chapter 4-6

Question 1

outcomes you intend to achieve

Answer 1

goals

Question 2

specific actions and measurable steps you need to take to achieve goals

Answer 2

objectives

Question 3

predetermined target that a business or individual plans to achieve in a set period of time

Answer 3

business goals

Question 4

are specific, measurable results that a companies hope to maintain as their organization grows

Answer 4

business objective

Question 5

is what the company wants to become in the future

Answer 5

vision

Question 6

summarize the reason for the companies existence

Answer 6

mission

Question 7

may refer to any sets of criteria that are used to measure success of a company organization

Answer 7

business excellence criteria

Question 8

9 business excellence criteria

Answer 8

leadership
policy and strategy
people
partnership and resources
processes
customer’s results
people’s results
society results
key performance results

Question 9

these criteria are concerned with what an organization has achieved and is achieving

Answer 9

results criteria

Question 10

a framework for determining the strategic path of your company

Answer 10

porter’s generic strategy

Question 11

porter’s 3 generic strategy

Answer 11

cost leadership
differentiation
focus

Question 12

requires the management to constantly work to minimizing cost at every level

Answer 12

cost leadership

Question 13

an approach business develop by providing customers something unique

Answer 13

differentiation

Question 14

simplest term means focusing on a narrow

Answer 14

focus strategy

Question 15

strategic planning and management system used to align business activities

Answer 15

balanced scorecard

Question 16

elements of a balanced scorecard

Answer 16

financial or stewardship
customer and stakeholders
internal process
organization capacity or learning and growth

Question 17

7 benefits of a balanced scorecard

Answer 17

improve strategic planning
better execution and strategy communication
helps align initiative and project in a better way
information is handled better
performance reporting is better
organizational alignment is improved
processes are aligned better

Question 18

process of turning plans into action to reach a desired outcomes

Answer 18

strategy implementation

Question 19

3 levels of strategy

Answer 19

corporate level strategy
business level strategy
functional level strategy

Question 20

highest point in an organization so the decision made here will ultimately inform the business main goals

Answer 20

corporate level strategy

Question 21

how a firm creates value for defined activity on it’s market

Answer 21

business level strategy

Question 22

department manager will need to ensure the daily operations

Answer 22

functional level strategy

Question 23

6 core function of strategy

Answer 23

1. strategy helps preparing an organization in the future.
2. strategy helps distinguishing an organization from others
3. strategy provides an organization with some stability
4. strategy serves as common frame of reference
5. strategy support internal and external alignment
6. strategy guides organizations action

Question 24

4 key features of an organizations strategy as

Answer 24

realistic
measurable
specific
limited

Question 25

process that organization use to manage their employees

Answer 25

shrm (strategic human resources management)

Question 26

holistic approach to assembling the best term for your business growth and success

Answer 26

shrm

Question 27

process of attracting, hiring, developing, rewarding and retaining employees for their benefits

Answer 27

shrm

Question 28

5 primary objectives of shrm approaches

Answer 28

resources based strategy
high commitment management
achieving strategic fit
high involvement management
high-performance management