MAN3025 UF EXAM 2 QUESTIONS AND

MAN3025 UF EXAM 2 QUESTIONS AND

ANSWERS

Alita is participating with other division heads in a discussion about new international competition for the firm and what the organization's goals should be for the next three years. She is participating in - Answer-a. strategic planning Business plan - Answer-a. a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success.Business model - 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 ***Mission statement - Answer-"what is our reason for being?"

• An organization's mission is its purpose for being. Determining the mission is the

responsibility of top management and the board. It is up to them to formulate a mission statement, which expresses the purpose of the organization Vision statement - Answer-"What do we want to become?"

• A vision is a long-term goal describing "what" an organization wants to become. It is a

clear sense of the future and the actions needed to get there

• A vision should describe what's happening to the world you compete in and what you

want to do about it, it should guide decisions

• After formulating a mission statement, top managers need to develop a vision

statement, which expresses what the organization should become, where it wants to go strategically ***Values statement - Answer-"What values do we want to emphasize?"

• After formulating a vision statement, then top managers need to develop a values

statement, also called a core values statement, which expresses what the company stands for, its core priorities, the values its employees embody, and what its products contribute to the world ***Planning - Answer--setting goals and deciding who to achieve them.-works out what u want and determine whether u can achieve what u want.-helps u figure out the time frame it will take for u to be successful.-encourages u to think about how ur going to achieve what u want reasons for planning - Answer-1. helps u check your progress

• helps u coordinate activities
• helps u be forward thinking
• helps you deal with uncertainty 1 / 2

strategic management - Answer-5 step process for formulating& implementing strategies&goals, involves managers from all parts of organization. 1. determine mission, vision, and values. 2. examine current reality by assessing environment

• devise grand strategy & strategic, tactical, operational plans4. execute strategy by

following strategic plans5.evaluate strategic plans&alter them if need to maintain strategic control.

ONLY PART OF OVERALL PROCESS OF PLANNING FUNCTION

****VRIO analysis - Answer-framework for analyzing competitive strategic potential of a resource or capability. method firms can use 2 determine whether 2 go forward w business idea.

1.Value, if business idea enables firm to exploit n opportunity or neutralize threat is value.

2.Rarity, if lots of competition, not rare&only has =competitive potential.

3.Imitability, if easy 4 firms 2 enter market w/o big barriers/expenses, competitive advantage of the firms business idea may only be temp.

• Organization, if has necessities (structure, culture, capital, etc) to harness V.R.&I of

business idea then firm is organized 2 exploit it.****Planning process by broadest statement to narrowest direction - Answer-1. mission statmnt 2. vision statmnt 3.strategic planning 4.tactical planning 5.operational planning ****Connection between goals and plans - Answer-Comp.'s mission is used 2 determine its vision. Both mission and vision guide strategic planning. Strategic planning guides tactical planning. Tactical planning guides operational planning. Strategic planning, tactical planning, and operational planning involve the generation of goals & plans.Timeframes for strategic, tactical and ops planning overlap.Focus on who is planning.Goals - Answer-specific commitments to achieve measurable result within a stated period of time.-orgs goals shaped by mission and vision.****strategic planning - Answer--occurs when TOP managers determine org's long-term goals should be for next 1-5 years w knowledge that environment is ever-changing and increasingly competitive

-*TOP managers: CEOs, presidents, VPs, general Managers, division heads.

• benefits:provides direction&momentum, inspire new ideas, cultivate sustainable

competitive advantage.***Tactical planning - Answer--occurs when MIDDLE managers determine what contributions their departments or similar work units can make w given resources over next 6-24 months planning by MIDDLE managers for periods of 6-24 months. Mid managers have 3 make plans that implement top manager's STRATEGIC plans. must also supervise lower-level employees and ensure tactical plans are being properly implemented.MID managers: funcitonal managers, dept managers, product-line managers.

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