Part 3

Question 1

planning

Answer 1

setting goals and defining activities = primary function

Question 2

organisation

Answer 2

structures, processes, organisational units/departments (links), installation of an imformation & communication system

Question 3

Staffing:

Answer 3

appropriate employees for realisation of the activities as planned

Compensation, qualification measures, personnel development

Question 4

Directing:

Answer 4

• Purposeful “fine tuning”
• Align employees to work together more effectively
• Motivation, leadership style, communication

Question 5

Control:

Answer 5

• Measurement of results and comparison with plan
• Analysis of variance and starting countermeasures or plan revision
• No plan without control – no control without plan !
  (Twin function planning / control)

Question 6

Laws without moral content

Answer 6

(only legal – illegal)
* Traffic rules
* Technical standards

Question 7

Laws with moral content

Answer 7

(right – wrong)
* Prohibition of steal, fraud ..
* Anti-corruption law

Question 8

Moral norms w/o law-character

Answer 8

(only good – bad)
* Tolerance
* Charity
* Gratefulness

Question 9

Moral

Answer 9

Focus on collective awareness, reflected in social norms

Question 10

Ethics

Answer 10

Focus on individual conviction, reflected on personal integrity

Question 11

SWOT summary

Answer 11

Strengths -> Analysis of internal strategic capability
Weaknesses
Opportunities ->Analysis of external business environment
Threats

Question 12

strategy formulation at business level

Answer 12

• Porter’s Generic Strategies
• Hybrid / Outpacing Strategy

Question 13

BCG

Answer 13

Boston Consulting Group

Question 14

SBU

Answer 14

Strategic Business Units

Question 15

Corporate parent

Answer 15

refers to the levels of management above that of the business units and therefore without direct interaction with customers and competitors

Question 16

porters generic strategies

Answer 16

How a company can achieve competitive advantage

Question 17

Key drivers of change in the society
– the Mega Trends

Answer 17

Globalization vs. De-Globalization
Digitalization
Climate Change
Environment and Resources

Question 18

Strategic analysis external view -
The layers of business environment

Answer 18

1. the micro-environment
2. industry (sector)
3. competitors
4. the organisation

Question 19

The formal process of strategic management

Answer 19

Strategy analysis
* External analysis
* Internal analysis

Strategy formulation
* Development of strategic options
* Evaluation of options
* Strategic decisions at different levels (corporate, business unit)

Strategy implementation
* Establishing structures and systems
* Break down strategic goals in action plans
* Leading / Motivating
* Controlling

Question 20

Human Resource Management (HRM)

Answer 20

set of organizational activities directed at attracting, developing and maintaining an effective and motivated workforce

Question 21

On-the-Job Training vs Off-the-Job Training

Answer 21

conducted while an employee is at work. Advantages: real job requirements, no absence from work, over longer period.

vs.

at locations away from the work site. Advantages: controlled environment, focused study without interruptions

Question 22

Management Development:

Answer 22

internal and external programs to enhance conceptual, analytical, and problem-solving skills (often embedded in career paths)

Question 23

Mentoring and Networking:

Answer 23

formal and informal interactions among managers; mentors are often older, more experienced manager of higher level