businesss test 4-6

Question 1

list the five steps of planning process in order

Answer 1

1. define your objectives
2. determine where you stand in relation to objectives
3. devlop premisies regarding future conditions
4. anaylze alternatives and make a plan

Question 2

explain the benfit to planning

Answer 2

FACT
* F- focus & flexibilty
* A- action orientation
* C- coordination &control
* T- time mangement

Question 3

explain the diffrence between short, intermidate and long range plans

Answer 3

short plans
- cover one year or less

intermadiate plans
- cover one to two years

long term planning
- three or more years into the futuree

Question 4

define strategic plan

Answer 4

a strategic plan is set broad, comprehensive and longer term action directions for the entire organizations

Question 5

explain the diffrence between a tatical plan operational plan and functional plan

Answer 5

a tatical plan defines what needs to be done in specfic functions to impliment to strategic plans. they often take for a functional plan

Question 6

operational plan

Question 7

functional plan

Answer 7

describes how different operations within the organizations will help advance the overall functions

Question 8

explain the diffrent types of budgets

Answer 8

fixed
- stated the amount of resources for a specfic purpose

flexibale
- resources can vary in proportation with level of activity

Question 9

explain the diffrence between a policy and procedure

Answer 9

policy
- broad guidelines for making decsions and taking action in specfic situations

procedures
- plans that describe exactly what actions are there to be taken in specfic situations

Question 10

what does each letter of SMART W? explain when the goals are used

Answer 10

S-simple (target key results)
M-measurable (cresults can be assesd)
A-achievable (challenging yet realistc)
R-realistic (keep on the task at hand)
T- timely (linked to specfic due dates)
W-worthwhile (worth your time and effort)

Question 11

explain what a compitive advantage is?

Answer 11

operating with an attrivute or set of attributes that allows an organizaron to out perfom its rivals
- cost& quaility
- knwledge & speed
- barriers to entry
- finical resources

Question 12

explain what a compitive advantage is? ist the attributes of a competitive advantage

Answer 12

cost& quaility
- knwledge & speed
- barriers to entry
- finical resources

Question 13

define mission statment. provide an example of one

Answer 13

• expresses the organizaions reason for existence in society an important test of the mission is how well it serves the organizations stakeholders (consumers, investors, suppliers, employees, community)

Question 14

define core values

Answer 14

values are broad beliefs about what is or is not appropraite

Question 15

define orgainzational culture

Answer 15

• every human organization creates a uniue culture all on its own
• these orgainzations span cultures and time zones and each orgnaiztion has a distinct idenity

Question 16

descibe core culture

Answer 16

core culture
- underlying values which includes
- innovation and risk taking
- ethics and integrity
- social reposibility
- costumer service

Question 17

describe operating culture

Answer 17

specfic results that organzations try to accomplish, which includes: profibality, fincial health, cost effcienceny, customer service, product quaility, market share, human talent, innovation

Question 18

oberseable culture

Answer 18

visible actions and events, which includes: heroes, ceremonies, rites & rituals. legend and stories metaphors and symbols. how they dress and arrange their offices

Question 19

What does each letter in SWOT stand for? provide an example of each

Answer 19

S-strength (manufacturing effeciency, skilled workforce, good market share)
W-Weakness (outdated facilicites, inaquate research and devlopment)
O-oppurtunites (possible new markets, strong economy)
T- threats (new competitors, shortage of resources, changing market tastes)

Question 20

what does B2B and B2C stand for

Answer 20

B2B- business to business
B2C - business to costumer

Question 21

what is the BCG matrix

Answer 21

Boston consulting group
- ties stratergies forumlation to analysis of business opportunites according or market share

Question 22

4 things

Answer 22

?
- poor position growing industry (grow or setachment stratergy)

stars
- domainat position (growth strategy)

dogs
- poor position low growth industry (retrenchment startegy)

cash cows
domaint positions (stability or modest growth strategy)

Question 23

retrenchment strategry

Answer 23

when a business is on last leg

Question 24

describe reactive (unplanned)

Answer 24

reactive
- response to change
planned change
- allining the organzations with anticpated futuree challenges
- activated by performance gaps

Question 25

planned change

Answer 25

• aligning the organzation with ancticpated change

Question 26

transformial change

Answer 26

major and comprehensive redirection

Question 27

incremental change

Answer 27

adjusting existing systems and practices through movements

Question 28

top-down change

Answer 28

• changes with the goal of improving organizational performance
• driven by top leadership
• made possible by support of middle level

Question 29

bottom to up

Answer 29

• the initatives for change come from any and all parts of the organization not just top mangement
• crucial for organizational innovation
• made possible, employee involvement and employee participatian

Question 30

performance gap

Answer 30

a discrepency between a desired and an actual state of affairs

Question 31

define change agent

Answer 31

a person who takes leadership resposbility for changing the existing pattern of behaviour of another person or social system

Question 32

3 reasons who ppl resist change

Answer 32

• fear of unknown
• loss of confidence
• loss of control