EXAM 2 CORRECT 100%
main functions and purposes of planning - ANSWERestablishes the basis for all
other things managers do as they organize, lead, and control, minimizes waste and
redundancy, provides directions, reduces impact of change, and sets the standard
by establishing goals
why do we have and need company strategic weapons - ANSWERbecause of
today's competitive and chaotic marketplace, organizations use strategic weapons to
do business and achieve their goals
Work Specialization - ANSWERdivision of work activities into separate job tasks
at first it generates higher productivity but at some point specialization peaks at
human diseconomies and productivity drops
why do we need work specialization - ANSWERimportant organizing mechanism
because it helps employees to be more efficient but managers have to recognize its
limitations
differences in formal and informal planning - ANSWERformal planning is for larger
organizations, and informal planning is for smaller businesses
What does research show about the benefits of formal planning? - ANSWERhigher
bottom-lines, higher returns on assets, improved quality of planning, and appropriate
implementation
Why is the internal analysis or the 3rd step in the strategic management process
important for organizational success? - ANSWERidentifies an organization's
strengths and weaknesses
SWOT analysis - ANSWERstrengths, weaknesses, opportunities, threats (internal
and external)
what is competitive advantage in business planning? - ANSWERwhat sets an
organization apart
what is the porter model of strategies - ANSWERcost leadership: having the lowest
costs in its industry and aimed at broad market w/ high efficiency
differentiation strategy
focus strategy
stuck in the middle
3 levels of managerial strategies - ANSWERcorporate: specifies what businesses to
be in and what to do with those businesses
Competitive: how an organization will compete in its industry
main functions and purposes of planning - ANSWERestablishes the basis for all
other things managers do as they organize, lead, and control, minimizes waste and
redundancy, provides directions, reduces impact of change, and sets the standard
by establishing goals
why do we have and need company strategic weapons - ANSWERbecause of
today's competitive and chaotic marketplace, organizations use strategic weapons to
do business and achieve their goals
Work Specialization - ANSWERdivision of work activities into separate job tasks
at first it generates higher productivity but at some point specialization peaks at
human diseconomies and productivity drops
why do we need work specialization - ANSWERimportant organizing mechanism
because it helps employees to be more efficient but managers have to recognize its
limitations
differences in formal and informal planning - ANSWERformal planning is for larger
organizations, and informal planning is for smaller businesses
What does research show about the benefits of formal planning? - ANSWERhigher
bottom-lines, higher returns on assets, improved quality of planning, and appropriate
implementation
Why is the internal analysis or the 3rd step in the strategic management process
important for organizational success? - ANSWERidentifies an organization's
strengths and weaknesses
SWOT analysis - ANSWERstrengths, weaknesses, opportunities, threats (internal
and external)
what is competitive advantage in business planning? - ANSWERwhat sets an
organization apart
what is the porter model of strategies - ANSWERcost leadership: having the lowest
costs in its industry and aimed at broad market w/ high efficiency
differentiation strategy
focus strategy
stuck in the middle
3 levels of managerial strategies - ANSWERcorporate: specifies what businesses to
be in and what to do with those businesses
Competitive: how an organization will compete in its industry
