MAN 3025 Exam 2 – UF questions n
answers rated A+
Planning - correct answer ✔✔ setting goals and deciding how to achieve them
Plan - correct answer ✔✔ a document that outlines how goals are going to be met
Business Plan - correct answer ✔✔ a document that outlines a proposed firm's goals, the
strategy for achieving them, and the standards for measuring success
Business Model - correct answer ✔✔ outlines the need the firm will fill, the operations of the
business, its components and functions, as well as the expected revenues and expenses
Strategy (or Strategic Plan) - correct answer ✔✔ sets the long-term goals and direction for an
organization; an "educated guess" about long-term goals or direction to pursue for the survival
or prosperity of the organization
Strategic Management - correct answer ✔✔ a process that involves managers from all parts of
the organization in the formulation and the implementation of strategies and strategic goals
1. Establish the missions, visions & values
2. Assess the current reality
3. Formulate the grand strategy, & strategic, tactical & operational plans
4. Implement the strategy
5. Maintain strategic control - correct answer ✔✔ Strategic Management Process
,3 reasons why an organization should adopt planning & strategic management: - correct answer
✔✔ 1. Provide direction & momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
Mission Statement - correct answer ✔✔ What is our reason for being?
Expresses the purpose of the organization
Vision Statement - correct answer ✔✔ "What do we want to become?"
Expresses what the organization should become, where it wants to go strategically
Values Statement - correct answer ✔✔ What values do we want to emphasize?
Also called core values statement, expresses what the company stands for, its core priorities, the
values its employees embody, and what its products contribute to the world
Strategic Planning - correct answer ✔✔ determine what the organization's long-term goals
should be for the next 1-5 years with the resources they expect to have available (done by top
management)
Tactical Planning - correct answer ✔✔ determine what contributions their departments or
similar work units can make with their given resources during the next 6-24 months (done by
middle management)
Operational Planning - correct answer ✔✔ determine how to accomplish specific tasks with
available resources within the next 1-52 weeks (done by first-line management)
,Goal (or Objective) - correct answer ✔✔ a specific commitment to achieve a measurable result
within a stated period of time
Long-Term Goals (Strategic Goals) - correct answer ✔✔ tend to span 1 to 5 years and focus on
achieving the strategies identified in a company's strategic plan; they are by and for top
management and focus on objectives for the organization as a whole
Short Term Goals (Tactical or Operational Goals) - correct answer ✔✔ generally span 12 months
and are connected to strategic goals in a hierarchy known as a means-end chain
Means-End Chain - correct answer ✔✔ shows how goals are connected or linked across an
organization
Action Plan - correct answer ✔✔ defines the course of action needed to achieve the stated goal
Standing Plans - correct answer ✔✔ activities that are repeated or occur frequently over time
Single-Use Plans - correct answer ✔✔ plans developed for activities that are not likely to be
repeated in the future
What are the two types of plans? - correct answer ✔✔ Standing plans and single use plans
Policy - correct answer ✔✔ outlines the general response to a designated problem or situation
Procedure - correct answer ✔✔ outlines response to a particular problem or circumstances
Rule - correct answer ✔✔ designates specific required action
, Program - correct answer ✔✔ encompasses a range of projects or activities
Project - correct answer ✔✔ has less scope and complexity than a program
For goal setting to be successful, what 3 things must happen? - correct answer ✔✔ 1. Top
management & middle management must be committed
2. The goals must be applied organizationwide
3. Goals must cascade - be linked consistently down through the organization
Cascading Goals - correct answer ✔✔ the process of ensuring that the strategic goals set at the
top level align, or "cascade," downward with more specific short-term goals at lower levels
within an organization, including employees' objectives and activities
Planning/Control Cycle - correct answer ✔✔ has two planning steps (1 and 2) and two control
steps (3 and 4), as follows: (1) Make the plan. (2) Carry out the plan. (3) Control the direction by
comparing results with the plan. (4) Control the direction by taking corrective action in two
ways—namely (a) by correcting deviations in the plan being carried out or (b) by improving
future plans
Strategic Positioning - correct answer ✔✔ 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."
3 Key Principles of Strategic Positioning - correct answer ✔✔ 1. Strategy is the creation of a
unique and valuable position
2. Strategy requires trade-offs in competing
3. Strategy involves creating a "fit" among activities
answers rated A+
Planning - correct answer ✔✔ setting goals and deciding how to achieve them
Plan - correct answer ✔✔ a document that outlines how goals are going to be met
Business Plan - correct answer ✔✔ a document that outlines a proposed firm's goals, the
strategy for achieving them, and the standards for measuring success
Business Model - correct answer ✔✔ outlines the need the firm will fill, the operations of the
business, its components and functions, as well as the expected revenues and expenses
Strategy (or Strategic Plan) - correct answer ✔✔ sets the long-term goals and direction for an
organization; an "educated guess" about long-term goals or direction to pursue for the survival
or prosperity of the organization
Strategic Management - correct answer ✔✔ a process that involves managers from all parts of
the organization in the formulation and the implementation of strategies and strategic goals
1. Establish the missions, visions & values
2. Assess the current reality
3. Formulate the grand strategy, & strategic, tactical & operational plans
4. Implement the strategy
5. Maintain strategic control - correct answer ✔✔ Strategic Management Process
,3 reasons why an organization should adopt planning & strategic management: - correct answer
✔✔ 1. Provide direction & momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
Mission Statement - correct answer ✔✔ What is our reason for being?
Expresses the purpose of the organization
Vision Statement - correct answer ✔✔ "What do we want to become?"
Expresses what the organization should become, where it wants to go strategically
Values Statement - correct answer ✔✔ What values do we want to emphasize?
Also called core values statement, expresses what the company stands for, its core priorities, the
values its employees embody, and what its products contribute to the world
Strategic Planning - correct answer ✔✔ determine what the organization's long-term goals
should be for the next 1-5 years with the resources they expect to have available (done by top
management)
Tactical Planning - correct answer ✔✔ determine what contributions their departments or
similar work units can make with their given resources during the next 6-24 months (done by
middle management)
Operational Planning - correct answer ✔✔ determine how to accomplish specific tasks with
available resources within the next 1-52 weeks (done by first-line management)
,Goal (or Objective) - correct answer ✔✔ a specific commitment to achieve a measurable result
within a stated period of time
Long-Term Goals (Strategic Goals) - correct answer ✔✔ tend to span 1 to 5 years and focus on
achieving the strategies identified in a company's strategic plan; they are by and for top
management and focus on objectives for the organization as a whole
Short Term Goals (Tactical or Operational Goals) - correct answer ✔✔ generally span 12 months
and are connected to strategic goals in a hierarchy known as a means-end chain
Means-End Chain - correct answer ✔✔ shows how goals are connected or linked across an
organization
Action Plan - correct answer ✔✔ defines the course of action needed to achieve the stated goal
Standing Plans - correct answer ✔✔ activities that are repeated or occur frequently over time
Single-Use Plans - correct answer ✔✔ plans developed for activities that are not likely to be
repeated in the future
What are the two types of plans? - correct answer ✔✔ Standing plans and single use plans
Policy - correct answer ✔✔ outlines the general response to a designated problem or situation
Procedure - correct answer ✔✔ outlines response to a particular problem or circumstances
Rule - correct answer ✔✔ designates specific required action
, Program - correct answer ✔✔ encompasses a range of projects or activities
Project - correct answer ✔✔ has less scope and complexity than a program
For goal setting to be successful, what 3 things must happen? - correct answer ✔✔ 1. Top
management & middle management must be committed
2. The goals must be applied organizationwide
3. Goals must cascade - be linked consistently down through the organization
Cascading Goals - correct answer ✔✔ the process of ensuring that the strategic goals set at the
top level align, or "cascade," downward with more specific short-term goals at lower levels
within an organization, including employees' objectives and activities
Planning/Control Cycle - correct answer ✔✔ has two planning steps (1 and 2) and two control
steps (3 and 4), as follows: (1) Make the plan. (2) Carry out the plan. (3) Control the direction by
comparing results with the plan. (4) Control the direction by taking corrective action in two
ways—namely (a) by correcting deviations in the plan being carried out or (b) by improving
future plans
Strategic Positioning - correct answer ✔✔ 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."
3 Key Principles of Strategic Positioning - correct answer ✔✔ 1. Strategy is the creation of a
unique and valuable position
2. Strategy requires trade-offs in competing
3. Strategy involves creating a "fit" among activities
